Siemens AG, a Germany-based engineering company, is seeking possible acquisitions to expand its automotive electronics unit, a business that the company has re-entered after abandoning it four years ago.
In an interview with Reuters at the Frankfurt auto show, Siemens board member Siegfried Russwurm disclosed that the company is constantly screening the market for opportunities and will “check the strategic fit” if they find one.
As automakers are busy with research on how to manufacture cheap electric cars, Siemens and its competitors General Electric, Denso, Bosch, Continental and Schneider, among others, are working on developing charging stations that are faster and packed with more power.
Last month, Siemens agreed to partner with Volvo Car Corp., which is owned by Chinese group Zhejiang Geely, in developing technology for electric vehicles, adding to a string of tie-ups formed already to share the costs of bringing EVs onto the road.
Other partnerships created include BMW AG and Coulomb Technologies in an effort to expand a network of chargepoints in Boston; Daimler AG and Bosch to develop electric engines; and Volkswagen AG cooperating with BYD of China.
Russwurm, who also heads the industry sector at Siemens, stated that the engineering conglomerate was investing a "significant" amount of funds in its electric mobility business. However, he declined to give the details regarding the size of the investment.
The centerpiece is the "Inside Electric Car" business unit, which was founded early last year. It deals with renewable power generation, smart power and traffic management, charging infrastructures and electric drive technology.