BMW Signed a € 540m Deal with a Chinese Company
German automotive giant BMW has announced that it has signed a deal with a Chinese supplier to cover all its lithium needs for battery electric vehicles over the next five years.
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Earlier this year, Mercedes announced that the major plant at Unterturkheim would be transformed into production of electric motors. Now the company is starting to make batteries there. Reported Investor.
The Unterturkheim plant is one of the oldest and largest plants of the conventional-engine car company and its re-orientation to electric models is significant. The company has reached an agreement with local workers' unions to unlock 250 new e-mobility jobs.
A little earlier, Daimler announced that it would build a giant battery factory in Germany. They was also announced an investment of $ 740 million in a battery factory in China. The new production capacities are announced at a time when the Smart brand is going all the way to the production of electromotors, and by the end of the decade, the first products of the new Mercedes EQ.
By 2025, Mercedes-Benz expects all electric cars to account for between 15% and 25% of their sales, which is a more aggressive strategy than many competing manufacturers.
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