By David Sachs

ElringKlinger said Friday that it secured a large, multiyear contract with BMW to supply cell-contact systems for the production of electric vehicles.

At 1121 GMT, shares in ElringKlinger were up 3% at EUR10.35, having risen as much as 4.9% on news of the contract.

The German auto supplier didn't release terms of the deal but said it is a high-volume contract covering a period of several years. ElringKlinger will invest in new machinery at a cost in the double-digit-million-euro range before production starts in 2025, it said.

The cell contact systems will be used in BMW's all-battery electric vehicle production platform scheduled to launch in 2025, ElringKlinger said.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

May 05, 2023 07:41 ET (11:41 GMT)

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