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BMW orders 20 billion euros of batteries for electric vehicles

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BMW has increased orders for battery cells to keep up with competitors in the burgeoning EV market, which accounted for more than 11% of shipments during the first half of the year.

The German automaker has won more than € 20 billion ($ 23.8 billion) in battery contracts, CEO Oliver Zipse said in an interview. Orders were received by Chinese companies Contemporary Amperex Technology Co. Ltd. and EVE Energy Co Ltd., South Korean Samsung SDI Co. and Swedish Northvolt AB.

These batteries are for the i4 sedans, iX crossovers and other models that BMW will produce until 2024. The company plans to begin transitioning to next-generation batteries next year.

We monitor the market. The first half of the year showed that we are growing and increasing our market share. We are in the process of electrification.

Oliver Zipse

Automakers suffer from a shortage of semiconductors. Access to an adequate supply of battery cells and raw materials such as cobalt and nickel will go a long way. The electric vehicle market leader Tesla has even made deals with mining companies for the supply of metal.

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