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BMW: awards multi-billion contracts to battery suppliers

(CercleFinance.com) - BMW Group said on Thursday that it has secured its long-term battery cell needs as the German carmaker plans to have 25 electrified models in its line-up by 2023.

The company said that its original order of four billion euros with China's CATL will now be increased to 7.3 billion euros for the period 2020 to 2031.

Out of this volume, 4.5 billion euros are intended for the BMW Group and 2.8 billion euros for its Chinese joint venture BMW Brilliance, the group said.

BMW has also signed a long-term supply contract with its second battery cell supplier, Samsung SDI, in a deal worth about 2.9 billion euros, for the period of 2021 to 2031.

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