ABB increases majority stake in Chinese EV charging provider

BERLIN, Jan 31 (Reuters) – ABB (ABBN.S) 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.

Reporting by Miranda Murray Editing by Paul Carrel