Bosch expects its auto unit's sales to return to pre-recession levels by 2012.
FRANKFURT (Reuters) -- German industrial group Robert Bosch GmbH said it has agreed to work on automotive lithium ion battery development with Mitsubishi Corp. and Japanese battery maker GS Yuasa International Ltd.
The companies intend to set up a joint venture to conduct research and development and provide sales and marketing support to the three parent companies, Bosch said in a statement.
The batteries will be used for vehicles such as plug-in hybrids or electric cars.
Plans call for the venture, which will be based in Bosch’s hometown of Stuttgart, to start operations early next year.
Bosch will hold a 50 percent share in the joint venture, and GS Yuasa and Mitsubishi each will hold 25 percent. The composition of the management and supervisory boards will reflect these stakes.
This is Bosch’s second attempt at forming a lithium ion battery venture with an Asian partner.
In September, South Korean battery maker Samsung SDI Co. said it would pay $95 million to buy Bosch’s 50 percent stake in SB LiMotive Co., ending a joint venture formed in 2008.