Daimler AG is talking over joint venture partner Evonik Industries AG’s stake in Li-Tec Battery GmbH. The two companies formed Li-Tec in 2006 to develop and manufacture large lithium-ion battery cells used in the electric drive system for the Mercedes Smart fortwo rear-engine ‘city car.’
Daimler also will buy Evonik’s 10% stake in their Deutsche Accumotive battery partnership and will gain full control of that business, too. This company was formed in 2009 to develop and manufacture electric mobility technologies, i.e., automotive electric drive systems.
In a joint statement on the current transactions, the partners referred to “changed market conditions” in the electric vehicle sector, referring to stagnant demand for electric cars. Sales have been weak for electric vehicles offered by various automakers, though the electric version of Daimler’s Mercedes smart car took about 30% of the market among new models in Germany last year.
More on lithium-ion battery market on American Machinist.
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