LG Electronics venture into the [EVs] Electric Vehicle charging business

LG Electronics is venturing into EV or Electric Vehicle charging business. The company recently bought AppleMango, a South Korean electric vehicle battery charger developer. 

After a failed experiment in mobile phones and television manufacturing business, the company see potential in electric charging as the business is currently taking off like a lightening. With gas and petrol price going up, its a no brainer for a company like LG to venture into EV space. 

Paik Ki-mun, senior vice president of LG Electronics in a statement said: “The EV charging market is expected to grow rapidly due to the surging demand for more eco-friendly vehicles.”

“Leveraging our know-how and experience in the B2B sector, we will offer customised, integrated vehicle charging solutions for diverse customers, enhancing the competitiveness of our existing and ensuring our readiness for future opportunities.” 

According to the company after the deal, AppleMango will become a subsidiary of LG Electronics, this comes after they acquired a 60% stake while GS Energy and GS Neotek took over 34% and 6%, respectively. 

Playing Long Game

Venturing into EVs has been part of LG Electronics’ long term strategy, in 2013 they entered the EV industry by setting up LG Vehicle Component Solutions company. Later they acquired Austria-based automotive lighting company ZKW in 2018 to expand its EV business. 

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