Daimer Ag on Thursday said that the company has finished the negotiations and signed an agreement with Robert Bosch GmbH.
The new company, which is to be set up under the name EM-motive GmbH, will develop and produce innovative electric motors – also known as traction motors – for electric vehicles.
The company will have its headquarters and manufacturing facilities in Hildesheim. The joint venture’s engineering site will be located close to the parent companies in the Stuttgart area.
Some 100 employees are expected to start working for the joint venture in the fourth quarter of this year.
EM-motive GmbH will be headed up by two directors of equal rank, one from each partner company.
The joint venture will supply its parent companies with electric motors for electric vehicles. Sales to third parties will be carried out by Bosch. According to current plans, the joint venture will have produced more than one million electric motors in all by 2020.
When it comes to the development and production of electric traction motors, both companies will be contributing their engineering know-how. As a leading supplier to the automotive industry, the technology and service company Bosch has a high level of expertise and decades of experience in both the development and production of electric motors.