Seoul, June 19: LG Electronics said on Wednesday it has partnered with ChargePoint, the leading supplier of charging solutions for electric vehicles in North America, to expand its EV charging business on a global basis.
Under the memorandum of understanding, LG Electronics will supply its advanced EV charging equipment to ChargePoint, while the US company will provide software for the operation of the charging stations, according to the Korean company. ChargePoint manages more than 306,000 active ports across North America and Europe, reports Yonhap news agency. Chinese EV Maker BYD To Enter South Korean Market in Low-Cost Segment.
LG Electronics said the partnership is expected to help the company explore further business opportunities on a global scale through ChargePoint’s expansive network and industry-leading charger management solution. The two companies will also cooperate in advancing charger management solutions and combining ChargePoint’s Home Flex residential charger with LG Electronics’ ThinQ smart home system, enhancing the synergy between the two companies’ technologies. Fisker Files for Bankruptcy: US-Based EV Startup Files for Chapter 11 Bankruptcy in Delaware Amid Ongoing Struggles.
This move is part of LG Electronics’ broader strategy to achieve 100 trillion won ($72.5 billion) in sales from business-to-business operations by 2030 by focusing on future growth areas, including the EV charging business. “There is incredible synergy between our two companies, and we fully anticipate that this partnership will help LG to become a global leader in the EV charging business,” said Suh Heung-kyu, head of EV charging business at LG Electronics.
(The above story first appeared on LatestLY on Jun 19, 2024 11:15 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website todaynews24.top).
