November 26, 2024

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LG Electronics' 11-kilowatt EV charger (LG Electronics)

LG Electronics will make its official debut in the US electric vehicle charger market with its own slow and rapid charger models, the tech giant said Thursday.

The company plans to roll out an 11-kilowatt charger and a 175kW fast-charging model in the US market in the first half of 2024. To meet the increasing needs of the growing EV users, the company also said it will expand its lineup of fast chargers in the second half of next year.

"We will respond to the ever-increasing demand for EV chargers in the US by supplying a variety of stable quality EV charger products and differentiated charging solutions," Seo Heung-kyu, senior vice president in charge of EV charging business at LG Electronics said.

"At the same time, we will explore new opportunities in line with the electrification trend in the US market."

The 11kW charging model can be freely utilized by attaching it to a wall or on the ground. It is equipped with a load management system that automatically controls the output according to the power situation in commercial venues, such as shopping malls and supermarkets, offering stable charging service even in limited power capacity, the company said.

The 175kW fast charger supports both the Combined Charging System and the North American Charging Standard -- the two most common EV charger standards, providing a convenient charging experience for customers. The charger will feature a touch display for users to check the charging status and also offer space for advertising.

Starting the development of EV charging solutions in 2018, LG has been strengthening its product portfolio and acquired HiEV Charger, an EV charging solution company, formerly known as AppleMango, in 2022.

The company produces and supplies two 7kW models (wall-mounted and stand-type) and two fast-charging models (100kW and 200kW).

Amid the global effort for net-zero carbon emissions, electric vehicles are expected to take up more than half of new car sales worldwide by 2035, according to Goldman Sachs Research.

In the US alone, the EV sales would be 20 percent in 2025, and the portion is forecast to grow to 50 percent in 2030, backed by the US government's National Electric Vehicle Infrastructure Formula Program.

Introducing the NEVI scheme in 2022, the US government said it would inject $5 billion in the following five years to establish 500,000 EV charging stations across the country.

Under the influence of the support program, the US EV charger market is expected to grow to be worth $3.2 billion in 2025.

LG’s EV charging business aims to provide an integrated solution that encompasses the control area, not just the sales of chargers. The company also aims to tap into Europe and Asia.

By Jo He-rim (herim@heraldcorp.com)