Bosch is assuming full control of EM-motive after the supplier and Daimler set up the operation as a 50:50 joint venture in 2011, manufacturing 450,000 electric motors.
“For Bosch, the complete acquisition of EM-motive is the next logical step on the path to becoming the market leader for electromobility,” said Bosch Mobility Solutions chairman, Stefan Hartung.
“It’s a chance to establish an even broader presence in the market.”
From the start of the joint venture, Bosch secured an option to acquire the shares. The change in ownership structure will not have any immediate effect on the roughly 340 EM-motive staff currently working at the locations in Stuttgart and Hildesheim, Germany.
“The company’s electric motors already feature in vehicles made by Daimler, Porsche, Fiat, Volvo, Peugeot, and StreetScooter, among others,” added member of the Powertrain Solutions management, responsible for the electric vehicle market, Mathias Pillin.
“With this move, Bosch above all intends to acquire new customers in the rapidly growing global market.” The existing company EM-motive GmbH will be transferred to Robert Bosch, while acquisition of shares is subject to approval by antitrust authorities.
The two parties are not disclosing the purchase price or any further details of the acquisition.
The EM-motive joint venture was set up to make it economical for the two partners to enter electric-motor manufacturing: given the initially small batch sizes, the two companies were able to share the high capital cost of developing and manufacturing electric motors.