Daimler to buy $23 billion of battery cells in EV push

Daimler says it will buy battery cells worth more than 20 billion euros ($23 billion) by 2030 as it readies mass production of electrified vehicles.

The company is one of a number of German automakers massively expanding in electrified vehicles as European regulators clamp down on toxic diesel emissions.

“With extensive orders for battery cells until the year 2030, we set another important milestone for the electrification of our future electric vehicles,” Wilko Stark, who oversees procurement and supplier quality on the board of Mercedes-Benz Cars, said in a statement.