LG Electronics starts production of EV chargers

South Korea's electronic giant LG Electronics Inc. announced on Thursday that it has started production of electric vehicle (EV) chargers, marking its entry into the EV charging solutions business. At an opening event held at LG Digital Park in Pyeongtaek, LG Electronics showcased its first EV chargers.

During the event, AppleMango, LG Electronics' EV charger manufacturing subsidiary, announced a name change to "HiEV Charger."

Established in 2019, HiEV Charger is a company specializing in EV charger technology. LG Electronics acquired a 60% stake in HiEV Charger last year, while the remaining 40% is held by GS Group.

Since the acquisition of HiEV Charger, LG Electronics has been incorporating charger development and production capabilities. It plans to strengthen its EV charging solutions business through collaboration with GS, which has expertise in operating charging stations and customer interactions.

At the event, LG Electronics introduced four types of chargers: 7 kW (slow charging, wall-mounted or stand type), 100 kW (fast charging), and 200 kW (super-fast charging). These chargers offer safety features, space efficiency, user convenience, and efficient management.

LG Electronics has been investing in the EV charging solutions business for some time. In 2018, it began the development of EV charging solutions, and in 2020, it supplied an integrated management solution for EV charging to GS Caltex's future-oriented gas stations. In November last year, the company established a dedicated EV charging business unit as part of its organizational restructuring.

Furthermore, LG Electronics is pursuing the construction of customized multi-purpose charging stations. It plans to expand product launches targeting the fast-growing North American, European, and Asian markets, as well as enhance collaboration with local charging operators.

According to the German-based management consulting firm Roland Berger, the global EV charging market is projected to reach $186 billion by 2030. With the strengthening of environmental regulations and the acceleration of electrification strategies in the automotive industry, the EV charging solutions and infrastructure market is expected to expand further.

Write to Jeong-Soo Hwang at hjs@hankyung.com