LG Electronics opens its first electric vehicle (EV) charging station assembly plant in the United States, located in Fort Worth, Texas. The 100,000 square feet factory is geared to produce 12,000 units annually.
Strategic Move into EV Sector
Known for high-end TVs, LG aims to diversify its business by entering the EV charging sector. The move follows LG’s acquisition of South Korean EV charger provider AppleMango in 2022.
Competing in a Growing Market
LG enters the competitive EV charging market, which has witnessed significant growth, driven by federal funding and government incentives. The U.S. charging network nearly doubled from late 2019 to Q1 2023.
Initial Production Focus
The Fort Worth facility will initially focus on assembling Level-2 smaller portable wall chargers. Plans include the production of Level-3 touch-screen display models later in the year.
Challenges and Competition
LG faces tough competition in the EV charging space, with industry leaders like ChargePoint Holdings and Tesla dominating the market. The company’s strategic move aligns with the expanding EV infrastructure in the United States.
Diversification Efforts
LG’s expansion into EV charging and digital healthcare reflects its ongoing efforts to diversify beyond traditional consumer electronics.
Source: channelnewsasia.com
