Korean charging equipment company Chaevi enters Japanese and European markets

According to foreign media reports, South Korean electric vehicle supercharging station manufacturer Chaevi plans to build an ultra-high-speed charging network in the United States and cooperate with Japanese automakers. Currently, consumers around the world are gradually accepting electric vehicles as a more environmentally friendly way of traveling.

Chaevi CEO Young Min Kim revealed that the company has installed approximately 26,000 electric vehicle charging piles in South Korea since 2016 . Chaevi has previously established an office in Silicon Valley and is considering building a production base in the United States. While entering the U.S. market means competing with the likes of Tesla, EVgo and Electrify America, Chaevi is considering investing in North America, encouraged by the recent passage of the Inflation Reduction Act. The bill aims to reduce U.S. dependence on China, encourage automakers around the world to produce more vehicles in the United States, and may also provide subsidies for electric vehicle charging manufacturers.

In addition, Chaevi also believes that Japan, which has a low penetration rate of electric vehicles, will also be a market with great development. Kim said the company plans to open an office in Tokyo, but he did not disclose specific information.

Image source: Chaevi

Kim also said the company has no plans to enter the Chinese market, the world's largest market for electric vehicles. He said that China's current market is already very crowded. Data shows that China currently has 346,950 fast charging piles, compared with 29,541 in Europe and 23,159 in the United States.

Lee Chang-hee, an analyst at Samsung Securities, said the willingness to seek opportunities outside South Korea may be driven by the Asian country's strict regulations on electric vehicle charging piles. He said: "South Korea has strict regulations on electric vehicle charging piles, such as limiting the number of installations in parking lots. So some Korean charging pile manufacturers are looking to expand overseas."

A report released by the Korea Development Research Association in October this year showed that although the average number of charging piles per electric vehicle in South Korea is high, consumers still feel that the number is not enough because many charging piles are far from residential areas and there are many charging piles. Charging equipment has been damaged.

Chaevi predicts that South Korea will need about 210,000 slow charging piles and 24,000 fast charging piles by the end of next year to support its goal of building 500,000 electric vehicle charging piles nationwide by 2025. South Korean government data shows that as of the end of August this year, there were approximately 149,000 fast and slow charging stations in the country.