LG Electronics said Thursday it has kicked off mass production of electric vehicle chargers, officially tapping into the burgeoning market.
Celebrating the production of its first EV charger, the company introduced four new models in the works at a ceremony at LG Digital Park in Pyeongtaek, Gyeonggi Province, Wednesday. During the event, the company announced the rebranding of its EV charger affiliate AppleMango to HiEV Charger.
“The start of EV charger production marks a significant milestone for LG, propelling us on a journey to become a total EV charging solutions provider,” said Suh Heung-kyu, vice president and head of the EV charging business division of LG Electronics Business Solutions Company.
“We will focus on delivering convenient and fast EV charging solutions for EV owners and differentiated EV charging solutions offering diverse form factors and new services for our valued partners.”
LG acquired a 60 percent stake in HiEV Charger in 2019, while the remaining 40 percent is owned by GS Group’s GS Energy, an EV charging station operator, and IT provider GS Neotek.
LG said it has been fostering the development and production capacity of EV chargers since the acquisition and has also been working to build a business network with potential clients. The company will cooperate with GS to strengthen the EV charger solutions business, it added.
In 2018, LG Electronics developed its first EV charging solution and then provided EV charging management solutions for the “future gas station” introduced by GS Caltex in 2020.
At Wednesday’s ceremony, LG introduced four types of EV chargers – two 7-kilowatt models of wall-mounted and stand types and two fast-charging models, of 100 kilowatts and 200 kilowatts.
The new EV chargers have been developed with an array of safety-enhancing features, being water- and dust-resistant, the company said. The chargers are also designed to have a slim depth for efficient use of space, and the inclusion of two connectors allows for charging of two EVs simultaneously, LG added.
Looking beyond the domestic market, LG is currently planning EV charging product launches and related collaborations in countries around the world, it said.
According to global management consulting firm Roland Berger, the global EV charging market is expected to reach $186 billion by 2030.