The two companies have signed a letter of intent and joint production should start in 2012 at sites in Hildesheim in central and Stuttgart in the south-west Germany.
The 50-50 joint venture, which should be in place in the first half of 2011, aims “to accelerate development advances in electric motors,” both companies said on Tuesday.
The Bosch Group is a leading supplier of technology and services to the automotive sector. It has a high level of competence in developing and producing electric motors, which it is already manufacturing in series in Hildesheim.
The automotive manufacturer Daimler has built up 20 years of experience in the area of electric cars as well as their key components electric motor and battery, giving it a comprehensive understanding of how results can be best achieved in this field.