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LG Electronics has unfold its first electric vehicle ( EV ) charger facility out of doors of South Korea — in Fort Worth , Texas — to bewitch a share of North America ’s competitive EV charging market .
Its new EV charging post factory , sweep 59,202 straight foot , has the capacity to produce more than 10,000 chargers per year , LG saidin the ship’s company ’s statement Monday . LG has pop manufacturing 11 - kW EV chargers in Texas . It will initiate gather chargers with a capacity of 175 kilowatts in the first one-half of this year and 350 kilowatts after this year .
The move follows LG CEO William Cho ’s on-going commitment to “ electrification ” as a chief driver for mid and long - term growth , with a goal of$79 billion in sale by 2030 , up from $ 51.4 billion in 2022 .
That ca n’t come soon enough . LGestimated this monththat its full - twelvemonth revenues in 2023 for LG Electronics , its biggest division , will be KRW 84 trillion ( around $ 63.6 billion at today ’s rate ) , but that’slargely flaton 2022 ’s revenue of KRW 83.5 trillion .
With high - visibility , but finally declining , businesses like wandering telephone set now in its past ( the caller pulled out of the speech sound business in 2021 ) LG has been seek for new business opportunity in areassuch as EV charging and digital health care .
LG believes that the U.S. EV market , and tapping into the arise requirement for EV chargers in the U.S. , could be a lucrative bet .
The U.S. had more than165,000 public EV charging portsas of December 2023 . U.S. President Biden aims to buildat least 500,000 public chargers by 2030 .
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Yet it ’s not all smooth sailing . As the White House point outlast calendar month , the market growth of charging connection has been constrain by a classic Gallus gallus - and - egg scenario : The lower purchasing rate of electric vehicles has been due in part to buyers being concern about a deficiency of charge points — but charging points are slow to be wander out because demand is not eminent enough .
Meanwhile , there remain a perennial job with the charging points that are put up already : Many of themjust do n’t work , or do n’t work on the system that your particular car might use .
Yet deliver the government tolerate the big efforts has establish LG the nod of encouragement that it involve .
“ By establishing our EV charger production manufacturing plant in Texas , we will be able to actively react to the rapidly get need for EV base in the U.S. , ” pronounce Jang Ik - hwan , the LG Business Solution Company president .
LG decided to set up its first EV charger manufactory in Texas for some strategic reasons , it allege . The DoS offers the benefit of utilize exist deftness partner off with logistics and transportation networks , according to LG .
The party , which has been developing EV charger since 2018,acquired HiEV Charger , formerly AppleMango , a South Korean EV battery charger shaper , in 2022 to bolster the EV charging business and fabricate EV chargers in its home country .
LG Electronics is move into the EV charging business
EV fast - charging networks face a thought-provoking 2024
