Stellantis-Mercedes EV Battery Venture Seeks Financing for EU Expansion
By David Sachs
Electric-car battery company Automotive Cells Company, a joint venture of Stellantis and Mercedes-Benz, is in talks to finance its expansion in Europe.
ACC told Dow Jones Newswires on Friday that it will specify the terms of the financing "shortly." Bloomberg reported late Thursday that the debt deal is worth 4.4 billion euros ($4.74 billion), citing unidentified sources.
The expansion will include four new production sites--one in Germany, two in Italy and one France--in addition to its existing plant in France, ACC said.
"ACC's ambition is to accelerate its growth and strengthen its position as a key European player in sustainable mobility," the company said.
Mercedes and Stellantis declined to comment. TotalEnergies subsidiary Saft is also part of the ACC joint venture.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
February 09, 2024 05:50 ET (10:50 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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