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BMW and Envision AESC, a battery tech firm under Envision Group, reached a long-term cooperation agreement. Under the deal, Envision AESC will provide its next generation of lithium-ion batteries for BMW's new vehicle models from 2026.
German automotive maker BMW Group will use cylindrical cells in its Neue Klasse models starting in 2025. To meet cell demand, it has awarded cell production contracts to two Chinese battery manufacturers, CATL and EVE Energy.
A financial report for Chinese battery giant CATL released on October 10 showed that its net profits for the third quarter of this year are expected to total between 8.8 billion and 9.8 billion yuan ($1.22 billion - $1.36 billion), up 169% to 199% year-on-year.
News emerged on August 17 that EVE Energy will provide large cylindrical batteries for BMW's electric vehicles in Europe. The battery maker responded that it had obtained BMW's designated letter before, and the production line is currently under construction.
An investment roadmap released on September 27 by Chinese battery company EVE Energy, which has a market value of over 170 billion yuan ($23 billion), has offered further insight into the potential of the lithium industry.