November 22, 2019 11:47
Samsung SDI will supply BMW with battery cells for electric vehicles for the next 10 years.
At an event held in Incheon on Thursday where some 30 Korean partners and clients gathered to boost cooperation between them, BMW said it renewed a deal with Samsung SDI to be supplied with battery cells worth 2.9 billion euros from 2021 to 2031.
The latest deal is considered huge, as BMW has spent a combined 2 billion euros purchasing parts from all Korean manufacturers over the past seven years since 2012.
Samsung SDI has partnered with BMW since 2009, exclusively supplying batteries for the German automaker's all-electric i3 and plug-in hybrid i8.
BMW plans to increase production of EVs to account for 25 percent of its overall sales by 2025. BMW has ramped up its partnership with Korean suppliers, increasing its purchase of Korean parts to 1.5 billion euros in 2018 from 70 million euros in 2012.
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