Profits Are Skyrocketing for This New Electric Vehicle Business

At first glance there’s nothing particularly exciting about industrial conglomerate Eaton Corporation PLC . But if you start to dig into the details of its business a little bit, you’ll find that this industry giant has just started a new division that has huge growth potential. And it’s in a very sexy industry niche, electric vehicles. Here’s what Eaton is doing with electric vehicles and just how big a deal it really is for the company.

A focus on power management

Eaton breaks its business down into a number of different segments, including electric products (around 33% of second-quarter sales), electrical systems and services (28%), vehicle (16%), hydraulics (13%), and aerospace (8%). All of these businesses help customers make efficient use of power, which is the company’s overall focus.

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