LG Electronics has announced its decision to exit the electric vehicle (EV) charger business due to a slowdown in global demand for EVs. The company will dissolve its EV charger production subsidiary, HiEV Charger, redistributing its workforce to other departments within LG Electronics. Despite this exit, LG has assured that it will continue to provide maintenance services for existing customers without interruption.
LG Electronics initially entered the EV charging market in 2022 after acquiring HiEV Charger, formerly known as AppleMango, following initial research and development efforts that began in 2018. The company expanded its presence by offering charging solutions domestically through Emart and establishing a production facility in Texas, USA, in early 2023.
The decision to exit this business sector is part of LG Electronics' strategic shift to focus on developing other areas, such as heating, ventilation, and air conditioning (HVAC) systems.
