(This July 2 story corrects percentage stake to say 3%, not 10%)
FRANKFURT (Reuters) - German luxury carmaker Daimler (DAIGn.DE) on Friday said it will deepen a strategic partnership with Farasis Energy (Ganzhou) Co., Ltd, a pact which includes taking an equity stake of around 3% in the Chinese battery cell manufacturer.
The alliance aims to develop highly advanced cell technologies to increase vehicle range and cut charging times.
Farasis will build a plant for battery cells in Bitterfeld-Wolfen and Daimler Greater China will invest a multi-million euro amount as part of Farasis’ IPO, Daimler said.
This will give Daimler the option of nominating a representative for a seat on the supervisory board of the battery cell manufacturer, the Stuttgart-based carmaker said in a statement.
Reporting by Edward Taylor; Editing by Grant McCool