Why it matters: LG Electronics has begun production of electric vehicle (EV) chargers manufactured by HiEV Charger, marking its entry into the fast-growing EV charger market.
- HiEV Charger, which was acquired by a consortium of LG, GS Energy, and GS Neotek in 2022, has launched a range of four charger models suitable for different environments, such as homes, offices, and commercial facilities.
- Safety and convenience are central to the design of these chargers. They are water- and dust-resistant and have protection mechanisms that ensure electrical and thermal safety during charging. Other features include plug lock detection, remote updates, and charging two EVs simultaneously.
- LG plans to leverage its extensive B2C and B2B capabilities to deliver customer-centric solutions and expand its reach to international markets with new products and collaborations.
- According to Roland Berger, a global management consulting firm, the global EV charging market is expected to reach $186 billion by 2030, driven by environmental regulations and vehicle electrification.
The Big Picture: With the launch of its EV charger production, LG is entering a rapidly evolving market driven by global environmental concerns and vehicle electrification.
According to Suh Heung-kyu, head of LG's Electric Vehicle Charging Business Division, the company provides fast, convenient EV charging solutions for owners and diverse solutions for its partners.
The move aligns LG with the global shift towards clean energy and positions the company to play a significant role in the market's future development.