Siemens exits electric car charging points business

German conglomerate Siemens is going to exit its electric car charging points business as demand and market development turned out weaker than expected, Wall Street Journal Deutschland has reported.

According to German media, Siemens will continue to develop electric engines for cars and technologies for their wireless charging.

Last year, just 4,321 new e-cars were registered in Germany, and many of those aren't pure electric cars but hybrid vehicles, which run on electricity and gasoline.

Part of the reason for the relatively small number of electric cars is the lack of a nationwide public charging station network, and without Siemens there is now one fewer supplier of charging stations.