Daimler to buy €20bn of batteries to turn the key on EV rollout

The automaker plans to offer 130 electric and hybrid vehicles by 2022

By Jonny Bairstow

Daimler has announced it plans to buy €20 billion (£18.1bn) of electric vehicle (EV) batteries to prepare for the mass-production of EVs and hybrids.

The German automaker, which is the parent company of Mercedes-Benz, said the equipment would be needed to follow through plans to offer 130 electric and hybrid vehicles by 2022, as well as a range of larger vehicles.

The carmaker did not specify which battery technology companies it would buy from, although one of the businesses it currently deals with is AG Chem, a firm currently developing what it claims will be Europe’s largest electric car battery factory.

Dr Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars: “After investing billions of euros in the development of the electric fleet and the expansion of our global battery network, we are now taking the next step: With the purchase of battery cells for more than €20 billion (£18.1bn), we are systematically pushing forward with the transformation into the electric future of our company.”

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