Tag: Nio

  • LG Electronics is stepping into EV charging business

    LG Electronics is stepping into EV charging business

    As the worldwide competition to produce everything linked to EVs intensifies, LG Electronics has acquired AppleMango, a South Korean developer of electric car battery chargers.

    The acquisition, which was done in partnership with GS Energy, a producer of EV charging stations, and GS Neotek, a provider of IT services, will enable LG to take advantage of upcoming commercial prospects.

    According to Paik Ki-mun, senior vice president of LG Electronics, “the EV charging market is likely to increase significantly due to the surging demand for more environmentally friendly automobiles.”

    “We will provide specialised, integrated vehicle charging solutions for a variety of customers, boosting the competitiveness of our existing and assuring our preparation for future prospects,” the statement reads.

    In AppleMango, which will now be a subsidiary of LG Electronics, LG Electronics purchased a 60 per cent share, while GS Energy and GS Neotek acquired 34 and 6 per cent, respectively.

    The deal’s financial details were kept between the firms. The projected cost of the transaction is $7.8 million, according to rumours.

    In order to concentrate on its growing markets, such as electric cars, the internet of things (IoT), and B2B solutions, LG Electronics shut down its loss-making mobile business about a year ago.

    To make EV charging in South Korea a pleasant and simple experience for drivers, LG Electronics is prepared to take advantage of its experience in developing user-friendly interfaces.

    The company added that by entering the EV charging market, LG can increase the synergy between its work on EV batteries, energy storage systems, energy management solutions, and chargers.

    By the end of this year, the tech giant intends to establish an EV charger production line at LG Digital Park in South Korea with the goal of offering specialised EV charging options for private houses, retail establishments, lodging facilities, and public organisations.

    The acquired company brings to the acquisition a wide range of EV charging solution technologies, from slow chargers to rapid chargers for household and commercial use.

    LG did not specify whether it planned to continue selling AppleMango’s chargers.

  • Nio electric car falls from third floor of office, killing two

    Nio electric car falls from third floor of office, killing two

    Two employees were killed, according to Chinese electric vehicle (EV) manufacturer Nio, when one of its vehicles fell from the third floor of its Shanghai headquarters.

    One staff member and one worker from a joint venture were inside the car as it crash-landed from Nio’s Shanghai office.

    The incident happened on Wednesday at around 05:20 PM, according to the company. As the car fell from the building, those who were inside perished.

    According to Nio, it launched an investigation into the incident right away in collaboration with authorities.

    The third-floor space where the car fell has variously been referred to as a showroom, a testing facility, or a parking lot.

    “Our company has collaborated with public security department to launch the investigation and analysis of the cause of the accident. Based on the analysis of the situation at the scene, we can initially confirm that this was an accident (not caused by the vehicle),” the company said in a statement.

    “We feel very sad about this accident and would like to express our deepest condolences to our colleague and partner employee who lost their lives. A team has been set up to help the families,” it added.

    Within a half-hour, thousands of netizens commented on Nio’s initial Weibo post before it was removed. Social media users reacted angrily to the final clause of the statement, “not related to the vehicle itself.”

    The Chinese business to dominate the electric vehicle market is led by Nio. To allay customers’ worries about needing to charge their cars frequently, it has placed a lot of faith in interchangeable batteries in its vehicles.

    Nio is a rival to the US-based electric car manufacturer Tesla, owned by multi-billionaire Elon Musk, who also operates a manufacturing facility in Shanghai.