Daimler wants to produce its own battery cells
Tue Jun 22 2021
Lucy Harlow (3741 articles)

Daimler wants to produce its own battery cells

German luxury carmaker Daimler AG wants to manufacture its own battery cells, Business Insider reported on Tuesday, citing company sources.

Daimler struck a deal to buy lithium-ion battery cells from Farasis Energy in 2019 and the Chinese-American supplier had intended to build a factory in East Germany to help the Mercedes-Benz maker ramp up electric vehicle production.

But the plant has not yet been built and there were issues with the initial cell samples, Business Insider reported citing company sources, prompting a change of heart from Daimler Chief Executive Ola Kallenius.

Business Insider said it was unclear whether Daimler wants to manufacture the battery cells on its own or with a partner.

A spokesperson for Daimler declined to comment.

Last month, Daimler intensified its partnership with Chinese battery maker Contemporary Amperex Technology (CATL) as part of plans to speed up electrification.

Tags Germany
Lucy Harlow

Lucy Harlow

Lucy Harlow is a senior Correspondent who has been reporting about Commodities, Currencies, Bonds etc across the globe for last 10 years. She reports from New York and tracks daily movement of various indices across the Globe