LG Elec to venture into US EV charger market in 2024

South Korea’s LG Electronics Inc. is readying to enter the US electric vehicle charger market with the launch of EV chargers in the first half of next year, the company said on Thursday.

It will introduce two types of chargers in the US: one is capable of charging at up to 11 kilowatts (kW) per hour and the other with a charging capacity of 175 kW.

The 11kW charger can be mounted on a stand or on a wall.

It automatically controls output to adjust to the power conditions in parking lots, providing stable charging services even with limited power capacity.

The 175kW charger supports two standards: a combined charging system and a North American charging standard.

Its users can monitor the charging status on a touch display of the charger that displays advertisements, which will create additional income for LG.

In 2022, LG acquired a domestic EV charger manufacturer AppleMango, currently HiEV Charger.

In the second half of 2024, it will expand its lineup of fast chargers suitable for commercial and long-distance travel.

It produces four types of EV chargers at home: two models of 7kW; 100kW; and 200kW. They are available at the outlets of the E-Mart Inc. supermarket chain and other facilities in South Korea.

In accordance with the National Electric Vehicle Infrastructure Formula Program, the US plans to have EVs make up at least half of new car sales by 2030. Under the $5 billion initiative, Washington plans to build 500,000 EV chargers across the country.

The US EV charger market is forecast to grow to $3.2 billion by 2025, according to Roland Berger, a consulting firm.

“We will supply a variety of stable-quality electric vehicle chargers and differentiated charging solutions. We will look for new opportunities from the electrification trend in the US,” Seo Heung-gyu, managing director of LG Electronics in charge of EV charging business, said in a statement.

Meanwhile, its affiliate LG Uplus Corp., a mobile and broadband service provider, released the prototype of its first EV charger last month. The ceiling-mounted charger is capable of charging several vehicles simultaneously.

Write to Ye-Rin Choi at rambutan@hankyung.com
 


Yeonhee Kim edited this article.