LG Electronics has announced its exit from the electric vehicle (EV) charging business, only three years after entering the sector. The decision stems from slower-than-expected market growth and rising competition, that have impacted profitability. In a statement on Tuesday, the company confirmed it would wind down its EV charging operations, previously managed by the Eco Solution Business Division. A company spokesperson called the move a &ldquo;strategic shift&rdquo; to realign with evolving market dynamics.
LG had ventured into the EV charging space in 2022 with the acquisition of HiEV Charger&mdash;a firm specializing in charging solutions&mdash;through a joint investment with GS Energy and GS Neotek. The company had ambitious plans to develop fast and slow chargers, aiming to transform the business into a unicorn valued at over 1 trillion won (approximately $703 million) in annual revenue.
After rolling out chargers at Emart stores in South Korea, LG expanded into the US market in 2023. However, the venture has since struggled to gain the expected traction. HiEV Charger will now be liquidated, with employees reassigned within LG Electronics. The company will continue to provide maintenance services to existing clients.
Following this exit, the Eco Solution division will sharpen its focus on its core HVAC portfolio, which includes air conditioners, heat pumps, and data centre cooling systems.
Meanwhile, LG&rsquo;s Vehicle Component Solutions division is gaining significant momentum. The unit was recently honoured with the 2024 Best Value Innovation Award from Toyota North America and the Creativity Team Award from General Motors. LG has long partnered with Toyota, supplying advanced telematics and navigation systems, especially in the North American market.
Looking ahead, the tech conglomerate plans to deepen its footprint in the evolving mobility ecosystem through sustained collaboration with global automakers and innovations in vehicle electronics and connectivity.

LG had ventured into the EV charging space in 2022 

Shifts focus on HVAC and automotive tech; strategic pivot comes amid sluggish market growth, stiff competition

LG Announces EV Charger Business Exit

Shifts focus on HVAC and automotive tech; strategic pivot comes amid sluggish market growth, stiff competition

April 22, 2025 | 15:47 IST