LG Decides to Leave EV Charger Market as Global Demand Slows Down

LG has announced that it will exit the electric vehicle (EV) charger market because global demand for EV chargers is not growing fast enough. The company made this decision after studying the market and seeing that the business is no longer profitable.

LG entered the EV charger business in 2022 to take advantage of the growing electric vehicle market. However, over time, the demand for EV chargers slowed down in many parts of the world. The company faced strong competition and lower-than-expected sales. As a result, LG decided to stop making EV chargers and close down that part of its business.

A company spokesperson said LG will now focus on areas where it sees more growth. These areas include smart home products, energy storage systems, and parts for electric vehicles. LG believes it can use its technology and experience more effectively in these fields.

LG also promised to continue supporting customers who already bought its EV chargers. The company will provide service and maintenance during the transition. This move will not affect LG’s other products and services.

Industry experts say the EV charger market is still important, but growth is slower than expected in some countries. While places like China continue to build more EV charging stations, other regions are moving more slowly because of high costs, government rules, and fewer EV buyers. This slow growth makes it hard for new companies like LG to earn profits in the charger business.

LG’s decision shows how companies must stay flexible and respond quickly to market changes. By shifting its focus, LG hopes to build a stronger future in areas with better long-term potential.

In short, LG is leaving the EV charger market because of weak global demand and tough competition. The company plans to invest in other businesses where it can grow faster and serve customers better.