LG Electronics Inc. said Thursday it has begun mass production of electric vehicle (EV) chargers, in a push to advance into the EV charging solutions business amid the global electrification trend.
LG held a ceremony the previous day to mark the production of its first series of EV chargers at the LG Digital Park in Pyeongtaek, some 60 kilometers south of Seoul.
The ceremony came about a year after it acquired a 60 percent stake for an unspecified amount in domestic EV charger maker AppleMango Co., which was established in 2019 and has advanced technologies in manufacturing slow and fast chargers, both for household and commercial use.
LG said Thursday it renamed AppleMango as HiEV Charger.
The acquisition was designed to strengthen LG's business portfolio by creating synergies with its existing EV components business.
LG's EV components business, one of the tech firm's future growth drivers, has gained ground in recent quarters.
According to the company, the value of orders for its EV component solutions, such as in-vehicle infotainment systems and headlamps, had reached 80 trillion won (US$60 billion) in accumulation as of the end of April, amid the explosive growth of electric vehicles.
The world's EV charging solutions market is expected to grow to $142.36 billion by 2030, from $12.4 billion in 2021, according to the New York-based Strategic Market Research, as carmakers rapidly adopt battery-powered vehicles in their lineups amid stricter emissions regulations.
LG began developing EV charging solutions in 2018 and formed a division dedicated to overseas EV business in November last year.
Source: Yonhap News Agency