Siemens AG will set up its electric car and truck charging business as a fully independent unit to pursue new partnerships and boost growth.

Siemens said it would separate its electric vehicle charging unit to create an independent business that is more agile and better positioned to capitalize on opportunities in the fast-growing market.The business,

Siemens (OTCPK:SIEGY) said Monday it will separate its electric vehicle charging unit to create an independent business, as it aims to place its electric mobility unit on track to become more agile with more freedom to "define its focus areas based on business strengths.

Siemens plans to carve out its electric vehicle (EV) charging business, Siemens eMobility, to open opportunities for more growth, the German conglomerate said on Monday.

German tech and manufacturing giant Siemens on Monday announced plans to set up its e-mobility business for vehicle charging under a new structure. The upcoming carve-out will combine Siemens eMobility and Heliox into a dedicated legal structure.