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 . . .

Login to continue reading!

This article is restricted to Benchmark Membership subscribers.


Not subscribed yet?

To subscribe or to find out more about Benchmark Membership click here or fill in the form below and a member of our team will be in touch with you as soon as possible.