Bosch intends to acquire new customers in the rapidly growing global market.
German component major, Bosch is now assuming full control of EM-motive, one of Europe’s most successful manufacturers of electric motors. The company was set up by Bosch and Daimler as a 50:50 joint venture in 2011.
Since the time, the EM-motive has manufactured around 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. It’s a chance to establish an even broader presence in the market,” said Dr Stefan Hartung, member of the board of management of Robert Bosch and chairman of its Mobility Solutions business sector.
The company says right from the establishment of the joint venture, Bosch had secured an option to acquire the shares. A complete takeover was thus already an option in the joint venture agreement. The change in ownership structure will not have any immediate effect on the around 340 EM-motive associates currently working at the locations in Stuttgart and Hildesheim, Germany.
Dr Mathias Pillin, the member of the Powertrain Solutions executive management responsible for the electric-vehicle market segment, said: “The company’s electric motors already feature in vehicles made by Daimler, Porsche, Fiat, Volvo, Peugeot, and StreetScooter, among others. With this move, Bosch above all intends to acquire new customers in the rapidly growing global market."
As part of the move the existing company EM-motive will be transferred to Robert Bosch, the acquisition of the shares is subject to approval by the antitrust authorities. The partners have agreed not to disclose the purchase price or any further details of the acquisition.
The JV was set up to make it economical for the two partners to enter electric-motor manufacturing: given the initially small batch sizes. Bosch and Daimler were able to share the high capital cost of developing and manufacturing electric motors. As a result they were able to enter electric-motor production early.
Bosch states the motor is a key component in the electrical powertrain, the more efficiently it works, the less energy it consumes, which not only means greater range, but also significantly lower operating costs. Even now, the electromobility business is growing rapidly, and by the start of the next decade at the latest, it will have developed into a mass market.
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