2 weeks Ago By The Korea Herald
LG Electronics Inc. said Tuesday it will exit the electric vehicle charger business, citing prolonged global demand stagnation in the EV market. The company's EV charger-manufacturing subsidiary, HiEV Charger, will be liquidated, and all employees involved in the business will be reassigned to other divisions within LG Electronics.
The company added that it will continue to provide maintenance services to existing clients without disruption. LG entered the EV charging market in 2022 by acquiring HiEV Charger, formerly known as AppleMango, after initiating early research and development in the segment in 2018. Since then, the company had offered charging solutions in South Korea, including chargers at Emart retail stores, and expanded into the US market last year, opening a production plant in Texas in January 2024.
The decision to withdraw comes as LG Electronics has refocused its efforts to prioritize growth in its heating, ventilation and air conditioning business. LG Electronics CEO Cho Joo-wan had previously identified the EV charger business as a key growth driver in the company's vision to achieve 100 trillion won ($70.1 billion) in sales by 2030.
(Yonhap).
