SEOUL: LG Electronics said on Sunday it has acquired a domestic EV charging maker to advance into the EV charging solutions business amid a global electrification push.
LG Electronics recently acquired a 60 per cent stake in AppleMango for an unspecified amount, with GS Energy and GS Neotek taking over 34 per cent and 6 per cent stakes in the company, respectively, to secure a new growth engine, the company said in a statement.
LG said it plans to establish a EV charging production line at the LG Digital Park in Pyeongtaek, some 60 kms south of Seoul, within this year, reports Yonhap news agency.
With the acquisition, LG aims to strengthen its business portfolio together with the existing automotive electronics business "in the era of EVs," the statement said.
AppleMango, established in 2019, has advanced technologies in manufacturing slow and fast chargers, both for household and commercial use.
The world's EV charging solutions market is expected to grow to 410 trillion won ($316 billion) by 2030 as carmakers rapidly adopt battery-powered vehicles in their lineups amid stricter emissions regulations.