Siemens Close to Signing Electric Car Charging Contract in China

Discussion in 'Wall St. News' started by ASusilovic, Nov 7, 2010.

  1. Nov. 7 (Bloomberg) -- Siemens AG, Europe’s largest engineering company, said it is close to signing a contract to supply a Chinese city with electric-vehicle charging infrastructure.

    The company expects to complete a deal this month to provide customized charging posts for one city, Song Xiao, the Shanghai-based president of Siemens China Smart Grid, said in an interview in Shenzhen, China yesterday. He declined to name the city as the deal hasn’t yet been approved by the government.

    Siemens will install the chargers in the city within three months, Song said. The Munich-based company has talked with Chinese utility companies and cities including Shanghai, Guangzhou and Chongqing about providing charging infrastructure, he said.

    Siemens, whose businesses include high-speed trains, medical equipment and power turbines, is seeking to provide electric-vehicle charging and components for automakers such as General Motor Co.,Nissan Motor Co. and Volkswagen AG in the world’s biggest auto market. China is offering buyers of plug-in hybrids and pure electric cars subsidies of as much as 60,000 yuan ($9,000) to help cut pollution and reduce oil dependency.

    Shares in Siemens rose 0.3 percent to 83.94 euros in Frankfurt trading on Nov. 5. The stock has risen 31 percent in 2010.

    China and Germany have a great future in energy projects. I don´t see GE as a company understanding the needs of China´s energy market. :cool:
  2. GE will "provide" the nuclear reactors that will supply electricity to the charging stations. :D
  3. mahadiga