Siemens to return to automotive electronics market to seek strategic cooperation

According to foreign media, after abandoning the automotive electronics business for four years, Siemens AG plans to return to the automotive electronics market and seeks strategic cooperation.

Siemens sold its automotive electronics technology business, VDO, to the Continental Group in 2007 at a price of 11.4 billion euros (15.58 billion US dollars). Four years later, Siemens decided to return to the automotive electronics market. Siegfried Russwurm, a member of Siemens's board of directors, stated that Siemens will make large-scale investments to cooperate with automakers and focus on developing the powertrain of electric vehicles.

Siemens has reached an agreement with Volvo Cars last month to jointly develop electric vehicle technology. Some industry sources believe that Siemens has missed the opportunity to develop electric vehicle technology, but Siemens believes that now is the best time to return to the automotive electronics market.