/ Industry, News / Daimler battery joint venture threatened by savings goal

Daimler battery joint venture threatened by savings goal

Linked In Share
Daimler battery joint venture threatened by savings goal

According to an Evonik executive, the company’s Li-Tec battery joint venture future with Daimler is now more uncertain, as the German automaker is seeking cost savings.

Klaus Engel, Evonik’s Chief Executive Officer said as far back as last year in October that slumping demand in electric cars and the increased model availability has put pressure on everyone, from carmaker to supply units like Li-Tec. He added that its company has decided to seek a buyer for its share in the venture, as extra risks and a cash infusion of millions would be needed to keep pace with the industry’s development.

“Evonik is unsettled because Daimler’s not sure how it will proceed while technology is improving,” said Evonik supervisory board member Michael Vassiliadis. “You’d have to ask Daimler what the future of Li-Tec is.”

While according to comments from a spokesman for the Stuttgart-based Daimler, the company is “convinced” of Li-Tec’s technological expertise, the German carmaker has been considering since last June its options for the venture, including a new partner.

Still, until now no solution seems to have come up, as according to a report back in December 2013 made by German Manager Magazin, the only interested bidder for Li-Tec was Korea’s LG Electronics – with the symbolic amount of 1 euro for the entire business.

Via Bloomberg

by Aurel Niculescu (my Google+) - Monday, February 24th, 2014 - filed under Industry, News. Image credit: .
Linked In Share
Related Articles
battery joint venture daimler


Discuss: Daimler battery joint venture threatened by savings goal

Leave a Reply















Inautonews Facebook PageInautonews RSS FeedInautonews TwitterInautonews Youtube Channel

Sign up to receive our email newsletter on your email. It's safe. No spam!

[VIDEO] Check out this wrapped Lamborghini Aventador glow in the dark
[VIDEO] Check out this wrapped Lamborghini Aventador glow in the darkA new video showing a modified Lamborghini Aventador is quickly becoming viral on the web as it is showing the Italian supercar ...
China: auto forecast revised again for 2014
China: auto forecast revised again for 2014Following the slowing growth registered in recent months, the world’s largest auto market is on pace to miss a prediction for ...
Ford F-150 gets tweaked for SEMA
Ford F-150 gets tweaked for SEMAA couple of heavily customized 2015 Ford F-150s have been prepared for this edition of the SEMA Motor Show, as the company has ...
Adult involvement can reduce teen traffic casualties
Adult involvement can reduce teen traffic casualtiesIn the United States, traffic accidents are the leading cause of fatalities among teenagers. The reason – an explosive ...
2016 Acura ILX teased for L.A. Auto Show
2016 Acura ILX teased for L.A. Auto ShowThe first teaser image with the 2016 Acura ILX has been released by the carmaker ahead of the model’s public debut which will ...
Porsche 918 Spyder is almost sold out
Porsche 918 Spyder is almost sold outThe 918 units of the Porsche 918 Spyder have been almost sold out so this is probably your last chance of getting your hands on ...
China: Tesla is selling the Model S through Alibaba
China: Tesla is selling the Model S through AlibabaFollowing its usual incentive of doing business differently, California based electric automaker Tesla has announced it started ...
New-gen VW Passat to get CC an Alltrack versions
New-gen VW Passat to get CC an Alltrack versionsVolkswagen will be offering CC and Alltrack versions of the new-gen Passat as the model should enter production soon. The new ...
U.S.-spec 2016 Honda HR-V going to L.A.
U.S.-spec 2016 Honda HR-V going to L.A.The North American version of the 2016 Honda HR-V will be officially presented to the public during the 2014th edition of the Los ...
US: minivans are back in fashion, again?
US: minivans are back in fashion, again?Traditionally marginalized as the soccer mom’s auto pick, minivans seem to be ready for a resurgence in the near future – ...
Mercedes-Benz S550 Premium Sport Edition for Japan
Mercedes-Benz S550 Premium Sport Edition for JapanMercedes-Benz has officially pulled the wraps off the so-called S550 Premium Sports Edition in Japan. The Mercedes-Benz S-Class, ...
Takata shares see record drop on mounting recalls
Takata shares see record drop on mounting recallsYou should have never known about Takata today unless you were deeply involved in the auto making business. But, recalls do have ...
GM’s ignition switch death toll at 29
GM’s ignition switch death toll at 29Yesterday the program designed to compensate the victims of accidents linked to GM’ ignition switch defect issued its weekly ...
Who’s the driver category most likely to believe insurance myths?
Who’s the driver category most likely to believe insurance myths?While driving and motoring activities have long been considered that they naturally belong to men, it actually turns out that ...
Premium automakers undertake diet to fatten sales
Premium automakers undertake diet to fatten salesIt’s an antonym, don’t you think? But it’s true – just look at the latest launches in the industry and you’ll see that ...
Read more automotive news


2013 Frankfurt Motor Show Live Images

2015 ford f-150 customized sema motor show 1
2016 honda hr-v us spec 1
Mercedes-Benz S550 Premium Sport Edition 1
2016 audi a4 1
BMW 1-Series DTM Sport Edition 1
bugatti veyron super sport black for sale 1
Audi RS7 Piloted Driving Concept 1
nissan micra cup race car 1
audi tt race car 1
BMW M4 DTM Champion Edition 1
Spy-Shots of Cars
mclaren trackday kyalami 1

More automotive from inautonews
A new video showing a modified Lamborghini Aventador is quickly becoming viral on the web as it is showing the Italian supercar glow in the dark. It seems that the days of the chrome wraps in various shades have passed, Thank God, and a new era is quickly approaching where people get fascinated by ...
read more
Inautonews Editors Section
Test Drive: Mercedes-Benz A180 CDI AT
Test Drive: Mercedes-Benz A180 CDI AT The new generation of the A-Class has been around since 2012 and its overall design is quite drastic, considering its predecessor. Now, two years ...
Test Drive: Citroen C-Elysee 1.6 HDi Exclusive
Test Drive: Citroen C-Elysee 1.6 HDi Exclusive Citroen has introduced the second generation of the C-Elysee last year. The model is smaller than the C4 and it is based on the Peugeot 301, being ...
Test Drive: BMW X4 xDrive30d
Test Drive: BMW X4 xDrive30d The newest crossover to make its way into BMW’s lineup is the X4. This is based on the X3 and it is basically a smaller version of the X6, aimed ...

Editors Section
Inautonews Editors Section
2012 Safest Cars list 2011 Safest Cars [Video] 2011 IIHS Safest Cars [Video] 2011 EuroNCAP Safest Cars 2010 Safest Cars [Video]

Latest in Safety Adult involvement can reduce teen traffic casualtiesIn the United States, traffic accidents are the leading cause of fatalities among teenagers. The ... Takata shares see record drop on mounting recallsYou should have never known about Takata today unless you were deeply involved in the auto making ...
Safety Section