LG Electronics has acquired a domestic EV charging maker to advance into the EV charging solutions business amid a global electrification push.
The company recently acquired a 60 percent stake in AppleMango (amount undisclosed), with GS Energy and GS Neotek taking over 34 percent and 6 percent stakes in LG Electronics, respectively.
LG said that it is planning to establish an EV charging production line at the LG Digital Park in Pyeongtaek, which is around 60 km south of Seoul, and the production line will start by this year itself.
LG further stated in a statement: “With the acquisition, LG aims to strengthen its business portfolio together with the existing automotive electronics business “in the era of EVs.”
The collaboration has taken place to secure a new growth engine, LG stated in an official statement.
AppleMango was established in 2019 and has advanced technologies in manufacturing slow and fast chargers, both for household and commercial use.