LG Electronics acquires solutions provider AppleMango, forays into EV charging
By Team Newsable | First Published Jun 27, 2022, 1:14 PM ISTLG Electronics recently bought a 60% share in AppleMango for an undisclosed sum, with GS Energy and GS Neotek acquiring 34% and 6% holdings in the firm, respectively, to establish a new growth engine, according to a company statement.
LG Electronics, a Korean technological conglomerate, has announced its entry into the EV charging solutions market. In addition, the corporation has announced the acquisition of a local EV charging manufacturer in order to progress into the EV charging solutions market as part of a worldwide electrification drive.
LG Electronics recently bought a 60% share in AppleMango for an undisclosed sum, with GS Energy and GS Neotek acquiring 34% and 6% holdings in the firm, respectively, to establish a new growth engine, according to a company statement. According to reports, the corporation wants to create an EV charging production line at the LG Digital Park in Pyeongtaek, some 60 kilometres south of Seoul, this year.
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LG added in a statement, "With the purchase, LG seeks to improve its business portfolio in the era of EVs, alongside the existing automotive electronics business."
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LG's acquisition intends to bolster its business portfolio alongside its current automotive electronics company 'in the era of EVs,' according to a statement. The global market for EV charging solutions is estimated to reach 410 trillion won ($316 billion) by 2030, as automakers aggressively incorporate battery-powered vehicles into their lineups in response to tightening pollution laws.
Major Korean companies, including Lotte and SK, are also rushing into the electric vehicle charging business, which is expected to grow rapidly as demand for eco-friendly vehicles are on the uptick. The global market is expected to grow from US$55 billion in 2023 to US$325 billion in 2030. The number of electric vehicles subsidized by the Korean government is expected to reach 207,500 in 2022 from 104,400 in 2021.
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