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.

Siemens (OTCPK:SIEGY) said Monday it will separate its electric vehicle charging unit to create an independent business, as it aims to place its electric mobility unit on track to become more agile with more freedom to "define its focus areas based on business strengths.

Siemens plans to carve out its electric vehicle (EV) charging business, Siemens eMobility, to open opportunities for more growth, the German conglomerate said on Monday.

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 Aktiengesellschaft SIEGY announced that Siemens Smart Infrastructure and E.ON Drive Infrastructure signed a global framework agreement to improve Europe's electric vehicle charging infrastructure.

E.ON and Siemens have signed a global framework agreement to strengthen E.ON’s public charging infrastructure across Europe. The collaboration wi

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.