LG opens first EV charging station factory in the US

ChargePoint Holdings

12/01/2024 18:00

Jan 12 (Reuters) - LG Electronics  066570.KS  on Friday
opened its first factory in the U.S. for assembling
electric-vehicle charging stations as the South Korean
electronics giant looks to capture a share in the fast-growing
market dominated by market leader ChargePoint.
    Based in Forth Worth, Texas, the company's 100 thousand
square feet new factory has an annual capacity of 12 thousand
units, LG said in a statement.
    The company already has a distribution center in the city.
    LG, a high-end TV manufacturer, has been trying to diversify
its business into fresh sectors like EV charging and digital
healthcare.
    It acquired South Korean EV charger provider AppleMango in
2022 as part of its foray into the sector.
    The company is entering a highly competitive charging
market, dominated by companies like ChargePoint Holdings CHPT.N 
 and Elon Musk-led-Tesla TSLA.O , as federal funding and
government incentives have helped to expand the EV charging
network in the United States.
    The number of available charging ports in the U.S. nearly
doubled from late 2019 to the first quarter of 2023, according
to the Office of the U.S. Energy Efficiency & Renewable Energy.
    The facility will initially assemble Level-2 smaller
portable wall chargers and produce Level-3 touch-screen display
models later in the year.
    


     
    

 (Reporting by Zaheer Kachwala in Bengaluru; Editing by Tasim
Zahid)
 ((Zaheer.Kachwala@thomsonreuters.com;))