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.
Bosch anticipates that about 20 percent of all cars will be either hybrid or electric vehicles by 2020.
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 a 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.
