South Korean electronics giant, LG Electronics Inc, announced last week that it will exit the electric vehicle (EV) charger business, with the company posting a formal notice on its website that it plans to “focus on other solutions that will provide new experiences and value to our customers.”
LG had previously identified EV chargers as a significant potential growth driver for the company, and entered the sector in 2022 with the acquisition of HiEV Charger, a South Korean startup formerly known as AppleMango.
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Soon after that, LG began offering charging solutions in South Korea, including selling its EV chargers in Emart retail stores, and entered the US market soon after. It opened an EV charger production plant in the US state of Texas in January 2024 and signed a partnership agreement with US EV charging network firm ChargePoint only last June.
In recent months, LG has been discouraged by the lack of growth in EV demand in its key markets, prompting it to exit the segment altogether. The company said it will liquidate its HiEV Charger subsidiary and reassign its employees to other operations within the group. LG confirmed that it will continue to provide aftersales services to existing clients without disruption.
