Who are we dealing with?, page-16

Yes, Mercedes-Benz has a strategic partnership with Farasis Energy, a Chinese battery cell manufacturer:

• Equity stake: In 2020, Mercedes-Benz purchased a 3% stake in Farasis.
• Supply: The partnership provides a secure source of battery cells for Mercedes-Benz's electrification strategy.
• Sustainability: The partnership includes expanded legal and sustainability requirements.
• Plant construction: Farasis gains security for its planned construction of production capacity.
  
  

Farasis has been supplying battery cells to Mercedes-Benz since 2017. Farasis batteries are used in various Mercedes-Benz models, including the EQE, EQA, and EQB models.

In August 2024, a Mercedes-Benz EQE caught fire in an underground parking lot in Incheon, damaging 140 cars and 23 people hospitalized. The vehicle's battery was from Farasis Energy. The police are conducting a full-scale investigation, but experts are also exploring other potential causes.

Mercedes-Benz has confirmed that it will continue sourcing battery cells from Farasis Energy, but it might have to adapt if the investigation reveals new insights.

But my argument is about the state of European car makers and their stockpile of unsold new cars and financial health. I am suggesting we need to hear about other baskets (markets), we may have, that may bear fruit sooner. The European EVs maybe a longer haul than we can tolerate.