Midea Group buys e-bike motor manufacturer, enters transport market

Fortune 500 company Midea Group, with a 2020 annual revenue of USD $41.44bn, has announced its arrival in the e-bike space with the acquisition of TTium Motor Technology Co., Ltd.

China based TTium Motor Technology Co., Ltd – focused on R&D and manufacture of Pedelec intelligent driving systems – launched domestically in 2017, at the Shanghai International Bicycle Fair. A year later the business launched internationally, showcasing product at Eurobike 2018.

The announcement also highlights that, “As the large market size suggests, Midea Industrial Technology now owns two E-Bike brands, Welling and Motinova.” Adding TTium to the e-bike mix, “Midea will leverage the respective motor portfolio (to) become a key player of the E-bike market worldwide.”

Midea Group has 34 production centres a globally, with over 150,000 employees in more than 200 countries. The business is a market leader in domestic electrical appliances, also comprising business pillars like Heating, ventilation, and air conditioning, robotics and automation, with emphasis on smart homes and IoT applications, as well as smart logistics and components.

With a diverse list of investors in the cycling industry growing still further, and Big 4 consulting firms continuing to forecast major growth in the e-bike and micromobility sector, the arrival of a global business with a wealth of technical manufacturing and consumer product development and delivery expertise raises interest in the sector still further.

This comes in a week when KwikFit also announced the beginning of a shift from servicing and support for ICE vehicles, toward a future in EV and e-bike servicing.