Premium car maker Daimler and Robert Bosch, confirming earlier press reports, said they intend to jointly develop and build electric motors for electric vehicles in Europe.
The companies said in a press release that they have signed a letter of intent and hope to establish a 50-50 joint venture during the first half of 2011. Production should start in 2012, they said.
Daimler hopes the joint venture will speed up electric motor development. It will use the motors in Mercedes-Benz and smart electric vehicles from 2012.
The joint activities of the two groups will be located in the greater Stuttgart area and in Hildesheim, where Bosch already builds electric motors.
Separately, SB LiMotive Co., a 50-50 joint venture between Bosch and South Korea’s Samsung SDI, said it would invest $500 million by 2013 to add one or two more car battery production lines in Korea, according to Dow Jones Newswires.
“Samsung SDI may also expand its production facilities beyond Asian countries to regions including Europe to meet increasing demand for batteries used for electric automobiles,” a company spokesman told Dow Jones Tuesday.