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BMW cancels EUR 2 billion EV battery contract with Northvolt
EV Economy
Jun 20, 2024
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Jun 20, 2024

BMW cancels EUR 2 billion EV battery contract with Northvolt

Management news

  • BMW, a German auto manufacturer, has canceled a EUR 2 billion (~USD 2.2 million) for EV battery cells from Northvolt, a European EV battery and energy storage producer.

  • It was reported that this was due to Northvolt's inability to deliver the batteries on schedule for the long-term contract that was initially signed in 2020.

  • Analyst QuickTake: This order cancellation follows Northvolt's announcement in March 2024 of the construction of its newest battery gigafactory in Germany, known as Northvolt Drei, which will be operational in 2026. The facility will have an annual production capacity of 60 GWh.

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