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bosch buys out daimler\'s stake in electric motor joint venture

by:Zhenyu      2020-02-13
FRANKFURT (Reuters)-
Robert Bosch, German car supplierROBG. UL]
On Thursday, it said it had acquired shares of its partner Daimler in emerging markets.
Motive GmbH is a joint venture to manufacture motors for electric and hybrid vehicles.
The factory in Hildesheim, Germany will be expanded to meet the growing demand for electric and hybrid vehicles, as regulators will crack down on burning emissions
Engine car.
Bosch expects about 20% of all cars to be hybrid or electric by 2020. EM-
Daimler, Porsche, Fiat, Volvo, Peugeot and start-
Bosch said Streetscooter, an up car maker with electric motors, wants to continue targeting new customers.
Bosch declined to comment on the financial terms of the transaction, but said it had always had the option to acquire its joint venture partner in 2019.
Daimler said
Motive will continue to be a supplier and continue to purchase electric motors from many suppliers around the world.
Daimler workers have been working on the development and production of electric vehicles.
Ending the German carmaker\'s reliance on external suppliers.
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