Mercedes-Benz joins European EV battery joint venture

Sep 23, 2021, 10:46 PM | Updated: Sep 24, 2021, 11:57 am
FILE - A logo of the German car manufacturer Mercedes Benz is pictured in Berlin, Germany, Friday, ...

FILE - A logo of the German car manufacturer Mercedes Benz is pictured in Berlin, Germany, Friday, June 25, 2021. Luxury automaker Mercedes-Benz is teaming up with Stellantis and TotalEnergies in a European electric vehicle battery joint venture, Automotive Cells Co. (AP Photo/Michael Sohn, File)

(AP Photo/Michael Sohn, File)

Luxury automaker Mercedes-Benz is teaming up with Stellantis and TotalEnergies in a European electric vehicle battery joint venture, Automotive Cells Co.

Each will hold a one-third stake in the venture, which will have an investment of more than 7 billion euros ($8.2 billion).

The partners in Automotive Cells plan to increase the company’s industrial capacity to at least 120 gigawatt-hours by 2030. The company was founded in August 2020 and is looking to develop and make battery cells and modules for electric vehicles with a focus on safety, performance, competitiveness and a low carbon footprint.

In July, Mercedes-Benz said it is stepping up its transition to electric cars, doubling the share of sales planned by 2025 and sketching out a market scenario in which new car sales would “in essence” be fully electric by the end of the decade. The company plans to invest 40 billion euros ($47 billion) in battery-driven vehicles between 2022 and 2080.

Stellantis was formed earlier this year by a merger involving Fiat and Chrysler.

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Mercedes-Benz joins European EV battery joint venture