Swiss Power Tech Firm ABB Ups China EV Outfit Stake

The Swiss power technology and automation group ABB revealed on Monday that 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 but ABB acquired its previous stake in the charging provider in March 2020.

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

ABB Ltd, formerly ASEA Brown Boveri, is a Swedish–Swiss multinational corporation headquartered in Zürich, operating mainly in robotics, power, heavy electrical equipment and automation technology.

ChargeDot was founded by Shanghai Ace Industrial Technology and provides integrated charging system solutions for new energy automobile manufacturers, car owners and charging operators.

Reuters with additional editing by Sean O’Meara

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.