ABB buys majority stake in Chinese electric vehicle charging company
Zurich
ABB has bought a majority stake in Shanghai Chargedot New Energy Technology Co Ltd, a Chinese electric vehicle charging company, the Swiss engineering company said on Mon-day as its ramps up its operations in e-mobility.
Chargedot, which employs 185 people, makes charging stations and software platforms to enable vehicles to be charged with electricity.
ABB, which has installed an electric vehicle charging network in Singapore and across the Netherlands, has bought a 67 per cent stake in Chargedot with an option to increase its stake. The price of the acquisition was not disclosed.
The acquisition, the first under chief executive Peter Voser, is intended to boost ABB's presence in the fast-growing Chinese electric vehicle market, and strengthen the company's relations with makers of electrically powered trucks and cars.
China already has an electric vehicle fleet of two million vehicles - the largest in the world - ABB said, with consumers supported by a government incentive scheme and concerns about air pollution.
Sales of electric vehicles in China grew by 52 per cent in the first half of 2019, according to the Center of Automotive Management, with the market dominated by local manufacturers like Chery Automotive, Geely and BYD.
ABB has been working with BYD and Daimler in China on electric vehicle charging, while Chargedot has been working with car manufacturer SAIC.
"Chargedot was one of the first high-tech enterprises in China to focus on new energy vehicle charging solutions. By joining with ABB, we will be positioned strongly to make the next big leap forward," said Chargedot CEO Mao Chunhua. REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Toyota is investing US$1.4 billion to build another all-electric SUV in US
Airbus net profit soars 28% in first quarter
AirAsia discloses new listing plans under RM6.8 billion units merger
Baltimore’s trapped ships start leaving as new channel opens
S&P slashes Boeing credit outlook as rating hovers above junk status
Honda to spend US$11 billion on EV strategy in Canada