By Kim Richters
BMW AG (BMW.XE) on Thursday said that it is increasing battery cell order volumes to secure long-term supply for its e-mobility strategy.
The German car maker said it is increasing its order volumes with Chinese battery cell supplier Contemporary Amperex Technology Co. (300750.SZ) to 7.3 billion euros ($8.08 billion) from EUR4 billion previously. The contract will run from next year to 2031.
Additionally, the company signed a contract worth EUR2.9 billion with battery cell supplier Samsung SDI (006400.SE) for its fifth-generation electric drive trains.
"In this way, we are securing our long-term battery cell needs," management board member Andreas Wendt said.
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