FRANKFURT -- Robert Bosch says it has bought out partner Daimler's stake in EM-Motive, a joint venture set up to make motors for electric and hybrid cars.
The factory in Hildesheim, Germany, will be expanded to meet growing demand for electrified vehicles as regulators crack down on emissions from combustion-engine vehicles.
“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,” Stefan Hartung, member of the board of management of Robert Bosch GmbH and chairman of its Mobility Solutions business sector, said in a statement.
EM-Motive, which currently supplies Daimler, Porsche, Fiat Chrysler Automotive, Volvo, PSA Group and start-up automaker StreetScooter with electric motors, wants to keep targeting new customers, Bosch said in the statement.
Bosch declined to comment on the financial terms of the transaction but said that it had always had the option of buying out its JV partner in 2019.
Daimler said EM-Motive will remain a supplier and that it continues to source electric motors from a number of suppliers worldwide.
Daimler workers have campaigned to bring development and production of electric motors in-house, ending the German automaker's reliance on external suppliers.
