Pony.ai, Uber, and Verne Launch Europe's First Commercial Robotaxi Service in Zagreb 
China's Factory-Gate Prices Rise for First Time in Over Three Years Amid Global Cost Pressures 
Tokyo Electric Power Attracts Major Investors Amid Billion-Dollar Restructuring Push 
China Vanke Seeks Bond Extension Amid Mounting Debt Crisis 
BHP's Incoming CEO Visits China Amid Pricing Dispute with CMRG 
Asian Markets Retreat as Gulf Crisis Fuels Oil Surge and Inflation Fears 
Middle East Conflict Threatens Global Economic Stability, World Bank Warns 
Bank of America Identifies Top Asia-Pacific Semiconductor Stocks Poised for AI-Driven Growth 
Oil Prices Rebound as Hormuz Disruptions and Middle East Tensions Rattle Markets 
Gold Prices Rise on Weaker Dollar and Ceasefire Hopes 
Anthropic Fights Pentagon Blacklisting in Dual Federal Court Battles 
Lumentum Holdings Rides AI Wave With Order Book Filled Through 2028 
Disney Plans to Cut 1,000 Jobs Amid Ongoing Restructuring Efforts 
Chinese Brands Are Taking Over Brazil — And It's Just Getting Started 
Asian Stocks Rally on Ceasefire Hopes and Bargain Buying 
Asian Currencies Hold Steady as Middle East Ceasefire Doubts Weigh on Markets 
SanDisk Joins Nasdaq-100, Replacing Atlassian on April 20 
LG Electronics revealed the past weekend that, along with GS Energy Corp., it had acquired a 60% stake in AppleMango Co. This is a strategic deal for LG to advance in the electric vehicle charging business.
It was reported that LG Electronics also hired the former Hyundai Motor research and development (R&D) chief to bolster its future mobility business portfolio. The maker of consumer electronics is adding EV charging biz as carmakers worldwide are shifting to electrification.
As per Yonhap News Agency, the financial details of LG Electronics and GS Energy’s stake acquisition in AppleMango Co. have not been revealed. While LG bought 60%, GS Energy took 34%, and GS Neotek owns six percent of the EV battery company.
LG shared that it is planning to open an EV charging production line at its LG Digital Park located in Pyeongtaek, South Korea. The company hopes to set this up before this year ends.
In a statement, it added that with the acquisition, it is aiming to bolster its business portfolio along with the existing automotive electronics trade in this era of electric vehicles.
The Korea Herald reported that following the deal with LG Electronics and GS Energy, AppleMango, which was established in 2019, will officially become one of LGES’ subsidiaries.
As a new subsidiary, it will be developing its own EV chargers and produce them for households, hotels, shopping malls, and government buildings.
Moreover, LG Electronics’ other goal is to become a total solution provider for EV charging through the linkage of its own charging control systems and AppleMango’s charger development technologies. The firm will be setting up the foundation for its push in the charging market and move forward with more innovations to offer from there.
Meanwhile, AppleMango Co. will certainly help LG Electronics reach its goal as it has advanced technologies in the production of slow and fast chargers designed specifically for household and commercial use.
This is the best time for the partnership deal between the two companies because the global EV charging solutions market today is expected to grow to KRW410 trillion or around $316 billion by the year 2030. This is because automakers are rapidly shiting to battery-powered vehicles and building more EV models amid stricter emissions regulations around the world.
