LG Electronics announced on the 22nd that it has decided to terminate its electric vehicle charger business under the Energy Solutions Division.
LG Electronics explained that it made this decision due to changes in the business environment, including delayed market growth and intensified price-centered competition, despite having developed and launched products such as slow and fast chargers since starting the electric vehicle charger business in 2022.
All members involved in related tasks are planned to be reassigned to other business units within LG Electronics. The subsidiary Hi-Beat Charger, responsible for manufacturing electric vehicle chargers, will undergo liquidation procedures, and maintenance services for suppliers will be carried out without interruption after the business closure.
The Energy Solutions Division plans to focus on home and commercial air conditioners, chillers, heat pumps, and data center cooling solutions as part of a future strategy of selection and concentration in the HVAC (heating, ventilation, and air conditioning) business.