LG Electronics to dissolve EV charger division
According to consistent reports from South Korean media, the company’s EV charger subsidiary, HiEV Charger, will be dissolved, with all staff from the division reassigned to other departments within LG Electronics. The company has yet to publish an official statement, but it is understood that LG will continue to provide maintenance and customer service support to existing clients.
LG Electronics entered the EV charging sector in 2022 through the acquisition of South Korean charging infrastructure manufacturer AppleMango, following several years of R&D in the space, as noted by outlets such as the Korea Times. HiEV Charger launched its first EV chargers in 2023, covering a broad range from basic AC units to various DC options, including high-power charging solutions. Initially focused on the South Korean market, HiEV Charger expanded to the US last year, opening a dedicated production facility in Texas.
Cho Joo-wan, CEO of LG Electronics, long regarded the EV charging business as a key growth driver for the company. The roadmap initially projected revenue of 100 trillion won (around €61.5 billion) by 2030. However, in 2024, HiEV Charger generated just 10.6 billion won in revenue and posted an operating loss of 7.2 billion won – a far cry from the ambitious long-term targets.
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