Swatch Collaborates with Mercedes-Benz
Watch manufacturers have often partnered with automotive companies, but no watchmaker has taken a bold step into the automotive world until Swiss watchmaker Swatch joined forces with Mercedes-Benz to produce batteries for electric vehicles, aiming to compete with the likes of Tesla.
New Battery Technology
Led by Belonis Clean Energy, in which Swatch holds a 51% stake, the company plans to manufacture batteries using the metal element vanadium. These batteries are considered less harmful than those made from the rare metal lithium. Moreover, vanadium is more environmentally friendly and will reduce both charging time and battery weight.
Statements from Nick Hayek
According to Nick Hayek, the CEO of the Swatch Group: "This battery can charge twice as fast and is a third lighter than the Panasonic batteries used in Tesla vehicles." If sales forecasts for these batteries are accurate, Mr. Hayek estimates that by 2020, sales could reach between $10-15 billion for vanadium batteries.
Expansion into the Chinese Market
Since Swatch signed a memorandum of understanding with the Chinese automotive company Geely, it is likely that China will be the first to test this technology before it is rolled out globally.
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