German world leading multinational engineering and electronics company Bosch has taken full control of EM-motive, its joint venture with Daimler set up to develop electric motors for future mobility projects.
Bosch and Daimler set up EM-motive as a fifty-fifty joint venture back in 2011, manufacturing some 450,000 electric motors since its inception. Since the joint venture’s establishment, however, Bosch secured an option to acquire full shares and ownership over EM-motive, meaning that a complete takeover was already an option for the engineering company in the joint venture agreement.
According to Bosch and Daimler, EM-motive was set up to make it economical for both partners to enter electric-motor manufacturing by allowing the two companies to share the high capital cost of developing and manufacturing electric motors. As a result of their partnership, Bosch and Daimler were able to utilize EM-motive to enter electric-motor production early. The motor, an integral part of the electric powertrain for a vehicle, allows for greater range and lower operating costs the more efficiently it works.
Dr. Stefan Hartung, Member of the Board of Management Robert Bosch GmbH, commented on the recent acquisition, stating:
“For Bosch, the complete acquisition of EM-motive is the next logical step on the path to becoming the market leader for electromobility. It’s a chance to establish an even broader presence in the market.”
Dr. Mathias Pillin, the member of the Powertrain Solutions executive management responsible for the electric-vehicle market segment, went on to add:
“The company’s electric motors already feature in vehicles made by Daimler, Porsche, Fiat, Volvo, Peugeot, and StreetScooter, among others. With this move, Bosch above all intends to acquire new customers in the rapidly growing global market.”
Both Bosch and Daimler have agreed not to disclose the purchase price or any further details of the acquisition. According to Bosch, the change in ownership structure will not have any immediate effect on the roughly 340 EM-motive associates currently working at the locations in Stuttgart and Hildesheim, Germany.