To enable the release of many electric vehicles over the next few years, Daimler has begun constructing a $562 million lithium-ion battery factory in Germany. The automaker plans to release 10 new electric models within three years.
Like Tesla, Daimler's batteries are being made for vehicles and for stationary storage. This new facility more than quadruples the size of an existing factory at the site, which is operated by Daimler subsidiary Accumotive.
Daimler plans to put the factory into operation by "mid-2018."
Angela Merkel, Germany's Chancellor, visited the construction site earlier this week in Kamenz, an east German town.
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