By Sarah Sloat 
 

German auto maker Daimler AG said Tuesday that it will invest 1 billion euros ($1.09 billion) in its global battery production network.

The investment will support battery production for Daimler's Mercedes-Benz unit, which is pushing to increase the percentage of purely electric vehicles in its portfolio.

The battery production network will consist of nine battery factories at seven locations in Europe, North America and Asia, with Mercedes-Benz's Accumotive in Kamenz, Germany, playing a role as a competence center, Daimler said.

At Kamenz, annual production volume will soon surpass half a million battery systems for hybrid, plug-in hybrid and purely electric vehicles, the company said.

 

Write to Sarah Sloat at sarah.sloat@wsj.com

 

(END) Dow Jones Newswires

May 26, 2020 08:42 ET (12:42 GMT)

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