LG Electronics acquires 60 percent stake in AppleMangoLG Electronics said Sunday it has acquired a domestic electric vehicle charging maker to advance into the EV charging solutions business amid a global electrification push.
LG Electronics recently acquired a 60 percent stake in AppleMango for an unspecified amount, with GS Energy and GS Neotek taking over 34 percent and 6 percent stakes in the company, respectively, to secure a new growth engine, the company said in a statement.
LG said it plans to establish a EV charging production line at the LG Digital Park in Pyeongtaek, some 60 kilometers south of Seoul, within this year.
With the acquisition, LG aims to strengthen its business portfolio together with the existing automotive electronics business "in the era of EVs," the statement said.
AppleMango, established in 2019, has advanced technologies in manufacturing slow and fast chargers, both for household and commercial use.