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Daimler Looking into Sale of Li-Tec Battery Joint Venture

June 11, 2013

Daimler AG together with partner Evonik Industries AG are considering selling Li-Tec Battery GmbH, a joint venture that isn't really very profitable. The companies' efforts to find another owner to join up have been in vain, which is why it is now considering a sale. Li-Tec Battery, based in Dresden and formed in 2008, makes Li-Ion battery cells meant for use in automobiles as well as other industrial applications.┬áThe company develops and makes its own batteries. It was seen as a good way to provide batteries for future electric vehicles produced by the German automaker. Daimler has a 49.9 percent stake in the joint venture, while Evonik holds the rest... Continue Reading »

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