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LG Is Consolidating Its Position in the Electric Vehicle Market and Has Now Acquired a Startup for the Development of Portable Chargers That Allow for Charging Time Management
LG is laying the foundations of its business in the large electric vehicle market with the acquisition of the South Korean startup AppleMango, which is responsible for producing batteries for electric cars. The value of the deal was not disclosed, and the famous electronics company aims to develop compact charging stations with a user-friendly interface that enables real-time charging time management. This acquisition is not the first that LG is making in the electric vehicle sector: the company already has batteries, sensors, and displays for electric cars.
LG Forms Partnerships for Advancement in the Electric Vehicle Sector
Recently, LG partnered with Magna International for the development of electric car powertrains, onboard chargers, and inverters for automakers.
In the case of AppleMango, which, despite being quite new, founded in 2019, has already managed to develop some proprietary technologies, such as the portable charger for electric cars. LG will also be involved in other partnerships such as GS Energy, which operates electric vehicle charging installations, and also GS Neotek for the construction of necessary infrastructure.
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Additionally, the electronics multinational also aims to install a charger factory in South Korea by the end of this year, specifically at LG Digital Park. The company’s goal is to provide its various clients with unique charging solutions, including systems for hotels, residences, shopping centers, and public buildings.
Hyundai Also Partners with Multinational LG
In August of last year, LG and Hyundai formed a partnership for the development of a joint venture focused on electric vehicle production. The companies signed a letter of intent with the government of Indonesia at the time to get the project off the ground.
In total, the companies are investing R$ 1.1 billion in the partnership, where the shares are equal. The factory will be located in Karawang, near the capital Jakarta, receiving various types of tax incentives from local authorities.
The factory for the two multinationals will cover a total area of 330,000 m² and began construction last year, with completion expected in 2023. Thus, the factory will be fully operational in 2024, capable of manufacturing lithium-ion batteries with a capacity of 10 GWh, enough to power 150,000 electric vehicles.
LG Enters the Electric Vehicle Market
LG announced last year the acquisition of 51% of Magna and began its operations in July. In that same month, LG also announced the end of smartphone production. After years of losses, the company declared the end of production of these electronics.
The first initiative was reported by the company in a statement for the closure of the Haiphong factory, located in Vietnam. The site was closed and will undergo changes, transforming into an appliance factory.
The partnership with Magna is not LG’s first related to its electric vehicle division. In 2018, the electronics company turned its attention to EVs, announcing the acquisition of ZKW, a producer of headlights for cars in Austria.
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