Daimler is to join forces with competitor Stellantis and energy company TotalEnergies to develop and produce battery cells for electric cars in Europe.
The German luxury automaker said on Friday that it would take a 33 per cent equity stake in Automotive Cells Company, a joint venture set up by Stellantis and TotalEnergies last year, which plans to build gigafactories in France and Germany.
ACC has already secured €1.3bn in financial support from the French and German governments. Daimler said it would invest a further “mid-three-digit-million euros” next year in the project, on which it will hold two board seats.
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