April 26, 2022, Wuhan - Midea Industrial Technology announced the acquisition of Wuhan TTIUM Motor Technology CO., LTD (TTIUM) as the two parties signed the paperwork in Wuhan today. With this strategic move, Midea Industrial Technology will further expand its territory in intelligent transportation and enter the market of green two-wheel vehicles. TTIUM will also be able to focus on product innovation leveraging on Midea’s extensive R&D resource. The signing was witnessed by Diego Fu, Vice President of Midea Group and President of Midea Industrial Technology Business Group, Li Shiting, Chief Engineer of the Management Committee of East Lake High-tech Zone of Wuhan Municipal Government, Luo Sanyong, General Manager of Midea Industrial Technology Business Group Welling Motor Product Company and President of TTIUM, Liu Han, General Manager of TTIUM, Howard Liao, CEO of HL CORP, and Yang Tao, President of Wuhan East Lake High Technology Group.
With functionalities in R&D, production and sales, TTIUM has been providing electric drives system for the global two-wheel vehicle market since its establishment in 2016. It is an independent drives technology developer with core technology ownership in motor design, motor control, structural and industrial design, and sensor technology. After the acquisition, TTIUM’s drives products will cover mid-motor, hub-motor, torque sensor, and cycle computer for two-wheel vehicles. TTIUM has also been actively globalizing and expanding to overseas market. Aiming at providing improved products and services to customers, TTIUM has established advanced plants both in China’s Wuhan city and Vietnam and are planning for global service centers in six countries worldwide, including Netherlands, France, and the United Kingdom. At present, TTIUM’s major market is in drives system solutions for mid-to-high-end E-bikes in Europe, the United States, and Japan.
As 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.
As the large market size suggests, Midea Industrial Technology now owns two E-Bike brands after the acquisition, namely Welling and Motinova. Midea will leverage the respective motor portfolio, featuring quietness, efficiency, intelligence, stablity and compactness, to gain quick access to overseas market and be a rising leader for E-bike in the field of intelligent transportation:
- Welling will target the mid-to-high-end market. With collected R&D efforts from Midea Industrial Technology Research Institute, CRC Institute of Solid Mechanics, and Institute of Mechatronics, the brand will provide the market with self-owned innovations on high-precision sensor technology and integrated control systems, which is able to detect a cyclist’s pedaling intensity and give equivalent power support to the pedaller in a very short time.
- Motinova will target the mid-end market. There are two series under Motinova. The VOLANS series motors are designed for urban traffic and suburban riders, featuring stability and quietness, supporting a maximum drive assist ratio of 270%. It is easy to operate, and able to switch back and forth among five speeds stably, creating a smooth riding experience. The PEGASI series motors are designed for electric-assisted mountain bikes, supporting a maximum drive assist ratio of 320%. It is strong, quiet, compact and lightweight, with a 10-millisecond response speed that can sensitively identify riding intentions so that cyclists can better experience the excitements on rough terrains.
Embracing the vision of Technology drives everything, Midea Industrial Technology announced its four strategic pillars at the end of 2021: intelligent transportation, industrial automation, green energy, and consumer appliances. It aims to provide green and innovative solutions to cater for the actual needs of customers. The acquisition of TTIUM marks that Midea Industrial Technology has officially entered the "two-wheel vehicle" market and further completed its product portfolio. It is a "win-win" in terms of technology sharing for future innovation. 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 updates in intelligent transportation.
With extended layout and market access in intelligent transportation, Midea Industrial Technology will work together with TTIUM to provide more innovations for electric-assisted automatic vehicle components, bring more choices to end users around the world, and support the development and transformation of the E-bike industry.