LG Electronics Inaugurates First Electric Vehicle Charger Facility in Fort Worth, Texas
On January 15th, 2024, LG Electronics marked a significant milestone by inaugurating its first electric vehicle (EV) charger facility outside South Korea in Fort Worth, Texas, making a bold entry into North America’s competitive EV charging market. Spanning an impressive 59,202 square feet, the new EV charging station factory boasts an annual production capacity exceeding 10,000 chargers, with the initial focus on manufacturing 11-kilowatt EV chargers. In line with its commitment to electrification as a primary driver for mid and long-term growth, LG plans to commence assembly of 175-kilowatt chargers in the first half of this year, followed by 350-kilowatt chargers later in the year. This strategic move aligns with the company’s goal of reaching $79 billion in sales by 2030, up from $51.4 billion in 2022, while exploring new business avenues, including EV charging and digital healthcare.
The decision to establish the first EV charger factory in Texas is a strategic move by LG, leveraging existing facilities and benefiting from the state’s robust logistics and transportation networks. The United States currently boasts over 165,000 public EV charging ports, with President Biden aiming to increase this number to at least 500,000 by 2030. With the growing demand for EV chargers in the region, LG’s new facility in Texas is well-positioned to meet the surging demand for EV infrastructure in the U.S.
Additionally, LG’s expansion into the EV charging market has been reinforced by its acquisition of HiEV Charger, a South Korean EV battery charger manufacturer, in 2022. This acquisition further strengthens LG’s commitment to the EV charging business and enhances its ability to produce EV chargers domestically. Jang Ik-hwan, the LG Business Solution Company president, emphasized that the Texas facility positions LG to actively meet the surging demand for EV infrastructure in the U.S.
Opinion: The expansion of LG Electronics into the EV charging market signifies a significant step towards the electrification of vehicles and the development of sustainable transportation solutions. As more companies invest in EV infrastructure, it will further accelerate the transition towards a greener and more environmentally-friendly transportation sector. This move by LG is not only a strategic business decision, but also a crucial step towards contributing to the reduction of carbon emissions and combating climate change.