Mercedes-Benz outlines battery localisation strategy as it buys into China-based battery maker Farasis

Mercedes-Benz has purchased a 3% equity stake in China-based Tier Two lithium ion battery cell producer, Farasis Energy as part of an expected investment for the battery makers $480m IPO later this year.

Mercedes Benz said it was "investing a multi-million euro amount" which Benchmark estimates to be €13m into Farasis which in return gives parent company Daimler a seat on the board.

The deal comes at a time when Daimler is ramping up the production and development of its "Electric First" strategy that expects to yield five pure electric vehicles (EVs) and 20 plug-in hybrids . . .