FRANKFURT -- Daimler will deepen a strategic partnership with Farasis Energy, a pact which includes taking an equity stake of about 3 percent in the Chinese battery cell manufacturer.
The alliance aims to develop highly advanced cell technologies to increase vehicle range and cut charging times.
Farasis will build a plant for battery cells in Bitterfeld-Wolfen, Germany, and Daimler Greater China will invest a multi-million-euro amount as part of Farasis' IPO, Daimler said.
This will give Daimler the option of nominating a representative for a seat on the supervisory board of the battery cell manufacturer, the automaker said in a statement.
