Reuters is reporting that ABB will delay the planned IPO of its E-Mobility business due to what the company is describing as a “challenging” market. ABB planned to launch the IPO in the first half of this year, and hoped to raise at least $750 million.
“Present market situations make it difficult to finish the deliberate itemizing of ABB’s E-mobility enterprise within the second quarter,” spokesman Daniel Smith told Reuters. Smith added that he still hopes ABB will launch the IPO within the next few weeks.
Back in February, ABB announced the IPO plan for the E-Mobility business due to rapid expansion of electric vehicle demand. ABB makes fast chargers for electric vehicles, which was a $323 million business in its last fiscal year. ABB believes it can increase E-Mobility revenue by 40-45% this year. The E-Mobility program is used throughout the world, not just on personal vehicles but also public transportation and long-haul trucks. ABB partnered with a number of companies to provide EV charging opportunities in China, Australia, India, and Germany in the past year. One year ago, ABB announced it had created the fastest car charger in the world with the Terra 360, which can fully charge any electric vehicle in less than 15 minutes.
Tagged with ABB, Biggest News, EV