BMW Increases Battery Cell Order Volume

   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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