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ABB 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, which is a 1.6 fold increase on 2020.
Drawing on ABB’s expertise in EV charging infrastructure has enabled Chargedot to increase its market penetration, supplementing its established AC charging business with ABB’s innovations in high-power, liquid cooled charging and smart, load management technology. ABB has also leveraged Chargedot’s expertise to further strengthen its position in a rapidly growing global AC charging market and will continue to maximize global supply opportunities.
With this latest investment, ABB is one of two shareholders in Chargedot alongside Shanghai SAIC Anyo Charging Technology Co., Ltd., a subsidiary of China’s largest vehicle manufacturer SAIC, which retains a 20 percent stake.