Daimler to buy 20 billion euros worth of electric car battery cells


The Daimler logo is seen before the Daimler annual shareholder meeting in Berlin, Germany, April 5, 2018. REUTERS/Hannibal Hanschke

FRANKFURT (Reuters) – German luxury car maker Daimler (DAIGn.DE), parent company of Mercedes-Benz, on Tuesday said it would buy battery cells worth more than 20 billion euros ($22.75 billion) by 2030 as it readies mass production of hybrid and electric vehicles.

“With the purchase of battery cells for more than 20 billion euros, we are systematically pushing forward with the transformation into the electric future of our company,” Chief Executive Dieter Zetsche said in a statement.

Mercedes-Benz Cars plans to offer 130 electric and hybrid vehicles by 2022 in addition to making electric vans, buses and trucks.

The carmaker did not specify which companies it would buy from.

It manufactures its own battery packs, which are made by Deutsche Accumotive in Kamenz, Germany, among other places, but sources battery cells from various suppliers including South Korea’s LG Chem (051910.KS) and SK Innovation (096770.KS).

Reporting by Edward Taylor; editing by Jason Neely

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