©Ningbopolaris Electronics Production | August 13, 2012
Bosch plans joint venture with Ningbo Polaris
The Bosch Group plans to form a joint venture with Ningbo Polaris Technology, a Chinese provider of motors for electrically driven scooters (eScooters), with Bosch holding the majority.
The joint venture is to develop, manufacture, and sell a comprehensive product portfolio of eScooter motors. An agreement to this effect was signed on August 13, 2012. Details of the transaction have not been disclosed. Ningbo Polaris Technology specializes in developing, manufacturing, and selling of eScooter motors in China under the POLTM brand. In 2011, the company sold over one million eScooter motors and employed some 450 associates. “With a growth rate of six percent per annum the [eScooter] market will reach up to 46 million units in 2020”, said Udo Wolz, president of the Electrical Drives division.“Therefore, besides being a strong addition to Bosch Electrical Drives, the establishment of this joint venture is a milestone for us as we move into the global eScooter motor market”.