LG Electronics has announced that they have acquired a domestic EV charging maker to advance into the EV charging solutions business amid a global electrification push.
The company recently acquired a 60 per cent stake in AppleMango (amount undisclosed), with GS Energy and GS Neotek taking over 34 per cent and 6 per cent stakes in LG Electronics, respectively. The collaboration has taken place to secure a new growth engine, LG stated in an official statement.
LG said that it is planning to establish a EV charging production line at the LG Digital Park in Pyeongtaek, which is around 60 kms south of Seoul, and the production line will start by this year itself, as per the report of Yonhap news agency.
LG further stated in a statement: "With the acquisition, LG aims to strengthen its business portfolio together with the existing automotive electronics business "in the era of EVs."
AppleMango was established in 2019, and has advanced technologies in manufacturing slow and fast chargers, both for household and commercial use.
The world's EV charging solutions market is expected to grow to 410 trillion won ($316 billion) by 2030 as carmakers rapidly adopt battery-powered vehicles in their lineups amid stricter emissions regulations.
Inputs from IANS