Siemens seeks acquisitions to bring out electric car

Siemens are looking out to increase acquisitions to help develop their Automotive Electronics Unit. After deserting this venture five years ago, the company is all set to relaunch and re-enter the electric car segment.

According to KHABAR KHODRO, At the Frankfurt Auto Show last week, Mr. Siegfried Russwurm, Board Member of Siemens told media that the company was keen on developing charging stations for electric cars which would be quicker and more powerful.

Siemens entered into a partnership with Volvo Car Corporation which is owned by Zhejiang Geely of China to bring out advanced technology for electric cars. This engagement was one more in Siemens' list of acquisitions to bring electric cars on roads.

When asked why Siemens wanted to re-enter the auto market, Russwurm said that the timing was right and there would be increased demand for electric vehicles and charging stations in the future. He also said that Siemens was a front runner in this technology in an emerging market which is likely to hold much promise in the coming years.