German auto parts giant Robert Bosch, Japanese battery maker GS Yuasa and trading house Mitsubishi will team up on developing lithium-ion batteries that will allow electric vehicles to travel longer distances..
Under the agreement announced Thursday, they will set up a joint venture in Germany that will start operating at the beginning of next year. Owned 50 percent by Bosch and 25 percent each by GS Yuasa and Mitsubishi, the venture will conduct joint research and support the parent companies in sales and marketing activities. The venture is likely to be capitalized at around ¥4 billion to ¥5 billion.
The companies will aim to double the capacity of lithium-ion batteries to enable EVs to travel 400 km per charge from the current range of around 200 km, while reducing their weight.