Latest news with #HiEVCharger
Yahoo
28-04-2025
- Automotive
- Yahoo
LG to shut exit EV charger business
South Korean electronics giant, LG Electronics Inc, announced last week that it will exit the electric vehicle (EV) charger business, with the company posting a formal notice on its website that it plans to 'focus on other solutions that will provide new experiences and value to our customers.' LG had previously identified EV chargers as a significant potential growth driver for the company, and entered the sector in 2022 with the acquisition of HiEV Charger, a South Korean startup formerly known as AppleMango. Soon after that, LG began offering charging solutions in South Korea, including selling its EV chargers in Emart retail stores, and entered the US market soon after. It opened an EV charger production plant in the US state of Texas in January 2024 and signed a partnership agreement with US EV charging network firm ChargePoint only last June. In recent months, LG has been discouraged by the lack of growth in EV demand in its key markets, prompting it to exit the segment altogether. The company said it will liquidate its HiEV Charger subsidiary and reassign its employees to other operations within the group. LG confirmed that it will continue to provide aftersales services to existing clients without disruption. "LG to shut exit EV charger business" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Korea Herald
22-04-2025
- Automotive
- Korea Herald
LG to exit EV charger business amid weak demand, price pressure
LG Electronics said Tuesday it will exit the electric vehicle charger business, three years after entering the market, due to prolonged stagnation in demand and intensifying price competition. The decision is part of a strategic realignment aimed at strengthening the company's focus on its heating, ventilation and air conditioning business, a key growth driver under its eco solutions division. "Due to structural shifts in the business environment, including a protracted demand slowdown — referred to as the 'chasm' — and intensifying price competition, we have decided to wind down the EV charger business," said an LG Electronics official. HiEV Charger, LG's wholly owned subsidiary responsible for the manufacturing of EV charging equipment, will begin liquidation procedures. LG said all employees involved in the EV charging business will be reassigned to other divisions within the company. Despite winding down the business, LG said it will continue to provide maintenance and support services to existing clients without disruption. LG had initially entered the EV charging market with high expectations, aiming to make it a key pillar of its business-to-business portfolio. After starting preliminary research and development in 2018, the company acquired HiEV Charger, formerly AppleMango, in 2022 and launched charging infrastructure at E-mart stores and other domestic locations. Chief Executive Officer Cho Joo-wan previously identified EV charging as one of LG's future growth engines, outlining a bold vision in 2023 to grow the segment into a trillion-won business by 2030 as part of LG's 100 trillion won ($70 billion) revenue goal. At the beginning of last year, LG established a charger production base in Texas. The company partnered with ChargePoint, the No. 1 EV charging service provider in North America, in June, and has been operating six types of slow and fast EV chargers in both the domestic and North American markets. LG had also set a goal of securing an 8 percent share of the US fast charger market by 2030, aiming to become a global top-tier company. However, HiEV Charger marked two consecutive years of large deficits. It posted 10.6 billion won in revenue and an operating loss of 7.2 billion won last year. In 2023, the company posted 5.9 billion won in revenue with an operating loss of 7 billion won.
Hans India
22-04-2025
- Automotive
- Hans India
LG to exit EV charger business amid global demand slowdown
Seoul: LG Electronics said on Tuesday it will exit the electric vehicle (EV) 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, reports Yonhap news agency. 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 U.S. 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 prioritise growth in its heating, ventilation and air conditioning (HVAC) 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 (US$70.1 billion) in sales by 2030. Last year, LG Electronics partnered with ChargePoint, the leading supplier of charging solutions for electric vehicles in North America, to expand its EV charging business on a global basis. ChargePoint manages more than 306,000 active ports across North America and Europe. LG Electronics said the partnership was expected to help the company explore further business opportunities on a global scale through ChargePoint's expansive network and industry-leading charger management solution. This move was part of LG Electronics' broader strategy to achieve 100 trillion won ($72.5 billion) in sales from business-to-business operations by 2030 by focusing on future growth areas, including the EV charging business.
Korea Herald
22-04-2025
- Automotive
- Korea Herald
LG Electronics to exit EV charger business amid global demand slowdown
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)
