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BMW cancels 2 billion euros battery cells contract with Northvolt

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Published Thu, Jun 20, 2024 · 11:45 PM
    • “Northvolt and the BMW Group have jointly decided to focus Northvolt’s activities on the goal of developing next-generation battery cells,” said BMW.
    • “Northvolt and the BMW Group have jointly decided to focus Northvolt’s activities on the goal of developing next-generation battery cells,” said BMW. PHOTO: REUTERS

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    German premium carmaker BMW said on Thursday (Jun 20) it had cancelled a two billion euros (S$2.9 billion) order for battery cells for its electric vehicles with Northvolt.

    German media, including manager magazin, reported that the Swedish company could not deliver on time on a long-term supply contract for battery cells signed in 2020.

    “Northvolt and the BMW Group have jointly decided to focus Northvolt’s activities on the goal of developing next-generation battery cells,” said BMW.

    “The BMW Group continues to have a strong interest in establishing a high-performance manufacturer of circular and sustainable battery cells in Europe,” it said.

    Northvolt did not immediately respond to Reuters’ request to comment. REUTERS

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