ARKANSAS, Nov 18 (Future Headlines)- LG Electronics is set to make its mark in the rapidly growing U.S. electric vehicle (EV) charger market in 2024, announcing the introduction of its first line of AC and DC EV charging stations. The product line will encompass both Level 2 and Level 3 EV chargers, marking LG’s entry into the evolving landscape of electric vehicle infrastructure.
The initial product line tailored for the U.S. market will include Level 2 AC Chargers equipped with a load management solution and variable current settings, allowing for an output power of 11kW through a standard SAE J1772 connector. Designed for simplicity and flexibility, the Level 2 AC Charger is intended for easy wall mounting, with an optional stand for versatile placement.
In addition to Level 2 chargers, LG is planning to introduce its first Level 3 DC Charger in 2024. This stand-type model will include a connected Power Bank, offering fast charging capabilities of up to 175kW through CCS1 and NACS connectors. The Level 3 charger will feature a large outdoor LCD touch-screen display, serving multiple functions for different owners and use cases.
LG’s foray into the U.S. EV charger market aligns with broader industry trends, as research by Goldman Sachs and IHS Global Insight indicates a significant surge in EV sales. Predictions suggest that EVs will constitute 20% of total vehicle sales in the U.S. by 2025 and reach an impressive 50% of total new vehicle sales by 2030.
The move into EV charging infrastructure is part of LG’s comprehensive electrification strategy, empowering customers to transition their buildings to more sustainable energy usage. LG’s suite of whole-home electrification products spans heat-pump-enabled HVAC systems, water heaters, dryers, energy storage systems, and ENERGY STAR certified smart appliances, including induction ranges and cooktops. To enhance energy and cost savings, LG’s ThinQ Energy platform provides users with control over their home’s energy usage through a user-friendly interface.
The upcoming LG EV chargers will not only incorporate reliable LG software for seamless integration with other LG infrastructure elements but may also offer additional revenue opportunities. Some models are expected to feature digital displays that can present third-party advertisements, tapping into potential monetization avenues.
As LG Electronics ventures into the U.S. EV charging market, it underscores the company’s commitment to supporting the electrification of transportation and aligning with the evolving needs of consumers embracing electric vehicles. The introduction of Level 2 and Level 3 chargers positions LG as a key player in the expanding ecosystem of electric vehicle charging solutions.
Reporting by Alireza Sabet; Editing by Sarah White