Samsung and Bosch today announced a joint venture to develop, manufacture and sell lithium-ion batteries for hybrid and electric cars.
The snappily-named SB LiMotive Co. Ltd will start work immediately, investing $300-400 million (£167-222 million) with the aim of establishing production of 'highly efficient' lithium-ion batteries specifically for automotive applications.
The new company predicts that one in 30 new cars will be hybrid or pure electric vehicles within seven years, unleashing a huge demand for effective, low cost battery technologies. The batteries will initially be developed in South Korea, with sales and marketing based in Stuttgart. Where the new batteries will be manufactured has yet to be decided.
Apparently, Bosch has been working on electrical drive technologies for cars for 30 years, with expertise in battery, electrical drive, and brake management, as well as in engine management and transmission control.
Bosch's main focus is the concept of the parallel hybrid, containing modular components that can be customised to suit individual manufacturers. Bosch already has its first orders for both gasoline and diesel hybrids.