ABB E-mobility increases majority stake in Chinese EV charging provider Chargedot

By OEM Update Editorial February 3, 2022 12:50 pm IST

 

Transaction builds on ABB’s initial investment, increasing stake from 67 to 80 percent.

ABB recently announced it has increased its majority stake in Chinese electric vehicle (EV) charging provider, Chargedot Shanghai New Energy Technology Co., Ltd. (“Chargedot”) to 80 percent. ABB had previously acquired a 67 percent stake in Chargedot in March 2020. The additional investment is part of ABB E-mobility’s growth strategy and further strengthens ABB’s position in the rapidly growing Chinese e-mobility market. Financial terms of the transaction were not disclosed.

China recorded the highest number of EV sales globally in 2021 for the seventh consecutive year, with more than 3.5 million electric vehicles sold; a 1.6 fold increase on 20201.

Frank Muehlon, President of ABB’s E-mobility division comments: “Since ABB’s acquisition in 2020 we have seen strong double-digit growth in the Chargedot business. ABB has helped deliver innovations in safe, smart and sustainable charging hardware and software solutions to the Chinese market, supporting leading companies such as SAIC, Xpeng and GAC Toyota. Looking ahead, Chinese demand for high-power charging solutions and export strategies for Chinese OEM’s are both showing significant growth. With this we see strong opportunities to leverage our global experience to further support our Chinese customers and increase market share.”

For more info, visit: www.abb.com