Mercedes-Benz joins European EV battery joint venture

Monday, 27 September 2021

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

Each will hold a one-third stake in the venture, which will have an investment of more than 7 billion euros (NZ$11.7 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.

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The company plans to invest 40 billion euros (NZ$66.7 billion) in battery-driven vehicles between 2022 and 2080.

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

“To have Mercedes-Benz join us as a new shareholder is a major milestone for ACC,' said Yann Vincent, CEO of ACC.

“Mercedes-Benz will bring a vote of confidence in our technology roadmap and product competitiveness that significantly strengthens ACC’s business potential and underpins our ambitious growth plans. This is our contribution to an electric and sustainable future.”