Stuttgart, Germany – A joint venture of Bosch and Samsung SDI has begun operations to develop, manufacture and sell lithium-ion batteries for automotive applications, with series manufacturing and worldwide marketing to begin in 2011. The companies will jointly invest between US$300 and US$400 million over the next five years.
The new company, SB LiMotive, will be headquartered in Suwon, South Korea and be led by Youngwoo Park of Samsung SDI, who will be in charge of finance, production, sales and purchasing, and Dr. Joachim Fetzer of Bosch, who will be responsible for engineering and quality.
Battery cell development will initially take place in South Korea, with roughly 100 employees. A subsidiary will be established in Stuttgart with 40 employees working in sales, marketing and system engineering. The locations of the manufacturing sites will be announced at a later date.
The two companies expect a market volume of some three million hybrid vehicles by 2015.