Korean charger industry has started to target the North American market as the US Congress recently passed a budget of $7.5 billion (KRW 8,842.5 billion) to build an electric vehicle charging infrastructure. Only Korean and European companies are currently competing in the US market, and since there is not any Chinese or local charger provider. The market prospect is bright as the Biden government is pushing to build 500,000 chargers across the United States by 2030.
Domestic charger manufacturers such as Signet EV, Daeyoung Chaevi, and Joongang Control are speeding up in entering the US market.
The US government will invest $7.5 billion to expand ultra-fast charging facilities at highway rest areas and gas stations across the country. The plan is to increase ultra-fast (300/350kW) charging facilities for areas that are needed for long-distance driving rather than home (7-20kW) chargers.
Signet EV, which was acquired by SK in June, is reviewing plans to build a charger assembly plant in the US next year. It is expected to expand the supply of ultra-fast chargers to Electrify America and EVGo, which are charging companies in the US An extensive facility construction is expected as it secured SK’s investment. ABB (Switzerland), a local competitor, already has production facilities in the US, and Tritium (Australia) is also building a plant with an annual production capacity of 30,000 units (max. speed production) next year.
Joongang Control, which was recently acquired by Lotte Data Communication, also signed a contract with BTC Power, a US charging company, to develop a fast charger and supply original technology. Joongang Control will improve its ultra-fast charger product line optimized for the local market based on its supply performance through BTC Power.
Daeyoung Chaevi is focusing on establishing a US corporation and forming partnerships with local charging service providers this year. After accomplishing that, Daeyoung Chaevi is planning to build an assembly production plant. Daeyoung Chaevi will participate in 'CES 2022’, which will be held in Las Vegas in next January as the first Korean company to attend, and introduce new products such as ultra-fast chargers optimized for the US market.
An official from a charger company said, “The North American charger market does not have to compete with Chinese companies, and the Biden government has a lot of potential to build eco-friendly car infrastructure. As Korean companies have already succeeded in entering the market, domestic products are receiving good remark.”
According to the US Department of Energy, about 122,000 local fast chargers have been installed and operated in 48,000 locations in the US.
By Staff Reporter Tae-joon Park (gaius@etnews.com)