BMW signs contract worth $1 Billion with CATL for battery supply to support EV production
Reuters today reported that BMW has signed a battery supply contract with CATL (China’s biggest battery manufacturer) worth 1 billion euro or 1.16 billion USD to support it’future EV production. It is to note that currently BMW is getting battery supply from Samsung SDI.
Interesting part of this deal is that this contract between BMW and CATL is not about battries but instead it will finance a new European factory for the CATL. it has currently 17.5 GWh production capacity. The automaker is instead focusing on battery pack technology and module and will work with suppliers for battery cells.