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ABB increases majority stake in Chinese EV charging provider

ABB increases majority stake in Chinese EV charging provider
ABB increases majority stake in Chinese EV charging provider   -   Copyright  Thomson Reuters 2022
By Reuters

BERLINABB said on Monday it had increased its majority stake in Chinese electric vehicle (EV) charging provider Chargedot to 80% from 67%.

The financial terms of the transaction were not disclosed.

ABB acquired its previous stake in the charging provider in March 2020.

The other shareholder is Shanghai SAIC Anyo Charging Technology Co, a subsidiary of China’s vehicle manufacturer SAIC, which holds a 20% stake.