LG has been betting on electromobility for some time, a business that has seen more continuity than that of mobile phones or solar panels, from which it has withdrawn. Recharging solutions are now added to its product line, after having acquired a dominant stake in the South Korean company AppleMango, which will become part of LG Electronics.
The aforementioned division has acquired 60% of AppleMango, founded in 2019. In addition, the companies GS Energy and GS Neotek kept 34% and 6%, respectively. AppleMango charging points were characterized by their compact size and advanced screen technology that better withstand outdoor use.
By the end of the year, LG Electronics will have a series production line of chargers, probably already under its brand, for different residential, community and business uses. The amount of the operation has not been made public, but a figure of 10,000 million won is handled, which is not so much converted into euros: 7,363 million. A simple change for LG.
The objective behind this acquisition is for LG to have easy-to-use and user-focused charging solutions, with real-time information on their use. In addition, they will take advantage of the knowledge and experience acquired in products such as electric vehicles and stationary batteries, energy management, and chargers.
This is one more step towards the integration of LG in the world of electromobility. It started in 2013 by establishing the LG Vehicle Component Solutions division. The subsidiary focused on the production of displays, batteries, and sensors for electric cars. Among its clients, we can mention General Motors, Ford, and Volkswagen.
Later LG bought the Austrian company ZKW, 2018, which is specialized in lighting. On the other hand, in 2020 it forged a joint venture with Magna International for the production of motors, inverters, and onboard chargers.