A 2.9-billion-euro Battery Supply Contract
Samsung SDI and BMW have signed a battery supply contract worth about 4 trillion won and agreed to continue their cooperation in the electric vehicle (EV) sector. The two sides forged the first partnership through an EV development project in 2009.
BMW Korea announced on Nov. 21 that BMW Group of Germany signed a contract with Samsung SDI on Nov. 20 to buy 2.9 billion euros worth of battery cells.
As a result, Samsung SDI will supply 5th-generation battery cells for BMW's EVs from 2021 to 2031. Samsung SDI explains that next-generation batteries will boost BMW EVs’ core performance such as mileage and high-speed charging.
The agreement is special in that BMW is the first customer of Samsung SDI’s EV batteries. The two sides first banded together in an electric car joint development project in August 2009. Since then, the BMW EV i3 has been loaded with the largest-capacity battery cells from Samsung SDI. In July 2014, the two sides reached a new business agreement aimed at expanding battery cell supply, jointly developing next-generation materials, and carrying out global projects.