LG has been a part of the mobile industry for a long time, but the company's smartphone business has been losing money for years. According to one company executive, that'll change soon.

Kwon Bong-seok, LG Electronics CEO, has pledged that LG's mobile division will be profitable by 2021. He went on to say that LG will release new devices with "some wow factors to woo customers", but didn't elaborate on what those might be.

"LG Electronics mobile business is going to be profitable by 2021," Kwon said, according to the Korea Times (via Engadget). "I can say we can make that happen as LG Electronics will expand our mobile lineup and steadily release new ones attached with some wow factors to woo consumers."

LG has released some solid devices in the past and continues to offer some features that are largely disappearing from the smartphone market, like the 3.5mm headphone jack. The company has failed to gain a huge amount of traction with consumers, though, while rival Samsung has continued to be one of the biggest players in the smartphone market.

Lately we've seen LG trying a few different things to make its phones stand out in the crowded smartphone market. That includes the Air Motion gesture controls found on the G8 and the Dual Screen attachment on the V50 and G8X. It's unclear what other new features LG could be working on that would be "wow factors" that'd get consumers to buy its new phone in droves, but we're looking forward to seeing what LG has up its sleeve because more competition in the smartphone market is definitely a good thing.