By Giulia Petroni 
 

Bayerische Motoren Werke AG (BMW.XE) said Wednesday that it has signed a five-year supply contract for sustainable lithium with China-based Jiangxi Ganfeng Lithium Co. Ltd. (002460.SZ) worth 540 million euros ($598.2 million).

The German luxury car maker said it will secure its lithium hydroxide needs for fifth-generation battery cells, as it aims to have 25 electrified models in its line-up by 2023.

"Our need for raw materials will continue to grow [...]. By 2025, for lithium alone, we expect to need about seven times the amount we do today," said Andreas Wendt, board member at BMW.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

December 11, 2019 03:36 ET (08:36 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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