BMW Signs Supply Contract With Ganfeng for Sustainable Lithium
December 11 2019 - 3:51AM
Dow Jones News
By Giulia Petroni
Bayerische Motoren Werke AG (BMW.XE) said Wednesday that it has
signed a five-year supply contract for sustainable lithium with
China-based Jiangxi Ganfeng Lithium Co. Ltd. (002460.SZ) worth 540
million euros ($598.2 million).
The German luxury car maker said it will secure its lithium
hydroxide needs for fifth-generation battery cells, as it aims to
have 25 electrified models in its line-up by 2023.
"Our need for raw materials will continue to grow [...]. By
2025, for lithium alone, we expect to need about seven times the
amount we do today," said Andreas Wendt, board member at BMW.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
December 11, 2019 03:36 ET (08:36 GMT)
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