BMW cancels $2 bln battery cells contract with Northvolt
Releads with company comment
BERLIN, June 20 (Reuters) -German premium carmakerBMW BMWG.DE said on Thursday it hadcancelled a 2 billion euros ($2.15 billion) order for battery cells for its electric vehicles with Northvolt.
German media, including manager magazin, reported that theSwedish 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 Steitz
Writing by Madeline Chambers
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