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The e-mobility business, which makes fast chargers for electric cars and buses, benefits from the global battery-powered vehicle boom.
The company remains tight-lipped regarding a possible IPO in 2022. ABB is likely to keep a majority stake after an IPO to help the unit make acquisitions.
The European Union aims for 1 million charging points by 2025 and 3 million by 2030, up from 225,000 in 2020.
The shift from petrol-fired cars to electric vehicles and charging infrastructure continue to fuel demand for ABB's e-mobility devices.
ABB's e-mobility business employs 850 staff and posted revenues of $220 million in 2020. It has recorded an average growth rate of 50% over the past five years. However, the growth rate is estimated to moderate going forward.
As of May, Goldman Sachs analysts estimated the unit's sales would grow to $495 million next year.
Price action: ABB shares closed lower by 0.09% at $33.96 on Thursday.
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