Siemens said it would separate its electric vehicle charging unit to create an independent business that is more agile and better positioned to capitalize on opportunities in the fast-growing market.

By Marleen Kaesebier and Miranda Murray BERLIN (Reuters) -Siemens plans to carve out its electric vehicle (EV) charging business, Siemens eMobility, as it looks to grow in the rapidly evolving industry,

Siemens has announced the intention to carve out its eMobility business. The company bundled its eMobility charging activities in 2018 and subsequently organized it into a separate business unit in 2022.

Siemens AG will set up its electric car and truck charging business as a fully independent unit to pursue new partnerships and boost growth.

Siemens eMobility offers IoT-enabled hardware, software and services for AC and DC charging from 11 kW to 1 megawatt for a broad range of applications. Today, the business has production and R&D sites in Germany, Portugal, the United States, India and the Netherlands.