BMW Signs Supply Contract With Ganfeng for Sustainable Lithium

Date : 12/11/2019 @ 8:51AM
Source : Dow Jones News
Stock : Bayerische Motoren Werke AG (BMW)
Quote : 44.75  -0.115 (-0.26%) @ 4:35PM
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BMW Signs Supply Contract With Ganfeng for Sustainable Lithium

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   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


(END) Dow Jones Newswires

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

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