BMW signs $2.3B battery order with Sweden’s Northvolt, to power the automaker’s electric cars.
BMW signed a deal with Goldman Sachs Group Inc.-backed Northvolt AB for 2 billion euros ($2.3 billion) of battery cells, to power the German automaker’s electric cars.
Northvolt will become BMW’s third major battery supplier, along with China’s CATL and South Korea’s Samsung.
Northvolt started by two former Tesla executives, is a Swedish company that will manufacture the cells at a new plant in northern Sweden.
BMW plans to introduce five new all electric cars through next year, offering more than 12 electric models by 2023.
Image credit Northvolt