LG Electronics has opened its first electrical car (EV) charger facility exterior of South Korea — in Fort Value, Texas — to seize a share of North America’s aggressive EV charging market.
Its new EV charging station manufacturing facility, spanning 59,202 sq. toes, has the capability to provide greater than 10,000 chargers per yr, LG mentioned within the firm’s assertion Monday. LG has began manufacturing 11-kilowatt EV chargers in Texas. It should provoke assembling chargers with a capability of 175 kilowatts within the first half of this yr and 350 kilowatts later this yr.
The transfer comes follows LG CEO William Cho reiterating the corporate’s dedication to ‘electrification’ as a major driver for mid and long-term progress final yr. The South Korean electronics firm has been looking for new enterprise alternatives in areas equivalent to EV charging and digital healthcare to achieve $79 billion in gross sales by 2030, up from $51.4 billion in 2022. LG mentioned the penetration into the U.S. EV market will allow the corporate to discover new enterprise alternatives and faucet into the rising demand for EV chargers within the U.S.
The U.S. had greater than 165,000 public EV charging ports as of December 2023; U.S. President Biden goals to construct a minimum of 500,000 public chargers by 2030.
“By establishing our EV charger manufacturing manufacturing facility in Texas, we will actively reply to the quickly rising demand for EV infrastructure within the U.S.,” mentioned Jand Ik-hwan, the LG Enterprise Answer Firm president.
LG determined to arrange its first EV charger manufacturing facility in Texas for some strategic causes, it mentioned. The state presents the advantages of using current amenities coupled with logistics and transportation networks, in accordance with LG.
The corporate, which has been growing EV chargers in 2018, acquired HiEV Charger, previously AppleMango, a South Korean EV battery charger maker, in 2022 to bolster the EV charging enterprise and manufacture EV chargers in its house nation.
