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.

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,