European electronics giant ABB has increased its majority stake in Chinese charging provider Chargedot from 67 percent to 80 percent. ABB is now one of two shareholders in Chargedot, alongside a subsidiary of China’s largest vehicle manufacturer, SAIC, which retains a 20 percent stake.
Both companies have benefited from their partnership. Chargedot has implemented ABB’s innovations in high-power, liquid cooled charging and smart, load management technology. ABB has leveraged Chargedot’s expertise to strengthen its position in China’s rapidly growing AC charging market.
“Since ABB’s acquisition in 2020 we have seen strong double-digit growth in the Chargedot business,” said Frank Muehlon, President of ABB’s E-mobility Division. “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.”