South Korean company LG Electronics has decided to stop producing chargers for electric vehicles due to declining global demand. This is reported by Yonhap news agency.
According to the information, the subsidiary HiEV Charger, specializing in charging infrastructure, will be liquidated. Employees will be transferred to other LG divisions.
The company assures that the service of existing stations will continue without interruptions or disruptions.
LG entered the charger market in 2022 when it acquired HiEV Charger (formerly AppleMango) and has since offered charging solutions mainly in South Korea, including in the Emart chain of stores.
In 2024, LG also opened a plant in Texas, expanding its presence in the US market. The decision to exit this business is related to the company's intention to focus on the development of other strategic areas.
In particular, it concerns heating, ventilation and air conditioning (HVAC) systems. But most of all, the decision to discontinue the production of chargers for electric vehicles is related to declining global demand.
Previously, LG Electronics CEO Cho Wan called the charging station business one of the keys to achieving the company's goal of 100 trillion won (over $70 billion) by 2030.