Daimler ratchets up focus on EVs, buys German battery maker
by The Associated Press
Automaker now sole owner of Li-Tec Battery, Deutsche ACCUmotive GmbH & Co. KG battery partnership
BERLIN—Automaker Daimler AG is acquiring the remaining shares in a lithium-ion battery cell maker from specialty chemical company Evonik Industries AG as it intensifies its focus on electric cars.
The German companies said in a statement that in addition to acquiring Evonik’s 50.1 per cent stake in Li-Tec Battery GmbH, Daimler will also buy Evonik’s 10 per cent share in their Deutsche ACCUmotive GmbH & Co. KG battery partnership.
Daimler is now sole owner of both companies.
The companies say they agreed not to divulge financial details.
Li-Tec is based near Dresden, Germany, and has some 380 employees.
It develops, produces and distributes large lithium-ion battery cells, which are currently used in Daimler’s Smart electric two-seater.
Deutsche ACCUmotive, a battery developer and producer, is based near Stuttgart, Germany, and has 230 employees.
