Daimler Takes A Stake In European Battery Maker
Editor's Note: Could this purchase be a "cover your ass investment"?. Who really knows which fuel will win-out after the marketplace not politicians decide?
- Daimler to take 33% stake in battery venture
- ACC will begin supplying Daimler from mid-decade
- Daimler to invest up to 1 billion euros
- Kallenius: "Our focus is on Europe"
ACC, founded in 2020 by France's Stellantis (STLA.MI) and TotalEnergies (TTEF.PA), will begin supplying Mercedes-Benz with batteries from its production locations in France and Germany from the middle of the decade.
"Our focus is on Europe," Daimler Chief Executive Ola Kallenius told a press conference. "That is where ACC wants to grow, expand, and develop technologies with us."
Daimler, which plans on making exclusively electric vehicles in 2030 if market conditions allow, will invest up to a billion euros ($1.2 billion) in the battery venture starting with a mid-three-digit-million cash investment next year, the company said.