LG Electronics, one of the most dominating tech giants in the world, has announced the opening of a new EV factory in Texas, United States. The move will have significant impacts on the dynamic market of electric vehicle chargers as it will allow the company to cover a larger area of North America to scale its growth. The new EV charger production factory is expected to create more job opportunities for employees and also support America’s emerging EV charging infrastructure.
LG has announced the company’s inauguration news on January 12, 2024. The factory is located in Fort Worth, Texas, which is widely famous for its industrial presence and growth. The primary purpose of this step by LG is none other than to assemble advanced EV chargers for US citizens. Its new EV charger production facility is 59,202 square feet and is capable of generating 10,000 chargers per year. Moreover, it will inaugurate the operations by assembling 175 kilowatt capacity chargers till the half of the year 2024. In the later period, it will work on 350 KW chargers.
Purpose of the New LG’s EV Charging Factory
LG CEO William Cho has cleared previously that they are working strategically to make LG the primary solution for all electrification challenges. This move of opening a new factory also seems to be the part of it to resonate with commitments. As per details, the South Korean enterprise is continuously looking for business opportunities in the fields of EV charging and digital healthcare. The penetration in the United States electric vehicle chargers market will help the company to reach its desired goals. In this way, the company’s sales are expected to cross the hallmark of $79 billion by 2030, which was standing at $51.4 billion by the end of 2022.
Impacts of New Factory
Jand Ik-hwan, who is the current president of the LG Business Solution Company, has stated that this new EV charger production factory will enable them to overcome the challenges of EV infrastructure in the United States by responding efficiently to the increasing demands. As of December 2023, more than 165,000 public EV charging ports are present in the United States. Thus, the factory will have major impacts economically and in other aspects as well.
One of the significant advantages of this factory launch is that it will create many tech jobs in North Texas. Moreover, LG has ensured that the company will use 100 percent green power, which showcases the company’s dedication towards sustainability. Also, it will contribute significantly to minimizing the carbon footprints associated with electric mobility. Ultimately, LG will stay committed to its Fort Worth innovation and manufacturing hub and reinforce further investments.