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Photo = Yonhap news |
[Alpha Biz= Kim Jisun] Seoul, South Korea – April 22, 2025 – LG Electronics announced on Monday that it will exit the electric vehicle (EV) charging solutions business, just three years after entering the market, citing a prolonged market chasm and intensifying price-based competition.
The company stated that its decision to withdraw from the EV charger business, which was operated under its Energy Solutions (ES) Business Division, is part of a "strategic rebalancing in response to changes in the business environment."
LG Electronics’ EV charger subsidiary, HiEV Charger (formerly Apple Mango), also held an extraordinary shareholders' meeting on April 21 and resolved to dissolve the company. All employees involved in the EV charging business will be reassigned to other units within LG Electronics, and production facilities will cease operations. The company emphasized that it will continue to provide maintenance services for existing clients without interruption.
LG entered the EV charging market in 2022 by acquiring HiEV Charger, following preliminary R&D work beginning in 2018. The company deployed both fast and slow chargers across domestic retail locations, such as Emart, and later expanded into the U.S. market in 2024.
However, global macroeconomic headwinds and a sharp decline in EV demand—exacerbated by the withdrawal of EV infrastructure subsidies in the U.S. under President Donald Trump—led to a challenging business environment.
Going forward, LG’s ES division will shift focus toward its HVAC (heating, ventilation, and air conditioning) business, including residential and commercial air conditioners, chillers, heat pumps, and data center cooling solutions. LG plans to leverage its core competencies in these areas to identify new opportunities and foster future growth engines.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
