LG Electronics plans to offer a 50% discount program for its upcoming flagship smartphone, the LG Velvet, in South Korea, the company has said.
Customers who agree to return their Velvet smartphone after 24 months of use and buy another LG smartphone afterwards will get the discount, it explained.
Meanwhile, the company also unveiled that the official pricing of the LG Velvet has been set at 899,800 won.
LG previously touted the Velvet as a "mass premium" device but the unveiled price is actually slightly higher than its predecessor, the G8 ThinQ, which was priced at 897,600 won when it launched in March last year.
It faces stiff competition from rivals, with the 64GB version of Apple's iPhone SE to sell for 539,000 won and Samsung's Galaxy A51 128GB to have a price tag of 572,000 won. The Apple and Samsung devices will be available for purchase on Wednesday and Thursday, respectively.
Local telcos have also increased subsidies for Samsung's Galaxy S20 series devices.
Pre-orders for the LG Velvet begin on Friday and official sales will begin on May 15.
The global launch date and pricing details are yet to be announced.
Prior to this announcement, the company said the LG Velvet would be powered by Qualcomm 765 5G chip-set and sport a 6.8-inch OLED display. The phone will also have a triple-camera on its back in a "raindrop design".
Last week, LG announced in its Q1 financial results that the mobile business did not make a profit yet again, which marked its 20th straight quarter of loss.
Each of LG's upcoming phones will have their own names, and the G and V brands will be dropped.
The unveiling event will be held online due to the COVID-19 pandemic.
The new phone is shown to be powered by the Snapdragon 765 5G and carries a headphone jack.
Payments will be made through a registered digital currency.
At CES 2020, LG Display showed TechRepublic several use cases for its latest OLED displays in the retail, automotive, and airline industries.