BMW indicated that it will offer electric versions of all its vehicles in the future. As a result, the company signed a deal with CATL, which is the third-largest EV battery company. The new deal states that BWM will increase its battery orders from $4.43 billion to $8.09 billion USD.
The new deal will ensure BMW’s future supply of EV batteries. As the company transitions into more electric vehicle production, it will require a steady supply of batteries to build its vehicles. The deal also allows CATL to sell to one of the most prominent automotive companies in the world. Additionally, by the year 2021, BMW intends to reduce its dependence on rare earth metals for its EV batteries.
Image Credit: BMW/ CATL