LG Electronics bought South Korean EV charging maker AppleMango as the competition for EVs around the world heats up. LG said that the purchase would help the company take advantage of future business opportunities.
The senior vice president of LG Electronics, Paik Ki-mun, said that the EV charging industry will grow a lot because more people want cars that are good for the environment. “We’ll use our B2B knowledge and experience to offer customized, integrated charging solutions for vehicles to a wide range of customers. This will make us more competitive and set us up for future opportunities.”
LG Electronics bought a 60% stake in AppleMango
While GS Energy and GS Neotek each bought a 34% and 6% stake. The firms didn’t talk about the terms of the contracts. Local news outlets put the price of the purchase at $7.8 million (10 billion KRW).
LG Electronics got rid of its losing mobile business last year so it could focus on electric cars. The Internet of Things (IoT), and B2B solutions.
LG Electronics will make it easier for drivers in South Korea to charge their EVs by making the interfaces more user-friendly. The company said that its works on EV batteries. Energy storage systems, energy management solutions, and chargers can work better together.
The electronics giant wants to set up a production line for EV chargers at LG Digital Park in South Korea by the end of the year. This will offer special charging solutions for homes, malls, hotels, and public institutions. LG hasn’t said if it will keep selling AppleMango’s chargers. But the company makes a wide range of EV charging technologies, from slow to fast chargers for home and business use.
LG Electronics came out with LG Vehicle Component Solutions in 2013. In 2018, it also bought ZKW to grow its EV business. It started a business with Magna International to make e-motors, inverters, and chargers that are built into the car.