Forth Worth Mayor Mattie Parker (L) shakes hands with LG Electronics Executive Vice President Jang Ik-hwan at LG’s electric vehicle charger factory in Fort Worth, Texas, on Friday. Photo courtesy of LG Electronics
South Korea’s LG Electronics said its first overseas manufacturing line for electric vehicle chargers has gone into production in Texas.
The 59,000-square-foot factory in Fort Worth is equipped for an annual capacity of more than 10,000 slow- and/or fast-charging EV charging units. Advertisement
The Seoul-based company said Friday it has begun assembling 11kW models and that it could begin production of 175kW fast chargers later this year.
With adoption of electrified mobility gaining more momentum, LG Electronics said its goal was to introduce by next year a 350kW ultra-fast charger for customers in the commercial travel and long-distance transportation industries.
The company said the decision to build its charger facility in Texas was based on the state’s outstanding logistics and transportation network.
LG did not reveal financial investment figures nor how many employees had been hired at the site.
“By establishing our EV charger production factory in Texas, we will be able to actively respond to the rapidly growing demand for EV infrastructure in the U.S.,” LG Electronics Executive Vice President Jang Ik-hwan said in a statement.
“LG is dedicated to delivering uncompromising quality and will offer customers reliable EV charging solutions that combine efficient charger units with advanced control systems.” Advertisement
A consultancy Allied Market Research expects the EV charger market in 15 major countries to grow almost 30% annually over the next decade, from $7.2 billion in 2022 to $91.2 billion by 2032.
Roland Berger, another consulting firm, expects the global EV charging market to also grow, reaching $186 billion by 2030.
“As the number of EVs rockets, the U.S. will require a vast number of chargers, and corporations worldwide will certainly compete to enter such a lucrative market,” Daelim University automotive Professor Kim Pil-soo told UPI News Korea.
“Having vowed last year that electrification will be its major driver for future growth, LG Electronics can be expected to continue its strong push,” he said.
