EVWire brief: LG Electronics entered the EV charging business about three years ago when it acquired HiEV Charger (formerly AppleMango), in 2022. Now, LG has decided to back back out of the industry because of the demand slowdown and intensifying price competition.
"Due to structural shifts in the business environment, including a protracted demand slowdown — referred to as the ‘chasm’ — and intensifying price competition, we have decided to wind down the EV charger business.”
HiEV Charger will begin liquidation procedures.
In 2024, the HiEV charger business showed 10.6B won in revenue ($7.6M) and an operating loss of 7.2 billion won ($5.17M).
At the beginning of last year, LG established a charger production base in Texas which aimed to build over 10,000 units annualy, and also partnered up with ChargePoint in June.
LG had big goals for the charging arm — Chief Executive Officer Cho Joo-wan had outlined a vision in 2023 to grow the segment into a trillion-won business ($717.3M) by 2030. It wanted to secure 8% share of the US fast charger market.
But now, this is all what greets us on their website for EV chargers:
DIG DEEPER: Find all our latest news and resources about Charging in our ⚡ CHARGINGWIRE page.
