The restructuring means Daimler now owns chemical specialist Evonik’s 50.1% share in Li-Tec Battery GmbH, and 10% share in Deutsche ACCUmotive GmbH, both of which developed components for the smart fortwo electric drive, becoming the sole owner of both companies.

Based in Kamenz, near Dresden, Li-Tec Battery develops, produces and distributes large lithium-ion battery cells, and has 380 employees. Deutsche ACCUmotive, established in April 2009, employs 230 staff near Stuttgart and operates two battery production plants which are also located at Kamenz.

Daimler said both companies had agreed not to reveal the details of the restructuring, adding that the move was reflecting market conditions. Evonik had been contributing its expertise on chemical cell components to both joint ventures.

Harald Kröger, head of development at Mercedes-Benz Cars electrics/electronics, said: ‘Along the value chain for drive-system batteries with lithium-ion technology, we now have the two most important components: the production of battery cells and the related development and production of highly complex drive-system batteries as a combination of cells and battery electronics.

‘In this way, we secure not only expertise in electric mobility, but also the sites in Kamenz and Kirchheim/Teck.’

A spokesperson for Daimler said the company has no plans for a similar restructuring of EM-motive, its joint venture with Bosch, which developed the drive motors for the smart fortwo electric drive.