Wednesday 12 December 2018

Daimler to buy €20bn of batteries to turn the key on EV rollout

Daimler has announced it plans to buy €20 billion (£18.1bn) of electric vehicle (EV) batteries to prepare for the mass-production of EVs and hybrids.

The German automaker, which is the parent company of Mercedes-Benz, said the equipment would be needed to follow through plans to offer 130 electric and hybrid vehicles by 2022, as well as a range of larger vehicles.

The carmaker did not specify which battery technology companies it would buy from, although one of the businesses it currently deals with is AG Chem, a firm currently developing what it claims will be Europe’s largest electric car battery factory.

Dr Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars: "After investing billions of euros in the development of the electric fleet and the expansion of our global battery network, we are now taking the next step: With the purchase of battery cells for more than €20 billion (£18.1bn), we are systematically pushing forward with the transformation into the electric future of our company."