LG Electronics enters US charger market

An electric vehicle driver uses an EV charger in this computer graphic image. Courtesy of LG Electronics

LG Electronics has announced its plan to enter the United States' fast-growing electric vehicle (EV) charger market next year, according to the company, Thursday.

The company said it will introduce 11 kilowatt (kW) slow chargers and 175kW fast chargers in the first half of 2024.

The slow chargers boast space versatility and can be used in different environments and are capable of installation on ground or wall surfaces. Equipped with a self-control solution to limit power loads and adjust to different power distribution settings, the chargers provide safe electricity to EV users at shopping malls, supermarkets and other commercial spaces.

The fast chargers support the combined charging system and the North American charging standard, satisfying the broader needs of EV users. They feature a touch display that indicates charging status and shows paid advertisements.

The company said it will expand its fast charger lineup and introduce it to the U.S. market in the second half of 2024. Fast chargers are in high demand among commercial operations and drivers traveling long distances.

The company previously introduced its four EV charger products to the Korean market including the 7kW slow charger and fast chargers rated at 100kW and 200kW.

After absorbing the Pyeongtaek-based HiEV Charger in 2022, LG Electronics intensified development of its own EV charger technologies. The breakthrough came after the company started working on EV charging solutions in 2018. Last July, while announcing the company's future vision, CEO Cho Joo-wan said electrification was the turning point for the company's new growth engines.

A business network the company previously built across the U.S. is also expected to help with the company's EV charger market drive. By having set up TVs in local hotels, LG has built up a value chain of B2B network with American partners and personnel for maintenance and consumer support. These assets could be critical to the EV charger business expansion plans as the product requires a high level of trust from consumers, the company said.

"We will keep catering to the consistently rising U.S. EV charger market by providing safe, quality charger products and other charging solutions," said an official from the company's EV charger business department.

According to reports from Goldman Sachs and IHS Global Insight, EV portions in the U.S. auto market will rise to 20 percent in 2025 and 50 percent in 2030.