What’s Happening
LG Electronics (LG), a key player in the global technology industry, is broadening its horizons by growing its electric vehicle (EV) charger solutions business. Celebrating the production commencement of EV chargers with a ceremony, the multinational electronics company showcased products manufactured by HiEV Charger, a company acquired by LG along with GS Energy and GS Neotek in 2022.
Why It Matters
This strategic move into the burgeoning EV charger segment positions LG to capture a significant market share. As the EV market continues to grow globally, the demand for reliable, efficient, and convenient charging solutions has never been higher. As such, LG’s entry into this market is not only expected to enhance the company’s portfolio but also contribute to the promotion of clean and sustainable energy solutions.
Key Points
HiEV Charger displayed its diverse product range during the ceremony, featuring four distinct charger models. This includes two 7kW models – one wall-mounted and one stand-type – and two fast-charging models at 100kW and 200kW. Suitable for diverse environments like homes, office buildings, and commercial facilities, these new chargers prioritize convenient installation and user-friendly experience.
Adding value to the products, LG’s new EV chargers are equipped with a host of safety features, such as water- and dust-resistance, as well as electrical and thermal protection during charging. Furthermore, these chargers have a slim design to facilitate efficient space use and allow for simultaneous charging of two EVs, enhancing convenience. User management is made simple with features such as connector lock detection and remote updates.
Leveraging its expertise from the B2C and B2B sectors, LG aims to deliver differentiated solutions and superior customer experiences in the EV charging business. The company’s robust capabilities in manufacturing, quality control, after-sales service, and supply chain management lay the groundwork for achieving prolonged success in the EV charging solutions market.
Bottom Line
LG is on a path to become a comprehensive EV charging solutions provider, planning product launches and partnerships globally. As the global EV charging market is projected to reach USD 186 billion by 2030, LG’s initiative is not only timely but also forward-looking. The company’s expansion into this market signifies a commitment to promote sustainable energy solutions while capitalizing on the rapid progress of vehicle electrification.
“The commencement of EV charger production marks a significant milestone for LG,” said Suh Heung-kyu, vice president and head of the Electric Vehicle Charging business division of LG Electronics Business Solutions Company. “Our focus will be on delivering convenient, fast, and differentiated EV charging solutions for EV owners and our valued partners.”
