LG Electronics enters the electric vehicle charging market

LG Electronics said on Sunday it has acquired a local electric vehicle charging maker to advance the electric vehicle charging solutions business amid a global electrification push. Also Read – Diwali 2022: Buying an Air Pollution Mask? Check out these options

LG Electronics recently acquired a 60 percent stake in AppleMango for an unspecified amount, with GS Energy and GS Neotek acquiring more than 34 percent and 6 percent of the company’s stakes, respectively, to secure a new growth engine, the company said in a statement. Also Read – LG OLED 2022 Smart TV Series Launched in India Starting at Rs 89,990

LG said it plans to set up a production line for charging electric vehicles at the LG Digital Park in Pyeongtaek, about 60 kilometers south of Seoul, within this year, according to Yonhap News Agency. Read also – LG Gram 16 and Gram 17 powered by 12th generation Intel processors launched; Price and specifications

The statement said that through the acquisition, LG aims to strengthen its portfolio along with the existing car electronics business “in the age of electric vehicles”.

AppleMango, founded in 2019, has advanced technologies in manufacturing slow and fast chargers, for both home and business use.

The global electric vehicle charging solutions market is expected to grow to 410 trillion won ($316 billion) by 2030 as automakers rapidly adopt battery-powered vehicles in their lineups amid stricter emissions regulations.

– Jans