Daimler AG and Robert Bosch GmbH plan to expand their long-standing partnership and cooperate in the development and production of electric motors for all-electric vehicles in Europe. The companies have signed a letter of intent and begun negotiations to establish a 50:50 joint venture that should be concluded in the first half of 2011.
Both companies aim, by bundling their competencies, to accelerate development advances in electric motors as well as to make accordant synergies accessible. According to their letter of intent, joint production should start in 2012.
The partners envision that the electric motors developed will be used in Mercedes-Benz and smart electric vehicles from 2012. Subsequent sales to other automakers are to be handled by Bosch.
The joint activities will be located in the greater Stuttgart area and in Hildesheim.