PR95678

WUHAN, China, April 27, 2022 /PRNewswire=KYODO JBN/ -

Midea announced the acquisition of Wuhan TTIUM Motor Technology CO., LTD

(TTIUM). With this strategic move, it marks that Midea has officially entered

the "two-wheel vehicle" market and further refreshed its product portfolio.

Looking forward, Midea and TTIUM Motor will hope to achieve a "win-win" for

shared products and technologies. In addition, TTIUM will benefit from the

existing R&D resource of Midea Industrial Technology, the cutting-edge motor

solutions of Welling, the automobile-standard electric and electronic component

technology, the reliable test bed and lab, the wide use of lean manufacturing

system and the established supply chain, to improve its competitiveness. On the

other hand, TTIUM has extensive industry experience and customer resource that

will help to inspire and support Midea on product and technology transformation.

As the large market size suggests, Midea Industrial Technology now owns two

E-Bike brands, Welling and Motinova. Midea will leverage the respective motor

portfolio, featuring quietness, efficiency, intelligence, stability and

compactness, and become a key player of the E-bike market worldwide.

With green and low-carbon lifestyle takes the trend, the market of

electric-assisted vehicles, or E-bike, are developing on fast track. Enabling

cycling to be effortless and easy, E-Bike has gradually become a new choice for

urban commuters. The support of electric drives system has significantly

enhanced the feasibility of riding on mountain bikes, commuter bikes, and cargo

bikes. According to statistics, the global scale of E-Bikes has reached about

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

takes science and technology as the core driving force. Up to now, Midea

Industrial Technology has built 27 R&D centers worldwide, with an accumulation

of more than 5,500 authorized patents. With an annual R&D investment of 1.1

billion RMB, the company continues to invest in core and cutting-edge

technologies for high-precision products such as compressors, motors, chips,

reducers, electronic expansion valves, auto parts, converters, servo systems

and heat dissipation components.

Website: https://tech.midea.com/

SOURCE  Midea Group

Image Attachments Links:

   Link: http://asianetnews.net/view-attachment?attach-id=419989

   Caption: The signing of the contract between Midea Industrial Technology and TTIUM Motor

Technology CO., LTD (TTIUM)

   Link: http://asianetnews.net/view-attachment?attach-id=419991

   Caption: TTIUM providing systematic motor technology solutions for the global e-mobility

industry