ABB increases majority stake in Chinese EV charging provider

ABB (ABBN.S) announced on Monday that it has increased its shareholding in Chargedot, a Chinese electric vehicle (EV) charging company, from 67 percent to 80 percent.

The transaction’s financial specifics were not disclosed.

In March 2020, ABB purchased its previous interest in the charging provider.

Shanghai SAIC Anyo Charging Technology Co, a subsidiary of China’s car manufacturer SAIC, is the other shareholder, with a 20% stake.