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BMW Signs $2.3 Billion Battery Order With Goldman-Backed Firm

  • Sweden’s Northvolt will supply battery cells starting in 2024
  • Carmakers are seeking to reduce dependency on Asian suppliers
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Source: BMW AG

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BMW AG signed a deal with Goldman Sachs Group Inc.-backed Northvolt AB for 2 billion euros ($2.3 billion) of battery cells to power the German company’s electric cars.

Northvolt, a Swedish firm started by two former Tesla Inc. executives, will manufacture the cells using renewable electricity and deliver them from 2024 as part of a long-term contract, BMW said in a statement Thursday.