ElringKlinger Shares Rise on BMW Contract for EV Production
May 05 2023 - 7:56AM
Dow Jones News
By David Sachs
ElringKlinger said Friday that it secured a large, multiyear
contract with BMW to supply cell-contact systems for the production
of electric vehicles.
At 1121 GMT, shares in ElringKlinger were up 3% at EUR10.35,
having risen as much as 4.9% on news of the contract.
The German auto supplier didn't release terms of the deal but
said it is a high-volume contract covering a period of several
years. ElringKlinger will invest in new machinery at a cost in the
double-digit-million-euro range before production starts in 2025,
it said.
The cell contact systems will be used in BMW's all-battery
electric vehicle production platform scheduled to launch in 2025,
ElringKlinger said.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
May 05, 2023 07:41 ET (11:41 GMT)
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