최초입력 2025.04.22 11:00:07
South Korean tech giant LG Electronics Inc. has decided to close its electric vehicle (EV) charging solution business three years after entering the market.
The decision comes as the prolonged stagnation in EV demand and intensifying price-based competition weigh on the industry.
LG Electronics announced on Tuesday that it will discontinue its EV charger business under its Eco Solution (ES) Business Division due to the prolonged market stagnation and increased price competition.
Its EV charger manufacturing subsidiary, HiEV Charger, will undergo liquidation procedures. The employees will be relocated to other LG Electronics units, the company said.
“We will continue to provide maintenance services to our clients without disruption after the business ends,” said a company official.
The ES division will now focus on the heating, ventilation, and air conditioning (HVAC) solutions such as residential and commercial air conditioners, chillers, heat pumps, and cooling systems for data centers.
LG Electronics also plans to pursue business opportunities in adjacent areas where it can leverage its core capabilities and create synergies, while continuing to explore new growth engines for the future.
The company began preliminary development of EV charging solutions in 2018 and fully joined the market in 2022 by acquiring HiEV Charger (formerly AppleMango Co.), a dedicated EV charger manufacturer.
It installed fast and slow chargers at Emart stores and expanded its presence into the U.S. market in 2024.
At a press conference in 2023, its Chief Executive Officer Cho Joo-wan identified the EV charging business as one of the company‘s key future growth drivers to achieve its goal of 100 trillion won ($70.14 billion) in annual revenue by 2030, expressing his intent to quickly grow the segment into a trillion-won business.
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