January 15, 2024 – LG Electronics, a global electronics giant, announced its foray into the North American market with the opening of its first electric vehicle (EV) charging station factory in the United States last Friday.
The new facility, located in Fort Worth, Texas, spans across 100,000 square feet (approximately 9290 square meters) and boasts an annual production capacity of 12,000 charging stations, as stated in the company’s declaration.
Currently, the plant is primarily focused on manufacturing lower-end 11kW home slow charging stations (with SAE J1772 connectors). However, LG Electronics has plans to introduce 175kW vertical DC fast-charging stations in the spring.
Moreover, the company has hinted at the unveiling of a 350kW ultra-fast DC charger later this year, which will be equipped with CCS and Tesla NACS connectors. This charger will also feature an outdoor LCD touchscreen that can generate additional revenue through advertising sales.
Meanwhile, LG Energy Solution, a subsidiary of the LG Group, is actively expanding its North American business. Following the success of its electric vehicle battery production, the company is now accelerating its energy storage system (ESS) business.
According to data disclosed by the Korean financial regulatory agency, LG Energy Solution Vertech, the energy storage solutions arm of LG Energy Solution, recorded sales of 1.097 trillion Korean won (approximately 6.001 billion Chinese yuan) in the first three quarters of 2023, representing a 289% year-on-year growth. Additionally, the company turned a profit in the third quarter of 2023, with a net income of 81 billion Korean won (approximately 443 million Chinese yuan).