Daimler AG and Bosch plan JV

Daimler AG and Robert Bosch GmbH have signed a letter of intent and contract negotiations to establish a 50-50 joint venture in the first half of 2011. By pooling their expertise the two companies will accelerate the development progress of traction machines and develop appropriate synergies. According to the joint declaration of intent to start production in 2012, the use in electric vehicles from Mercedes-Benz and Smart is planned from 2012. The sales to other car manufacturers will then take place over Bosch. The joint activities will be located in the Stuttgart area and in Hildesheim. The technology and services company as a leading automotive supplier, Bosch has a high competence in the development and production of electric motors and has already in Hildesheim mass production. The car manufacturer Daimler can look back on 20 years of experience in the field of electric vehicles and their key components, electric motors and batteries, and therefore has extensive know-how in the electrification of vehicles.