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BMW cancels $2 billion battery cells contract with Northvolt

Reuters
·1-min read
2023 Munich Auto Show IAA Mobility

BERLIN (Reuters) -German premium carmaker BMW said on Thursday it had cancelled a 2 billion euros ($2.15 billion) order for battery cells for its electric vehicles with Northvolt.

German media, including manager magazin, reported that the Swedish company could not deliver on time on a long-term supply contract for battery cells signed in 2020.

"Northvolt and the BMW Group have jointly decided to focus Northvolt's activities on the goal of developing next-generation battery cells," said BMW.

"The BMW Group continues to have a strong interest in establishing a high-performance manufacturer of circular and sustainable battery cells in Europe," it said.

Northvolt did not immediately respond to Reuters' request to comment.

($1 = 0.9321 euros)

(Reporting by Andrey Sychev and Christoph SteitzWriting by Madeline Chambers)