South Korean Electronics giant LG has confirmed that it is going to launch a new premium smartphone in its 'V series' in September, expecting that the device will help its struggling mobile business recover from disappointing sales.

LG said its upcoming device V20 will be the first product to run on Google's latest version of its Android mobile operating system called Nougat. However, it did not disclose any other details about the model.

The last smartphone in the 'V series' was named V10, which was launched in October last year. The smartphone's big highlights were the secondary Always On display and the dual front camera setup.

LG has two main premium phone series and its G5 phone which was launched in March. However the G5 phone performed below expectations following some initial production difficulties resulting into the company's fifth straight quarter of operating loss for April-June.

The company is hoping that the launch of new products will help to improve its performance in the third quarter.

Apple Inc which is one of the biggest competitors of the firm is expected to launch new iPhones in September, while Samsung Electronics Co Ltd said it will unveil its next Galaxy Note smartphone soon.