Midea Announces Acquisition of TTIUM Motor and Officially Enters Green Two-Wheel Vehicle Market | News
Wuhan, China, April 26, 2022 /PRNewswire/ — Midea announced the acquisition of Wuhan TTIUM Motor Technology CO., LTD (TTIUM). With this strategic decision, Midea officially entered the “two-wheeled vehicle” market and renewed its product portfolio.
Looking ahead, Midea and TTIUM Motor hope to achieve a “win-win” for the shared products and technologies. In addition, TTIUM will benefit from Midea Industrial Technology’s existing R&D resources, Welling’s advanced motor solutions, automotive-standard electrical and electronic component technology, reliable test bed and laboratory, widespread use of lean manufacturing system and established supply chain, to improve its competitiveness. On the other hand, TTIUM has extensive industry experience and customer resources that will help inspire and support Midea in product and technology transformation.
As the large size of the market suggests, Midea Industrial Technology now owns two e-bike brands, Welling and Motinova. Midea will leverage the respective motor portfolio, offering silence, efficiency, intelligence, stability and compactness, and become a key player in the global e-bike market.
As the green and low-carbon lifestyle takes precedence, the market for electrically assisted vehicles, or E-bikes, is growing at full speed. Allowing for effortless and easy cycling, the E-Bike has gradually become a new choice for urban commuters. Support for the electric drive system has greatly improved the ability to ride mountain bikes, commuter bikes, and cargo bikes. According to statistics, the global scale of e-bikes reached around 7.27 million units in 2021. It is estimated that by 2030, the global e-bike market will reach the size of 19 million units.
About Midea Industrial Technology
As one of the five business groups of Midea Group, Midea Industrial Technology regards science and technology as the main driving force. Until now, Midea Industrial Technology has built 27 R&D centers around the world, with an accumulation of more than 5,500 authorized patents. With an annual R&D investment of 1.1 billion RMBthe company continues to invest in core and advanced technologies for high precision products such as compressors, motors, chips, gearboxes, electronic expansion valves, auto parts, converters, servo systems and heat dissipation components.
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SOURCE Midea Group