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China’s CATL to Supply $4.7 Billion in Battery Cells to BMW
BMW AG says it has signed a multi-year deal to buy €4 billion ($4.7 billion) worth of battery cells from Chinese battery supplier CATL.
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BMW AG says it has signed a multi-year deal to buy €4 billion ($4.7 billion) worth of battery cells from Chinese battery supplier Contemporary Amperex Technology Ltd.
CATL will produce nearly 40% of the cells in a new factory it is building in Erfurt, Germany, according to BMW purchasing chief Markus Duesmann. BMW confirms it has invested an unspecified amount in the factory. Ningde-based CATL will supply the balance of BMW’s cells from China.
Reuters reported late last month that BMW also has signed battery supply deals with South Korea’s LG Chem and Samsung. The news service said the combined value of the three contracts is $25 billion (€21 billion).
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