Daimler said it would buy €20bn ($23bn) of battery cells by 2030 as it expanded the production of hybrid and electric vehicles. One is NCA, or lithium nickel cobalt aluminum oxide, produced by Panasonic (6752.T) and used by Tesla (TSLA.O). It did not say who would provide the batteries but its current supply deals are with SK Innovation, LG Chem and Contemporary Amperex Technology. The deal is expected to be finalised in early 2018 after a review that will include an assessment from the European Commission. The company also said it was working on new battery designs to reduce reliance on rare earth minerals. Its current batteries use 60% nickel, 20% manganese and 20% cobalt, but that ratio will be changed to 80/10/10 in future cells.
Daimler said it would buy €20bn ($23bn) of battery cells by 2030 as it expanded the production of hybrid and electric vehicles. It did not say who would provide the batteries but its current supply deals are with SK Innovation, LG Chem and Contemporary Amperex Technology. The deal is expected to be finalised in early 2018 after a review that will include an assessment from the European Commission. The company also said it was working on new battery designs to reduce reliance on rare earth minerals. Its current batteries use 60% nickel, 20% manganese and 20% cobalt, but that ratio will be changed to 80/10/10 in future cells.