According to the Securities Times APP, Siemens AG will spin off its electric car charging business into a fully independent division called eMobility, to seek new partnerships and promote growth.

Matthias Rebellius, Head of Siemens Smart Infrastructure Division, stated on Monday that the new arrangement will make Siemens' electric car division more flexible, allowing it to more freely "determine key areas based on business advantages".

Rebellius stated in a declaration that this move will be advantageous in seeking new partnerships and building customer base in the electric car charging sector.

Siemens has a precedent of splitting business units for sale or listing, as the company aims to focus on core competencies in factory automation and software solutions. In recent years, the company has listed its medical devices business (now Siemens Healthineers) and energy division (now Siemens Energy).

The eMobility division's products include electric car charging hardware, software, and services, with production and R&D bases in Germany, Portugal, the USA, India, and the Netherlands.