Daimler and Bosch to set up electric motor JV for Europe
The two firms have signed a letter of intent and are planning to establish a 50:50 joint venture by in the first half of 2011, with production to begin from 2012. The JV will be located in the greater Stuttgart area and in Hildesheim.
The move is intended to help accelerate development advances in electric motors as well as to accessing synergies. Bosch already develops and produces electric motors in Hildesheim while Daimler has 20 years' experience of electric vehicles and their key components.For more of the latest industry news, click here.