WiTricity announced an intellectual property licensing agreement with a subsidiary of Zhejiang VIE Science & Technology Co., Ltd. (VIE) in China. The terms of the license agreement will allow the company to develop and commercialize highly efficient wireless EV charging systems for sale to leading carmakers in the China market based on WiTricity’s patented magnetic resonance technology and industry-leading designs.
China is the leading global market for EV development and adoption. According to Bloomberg, China accounted for 60% of global EV sales in the fourth quarter of 2018, and by the end of the year, EVs accounted for 7% of all new vehicle sales in the country.
The Chinese government is playing a large role in increased EV adoption, offering subsidies to EV buyers and quotas for EV sales. Governments at the city-level are also weighing in, creating restrictions on internal combustion engine vehicle purchases. Officials predict that a complete ban on gas-powered automobiles will happen in China by 2040.
VIE, headquartered in Zhuji city, China, specializes in R&D and manufacturing of major automotive parts and is a leading developer in the automotive industry. VIE’s subsidiary has been active in research and development of wireless charging for the past four years and is already engaged with multiple carmakers.
The addition of WiTricity’s technology to the VIE family’s product line is advantageous for the future of e-mobility. Wireless charging will support increased EV adoption in China. VIE will strive to meet the needs of both China-based and global carmakers that are targeting the Chinese market. We also believe that WiTricity’s recent acquisition of Qualcomm Halo’s assets will simplify and accelerate the implementation of standards for wireless charging, which will result in broader adoption in the market.—Mervyn Chen, Chairman at Zhejiang VIE Science and Technology
The VIE Group—the predecessor of Zhejiang VIE Science & Technology Co., Ltd.’s auto parts business segment—was established in 1985. For more than 30 years, VIE has been committed to the research and development, production and sales of automotive brake systems. At present, it has developed into a leading component enterprise, mainly for China FAW Group, Dongfeng Motor, Chery, Jianghuai, Yutong and other domestic OEMs in China.