ABB buys a major stake in Shanghai Chargedot New Energy Technology

ABB has bought a bulk stake in Shanghai Chargedot New Energy Technology Co. Ltd, a Chinese electric vehicle charging company, the Swiss engineering company stated on Monday as its ramps up its processes in e-mobility.

Chargedot, which employs 185 people, makes charging positions and software platforms to allow vehicles to be charged with electricity.

ABB, which has fit an electric vehicle charging network in Singapore and across the Netherlands, has purchased a 67% stake in Chargedot with a choice to increase its stake. The value of the acquisition was not revealed.

The acquisition, the first under Chief Executive Peter Voser, is envisioned to boost ABB’s presence in the fast-increasing Chinese electric vehicle market, and reinforce the company’s relations with makers of electrically-powered trucks and cars.

China already has an electric vehicle fleet of 2 million vehicles – the biggest in the world – ABB stated, with consumers sustained by a government incentive arrangement and concerns about air pollution.

Sales of electric vehicles in China raised by 52% in the first half of 2019, rendering to the Center of Automotive Management with the market conquered by local manufacturers like Chery Automotive, Geely and BYD.

ABB has been occupied with BYD and Daimler in China on electric vehicle charging, while Chargedot has been working with car producer SAIC.

“Chargedot was one of the first high-tech enterprises in China to concentrate on new energy vehicle charging resolutions. By joining with ABB, we will be positioned powerfully to make the next big leap forward,” stated Mao Chunhua, CEO of Chargedot.