LG Electronics has announced an updated version of its large G Pro smartphone this week, which the company hopes will help move the South Korean company up to the No. 3 spot in smartphone sales during 2014.

The company is currently ranked No. 4 in global smartphone sales, and is attempting to bump Huawei Technologies down, along with Lenovo Group, according to Reuters.

Lenovo recently agreed to purchase Google's Motorola handset division for $2.9 billion to increase sales.

"The Lenovo-Motorola deal has created a great media buzz, but this has not been much talked about within our company," Andy Kim, head of mobile product planning at LG Electronics, told a news conference.

The deal, once officially approved by regulators, could move Lenovo from No. 5 to No. 3, according to Reuters.

The LG Electronics G Pro 2 beat out other expected debuts this year like Apple's new iPhone, expected to be called the iPhone 6, and an updated Samsung Galaxy device.

The G Pro 2 has a 5.9-inch screen, which is bigger than the 5.5-inch screen found on its predecessor. This means LG will have one of the biggest phones on the market, which most within the company believes is a good thing.

Other features include: 1-watt speaker system, a Qualcomm Snapdragon 800 processor, a camera that can shoot video at 120 frames per second, and a finger tapping password system, according to Reuters.

LG Electronics decided not to include a fingerprint scanner or iris recognition like other companies are planning since they feel finger tapping is more convenient for its users.

The company is considering biometric functions for mobile payments however, according to Reuters.

The G Pro 2 will hit Korea later on this month before heading to other Asian markets. LG has not said how much the device will cost, nor when or if it will be introduced in the U.S.

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