Germany’s Bosch and China’s Ningbo sign JV to make electric motors for scooters

Germany’s Bosch, which manufactures automotive parts, forged a joint venture agreement with Chinese engine-maker Ningbo Polaris Technology to develop, produce and market electric engines for eScooters. The two companies have agreed not to disclose any financial details pending the agreement’s approval by the antitrust authorities.
It is clear, though, that Bosch will own a majority stake in the business. In 2011, Ningbo Polaris Technology sold more than one million eScooter engines under the Poltm brand in China. The firm has 450 employees in the country. Last year, about 27 million electric scooters were sold worldwide, of which 98% were made in China. This figure is expected to grow by 6% annually, reaching 46 million motors in 2020. (August 14, 2012)