- ABB said that the acquisition will help to further strengthen its relationship with leading Chinese electric vehicle manufacturers
- China has the largest fleet of electric vehicles worldwide at two million
ABB has completed its acquisition of a majority stake in electric vehicle charging company Chargedot Shanghai New Energy Technology Co.Ltd. The transaction was first announced on 28th October 2019.
ABB said that the acquisition will help to further strengthen its relationship with leading Chinese electric vehicle manufacturers. it will also broaden the company’s e-mobility portfolio with hardware and software developed specifically for local requirements and service offerings.
AC and DC charging stations
Chargedot was established in 2009 and supplies AC and DC charging stations and necessary software platform to a range of customers like EV manufacturers, EV charging network operators and real estate developers. It has other stakeholders such as Shanghai SAIC Anyo Charging Technology Co., Ltd., a subsidiary of SAIC. ABB has four global businesses of electrification, industrial automation, motion and robotics and discrete automation.
According to Grand View Research, e-mobility infrastructure in the Asia Pacific region is expected to show the highest growth. China has the largest fleet of electric vehicles worldwide at two million, with consumers supported by a government-backed incentive scheme.
