BMW has awarded Chinese battery manufacturer Contemporary Amperex Technology Ltd (CATL) a contract worth over a €1 billion ($1.16 billion).

CATL battery cells

CATL battery cells

There are not many details on the news right now but for CATL its seeming to become another big supplier to BMW after Samsung SDI. It's an open question whether CATL batteries will be used only for models produced in China (like the new iX3) or also in Europe though.

Related news is that CATL is considering building a battery factory in Europe and currently Germany is the favorite location, especially since Daimler a is on the customer's list too.

"CATL is scouting potential locations for a battery production facility in Europe with the German state of Thuringia encouraging the Chinese manufacturer to use a site near Erfurt, in eastern Germany."

CATL recently raised more than $850 million in its IPO and became an investor in BYTON. The plan for the future is to build a 24 GWh battery factory, to more or less double its current output.

Source: Reuters