BMW Signs EUR100 Million Contract With Morocco's Managem for Cobalt Supply
09 Julio 2020 - 3:40AM
Noticias Dow Jones
By Cecilia Butini
BMW AG said Thursday that it plans to buy cobalt for the
production of its electric vehicles from Moroccan mining company
Managem Group as part of a five-year contract worth around 100
million euros ($113 million).
BMW, the German auto maker that produces Mini and Rolls Royce
cars alongside the BMW brand, said the deal would supply it with a
fifth of the cobalt it needs for its EV production. The rest will
be sourced from Australia, BMW said.
"By 2023, we aim to have 25 electrified models in our
line-up--more than half of them fully electric," BMW Board Member
Andreas Wendt said.
"Our need for raw materials will increase in line with this. For
cobalt alone, we expect our needs to roughly triple by 2025," said
Mr. Wendt, who is responsible for purchasing and supplier network
on BMW's board.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
July 09, 2020 04:25 ET (08:25 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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