BMW, Northvolt Sign EUR2 Billion Battery Cells Contract
July 16 2020 - 3:29AM
Dow Jones News
By Mauro Orru
BMW AG said Thursday that it has signed a 2-billion-euro ($2.28
billion) supply contract for battery cells with Swedish company
Northvolt in a push to have 25 electrified models on the roads by
2023.
The German car maker said battery cells would be produced from
2024 at a Northvolt's facility under construction in Skelleftea in
northern Sweden, with energy from wind and hydroelectric power.
"Northvolt is the third battery cell supplier we have partnered
with, alongside our existing partners, CATL and Samsung SDI," said
Andreas Wendt, member of BMW's management board.
BMW is pushing for the electrification of its vehicle fleet as
sales of electrified vehicles are expected to double between 2019
and 2021, anticipating a steep growth curve until 2025. Global
electrified vehicles sales should rise by an average of more than
30% every year, BMW said.
The company said electrified vehicles in Europe should make up a
third of its new vehicle fleet in 2025 and half of sales in
2030.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
July 16, 2020 03:14 ET (07:14 GMT)
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