BMW Increases Battery Cell Order Volume
November 21 2019 - 3:06AM
Dow Jones News
By Kim Richters
BMW AG (BMW.XE) on Thursday said that it is increasing battery
cell order volumes to secure long-term supply for its e-mobility
strategy.
The German car maker said it is increasing its order volumes
with Chinese battery cell supplier Contemporary Amperex Technology
Co. (300750.SZ) to 7.3 billion euros ($8.08 billion) from EUR4
billion previously. The contract will run from next year to
2031.
Additionally, the company signed a contract worth EUR2.9 billion
with battery cell supplier Samsung SDI (006400.SE) for its
fifth-generation electric drive trains.
"In this way, we are securing our long-term battery cell needs,"
management board member Andreas Wendt said.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
November 21, 2019 02:51 ET (07:51 GMT)
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