The company signed an agreement with French group Schneider Electric to form a venture in Europe to drive the electrification of the continent’s automotive industry, a company official said. The venture aims to deliver EV charging infrastructure, photovoltaic inverters, chargers and storage systems in the market.
“There is high demand [in Europe] for premium EV charging facilities and our marriage with Schneider will eventually bring the best solution to local companies and consumers,” Evan Feng, chief strategy officer, said in an interview. “As a global leader in energy management and digital automation, Schneider expects our research and development and manufacturing capabilities to benefit the European automotive sector.”
The transaction is subject to customary closing conditions, including regulatory approvals. Feng declined to disclose the size of the company’s investment.
The signing adds to evidence that Chinese-developed EV technologies and infrastructure are keeping ahead of their global rivals in Europe. It suggests the European Union’s punitive tariffs are unlikely to stop China’s leading players in key components and charging facilities from going global.
