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BMW: signs supply deal with Swedish battery cell maker

( - BMW signed on Thursday a long-term supply contract worth 2 billion euros for battery cells with the Swedish company Northvolt as the German premium carmaker steps up its aims in electric vehicles.

The agreement provides that the battery cells will be produced in Europe at the Northvolt gigafactory, which is currently being built in northern Sweden, as from 2024.

The deal also states that Northvolt will obtain 100% of the energy needed to produce the battery cells regionally in northern Sweden and exclusively from wind and hydroelectric power, a "decisive aspect" for BMW.

As a reminder, BMW aims to have 25 electrified models on the roads by 2023, with over half fully-electric.

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