LG Electronics is moving into the EV charging business

The race to produce everything related to EV ramps up around the world, as evidenced by the acquisition of AppleMango. The acquisition will allow the company to take advantage of future business opportunities.

The EV charging market is expected to grow rapidly due to the increasing demand for more eco-friendly vehicles. We will use our know-how and experience in the B2B sector to offer tailored, integrated vehicle charging solutions for diverse customers.

Following the deal, AppleMango will become a subsidiary ofLG Electronics, with GS Energy and GS Neotek taking over 34% and 6% of the company. The terms of the deal were not disclosed. The size of the acquisition is estimated at 10 billion KRW.

Nearly a year after shutting down its loss-making mobile business to focus on its growth areas such as electric vehicles, the internet of things and B2B solutions, the company is moving back.

LG is shutting down its smartphone business worldwide

The EV charging experience in South Korea is expected to be easy to use, thanks to the expertise of the company. The company said that by moving into the EV charging business, it can create more synergy between its EV battery development, energy storage systems, energy management solutions and charger.

By the end of this year, the tech giant plans to set up an EV charging line in South Korea to cater to private residences, shopping malls, hotels and public institutions. The acquired company brings to the deal a wide range of EV charging solution technologies, from slow to rapid.

The vehicle component solutions company was set up by the company. The Austria-based automotive lighting company ZKW was acquired by it. In December 2020 it formed a joint venture with a Canadian company to make electronics.