Daimler to invest $23 billion on Battery Cells for Electric Car Drive

German carmaker Daimler AG has made an investment announcement on Tuesday. The company will invest more than$23B in battery cells by 2030, as it is planning to launch hybrid and electric vehicles on a large scale.

According to Wilko Stark, VP of Daimler Product strategy and planning, with extensive orders for battery cells until 2030, the company set another important milestone for the electrification of the future electric vehicles.

The company has not revealed the name of the suppliers which would be awarded for the contracts. As a part of the 2022 launch of 130 electric vehicles and hybrid vehicles, the company already secured battery cell supply deals with two Korean companies, i.e. LG Chem and SK Innovation and a Chinese company, Contemporary Amperex Technology. Under the deal, it will manufacture trucks, vans,and buses.

Since Daimler is building several battery assembly plants in Germany as well as in the US, Bangkok, Beijing,and Tuscaloosa.

As per the company, it is ready to launch the Mercedes-Benz EQ electric car in 2019. The battery of the car will be made up of 60% Nickel, 20% Manganese and 20% Cobalt. And the future models will contain batteries using 80% Nickel and with 10% each of Manganese and Nickel.

Currently, the recipe used in the batteries that are used by the Automobile industry includes NCA, or lithium nickel cobalt aluminum oxide, produced by Panasonic and used by Tesla.