LG Electronics' U.S. factory goes into operation and will produce 12,000 charging piles per year to meet market demand

LG Electronics took an important step in the North American market and opened its first electric vehicle charging pile factory in Fort Worth, Texas, USA on January 15. The new factory, covering an area of ​​approximately 9,290 square meters, is expected to produce 12,000 charging piles per year to meet the growing demand for electric vehicle charging equipment in the North American market. This move further promotes the construction of electric vehicle charging infrastructure and provides users with more convenient and reliable charging services. The opening of the factory will provide strong support for LG Electronics' development in the North American market, while also making a positive contribution to the region's economic growth and environmental protection.

According to our understanding, LG Electronics’ factory currently mainly produces 11kW home slow charging piles, equipped with SAE J1772 connectors. In addition, LG also plans to launch more types of charging piles in the spring, including 175kW DC fast charging piles. In addition, they plan to launch 350kW ultra-fast DC charging piles later this year, which will be equipped with outdoor LCD touch screens to provide a user-friendly interface. In addition, LG also plans to generate additional revenue through advertising sales.

LG Group’s expansion in the North American market is not limited to the field of electric vehicle charging equipment. Its subsidiary LG New Energy is also actively deploying, especially in the production of electric vehicle batteries, and has achieved remarkable results. In addition, the company is accelerating its energy storage system (ESS) business. According to the latest data disclosed by South Korea's financial regulator, LG Energy Solution Vertech, LG New Energy's energy storage solution company, achieved sales of 1.097 trillion won in the first three quarters of 2023, a year-on-year increase of 289%. This shows the strong development momentum of LG New Energy in the North American market and its huge potential for future development. What's more worth mentioning is that the company turned a profit in the third quarter of 2023, with net profit reaching 81 billion won, which is a very good result. Therefore, LG New Energy’s dominant position in the electric vehicle industry chain and its efforts in the energy storage system business will provide more opportunities and challenges for its future development.

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