Mexican Media Brands
BMW Gains Right to Invest in CATL Chinese Battery Maker
BMW AG’s joint venture in China has been given government permission to invest as much as 2.9 billion yuan ($425 million) in Chinese batterymaking giant CATL.
Share
BMW AG’s joint venture in China has been given government permission to invest as much as 2.9 billion yuan ($425 million) in Chinese batterymaking giant CATL (Contemporary Amperex Technology Co. Ltd.).
The agreement gives BMW Brilliance the right to buy about 2% of the company, Bloomberg News reports. CATL already has set up joint ventures or received equity investments from three Chinese carmakers.
BMW separately has agreed to prepay 2.9 billion yuan on a long-term contract with CATL to supply it with batteries for electrified vehicles made in China. The carmaker also will pay 815 million yuan ($122 million) to prepare to make BMW-specific batteries.
The German carmaker announced two weeks ago it plans to buy about €4 billion ($4.7 billion) worth of battery cells from a factory CATL is building in Germany to supply the European market.
RELATED CONTENT
-
Jeeps Modified for Moab
On Easter morning in Moab, Utah, when the population of that exceedingly-hard-to-get-to town in one of the most beautiful settings on Earth has more than doubled, some people won’t be hunting for Easter eggs, but will be trying to get a good look at one of the vehicles six that Jeep has prepared for real-life, fast-feedback from the assembled at the annual Easter Jeep Safari.
-
Plastics: The Tortoise and the Hare
Plastic may not be in the news as much as some automotive materials these days, but its gram-by-gram assimilation could accelerate dramatically.
-
Multiple Choices for Light, High-Performance Chassis
How carbon fiber is utilized is as different as the vehicles on which it is used. From full carbon tubs to partial panels to welded steel tube sandwich structures, the only limitation is imagination.
