LG Electronics has opened its first electric vehicle (EV) charging facility outside of South Korea – in Fort Worth, Texas – to capture a share of the competitive North American EV charging market.
LG said in a company statement on Monday that the new electric vehicle charging station factory, which spans 59,202 square feet, has the capacity to produce more than 10,000 chargers annually. LG has begun manufacturing 11-kilowatt electric vehicle chargers in Texas. It will begin assembling 175-kilowatt chargers in the first half of this year and 350-kilowatt later this year.
The move comes on the heels of LG CEO William Cho reiterating the company’s commitment to “electrification” as a key driver of medium- and long-term growth last year. The South Korean electronics company is looking for new business opportunities in the fields Such as electric vehicle charging and digital healthcare Sales will reach $79 billion by 2030, up from $51.4 billion in 2022. LG said that penetrating the electric vehicle market in the United States will enable the company to explore new business opportunities and benefit from the growing demand for electric vehicle chargers in the United States.
The United States had more than 165,000 public charging ports for electric vehicles As of December 2023; US President Biden aims to build At least 500,000 public chargers by 2030.
“By establishing our electric vehicle charger production plant in Texas, we will be able to effectively respond to the rapidly growing demand for electric vehicle infrastructure in the United States,” said Jand Ik-hwan, President of LG Business Solution Company.
LG said it decided to establish its first electric vehicle charging plant in Texas for some strategic reasons. The country offers the benefits of utilizing existing facilities along with logistics and transportation networks, according to LG.
The company that developed electric car chargers in 2018, Acquired HiEV Charger, formerly AppleMangoa South Korean electric vehicle battery charger manufacturer, announced in 2022 to boost its electric vehicle charging and electric vehicle charger manufacturing business in its home country.