LG Electronics on Sunday said it has acquired a domestic EV charging maker to foray into the EV charging solutions business amid a global electrification push.
LG Electronics recently acquired a 60 percent stake in AppleMango for an unspecified amount, with GS Energy and GS Neotech taking 34 percent and 6 percent respectively in the company, the company said in a statement. To secure the development engine.
LG said it plans to set up an EV charging production line within this year at the LG Digital Park in Pyeongtaek, about 60 kilometers south of Seoul, Yonhap news agency reported.
With the acquisition, LG aims to strengthen its business portfolio with the existing automotive electronics business “into the era of EVs”, the statement said.
Founded in 2019, AppleMango has advanced technologies to manufacture slow and fast chargers for both home and commercial use.
The world’s EV charging solutions market is expected to grow to 410 trillion won ($316 billion) by 2030 as carmakers increasingly adopt battery-powered vehicles in their lineup amid tighter emissions regulations.
First appeared on BGR India after LG Electronics forayed into the EV charging business.