LG Electronics to Go into Electric Vehicle Charging Business

LG Electronics announced on June 26 that it will join the electric vehicle charging solution business by jointly acquiring a 100 percent stake in AppleMango Co., a Korean electric vehicle charger company, with GS Energy and GS Neotek.

LG Electronics recently signed a stock purchase contract with GS Energy and GS Neotek to acquire AppleMango for around 10 billion won. It has secured a 60 percent stake in AppleMango, making it a subsidiary. GS Energy and GS Neotek owns 34 percent and 6 percent of AppleMango, respectively.

Established in 2019, AppleMango has source technologies for electric vehicle chargers that can meet various demands of homes and commercial spaces. It has secured proprietary technology for the design of a slim-type fast charger.

Major Korean companies, including Lotte and SK, are also rushing into the electric vehicle charging business, which is expected to grow rapidly as demand for eco-friendly vehicles are on the uptick. The global market is expected to grow from US$55 billion in 2023 to US$325 billion in 2030. The number of electric vehicles subsidized by the Korean government is expected to reach 207,500 in 2022 from 104,400 in 2021.

Hanwha Q CELLS, a company specializing in solar power business, also announced in May that it will enter the electric vehicle charging business with a new brand called “Hanwha Motiev.” Hanwha Motiev plans to provide a total service from the construction of electric vehicle charging infrastructure to consulting, investment, business operation, and maintenance and repair.

LS Corp. announced at the end of April that it would jointly establish LS E-Link, a new electric vehicle charging corporation, with E1.

Hyundai Motor Group also signed a business agreement with Lotte Group and KB Asset Management on April 20 to promote the establishment of a special-purpose company to expand electric vehicle charging infrastructure. Hyundai Motor and Lotte will use provide their nationwide sales branches and distribution facilities for installation of electric vehicle chargers. KB Asset Management will establish an infrastructure fund to support funds for the business.