Robert Bosch GmbH is partnering with Mitsubishi Corp. and Japanese battery maker GS Yuasa International Ltd. to work on an auto lithium ion battery development project. The three companies are planning to create a joint venture that will conduct research and development as well as provide sales and marketing support to the three parent firms, Bosch said in a statement.
The batteries produced by the joint venture will be used to power vehicles like plug-in hybrids or electric cars. Bosch will own 50 percent of the joint venture, with Mitsubishi and GS Yuasa each holding a 25-percent stake.
The composition of the joint venture’s management and supervisory boards will reflect these stakes. The joint venture will commence operations early 2014 and will have its headquarters in Bosch hometown of Stuttgart in Germany.
The new joint venture will be Bosch's second try at forming a lithium ion battery business with an Asian partner.
Bosch previously had a 50-50 joint venture with South Korean battery maker Samsung SDI Co. -- SB LiMotive Co. The battery company, however, bought out Bosch’s 50-percent holdings in SB LiMotive for $95 million. [source: Reuters]