Germany's Daimler AG (DDAIF.PK) and specialty chemicals manufacturer Evonik Industries AG are mooting the sale of their joint venture Li-Tec Battery GmbH, reports said.
Dresden-based Li-Tec is expected to fetch around 1 billion euros ($1.32 billion). Daimler has a 49.9 percent stake in the unprofitable joint venture while Evonik holds the remaining stake.
The venture was formed in 2008 to provide batteries to Daimler's planned electric vehicles, thus giving the German car giant an edge over domestic rival BMW.
Daimler uses Li-Tec's lithium-ion batteries in an electric variation of its Smart car. The car maker plans to launch the B-class Electric Drive in 2014.
The two companies hope that a new owner may be able to sell Li-Tec's batteries to more car manufacturers. The sale is being considered after the two firms were not able to find a third owner, amid low expectations for an electric-car boom.
Exide Technologies, (XIDE), a producer and recycler of lead-acid batteries, Monday said it has filed a voluntary petition for reorganization.
Daimler closed up 0.5 percent on Monday at 48.86 euros.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.