[CES 2024] LG Electronics Launches EV Charging Business in the US... Global Expansion Planned Within the Year

LG Electronics Expands 'Electric Vehicle Charging Business' in the US
Targets Trillion-Won Scale Growth in EV Charging
Plans to Evolve into a 'Charging Solutions Provider'

LG Electronics has established an electric vehicle (EV) charger manufacturing plant in the United States and has begun full-scale local market penetration. Within this year, it plans to expand its EV charging business not only in the U.S. but also in Asian and European markets.

On the 11th (local time), LG Electronics held a media briefing for the BS Business Division at the Las Vegas Convention Center (LVCC) in the U.S., where the world's largest electronics and IT exhibition 'CES 2024' was held, announcing these business plans.

Jang Ik-hwan, Vice President and Head of LG Electronics BS Business Division, is speaking at the BS Business Division media briefing held on the 11th (local time) at the Las Vegas Convention Center (LVCC) in the United States. /
Photo by LG Electronics

LG Electronics is focusing on areas with high potential as well as synergy with existing businesses, accelerating investment and nurturing to secure future growth opportunities. In the case of the B2B new business growth engine, 'EV charging business,' it is building cooperative relationships with various partners and continuing related investments to expand the global market.

To enter the U.S. market, LG Electronics has established an EV charger manufacturing plant in Fort Worth, Texas, and has begun full-scale production. It is strategically responding to the U.S. government's Inflation Reduction Act (IRA) while actively addressing the rapidly growing local market demand. Jang Ik-hwan, head of LG Electronics' BS Business Division, said, "We will present the optimal charging solution combining chargers based on stable quality and advanced control solutions."

LG Electronics will start producing 11-kilowatt (kW) slow chargers for the North American market at its Texas plant, followed by 175kW fast chargers and 350kW ultra-fast chargers within the year. Additionally, in the first half of this year, it will begin producing 175kW fast chargers that simultaneously support CCS1 (Combined Charging System) and NACS (North American Charging Standard), the representative EV charging methods, providing convenient charging experiences to local customers.

On the 12th (local time), Mattie Parker, Mayor of Fort Worth, Texas, USA (left), who visited LG Electronics' electric vehicle charger production plant in Fort Worth, is greeting Jang Ik-hwan, Vice President and Head of LG Electronics BS Business Division. /

According to the U.S. Department of Energy (DOE) announcement in May, there are about 140,000 public EV charging stations locally. The ratio of chargers to EVs sold in the U.S. is approximately 18 to 1, which falls short of the International Energy Agency (IEA) recommended level of 10 to 1. The U.S. government has announced plans to build a total of 500,000 EV charging stations by 2030 and declared last year that it will increase the EV ratio of new cars produced by 2032 to 67%.

In the short term, LG Electronics plans to enter the U.S. market as a 'charger sales operator' by leveraging reliable charger quality, maintenance, and vertical sales capabilities. In the mid to long term, it aims to rapidly develop the EV charging business into a trillion-won scale business as a 'charging solution operator' based on differentiated solutions such as control and advertising.

LG Electronics has announced, "We will expand the EV charging business to global markets such as Asia and Europe within this year."