MUNICH (dpa-AFX) - BMW Group (BMW.L, BAMXF.PK, BAMXY.PK)announced that it has signed memorandum of understanding with Samsung SDI to expand supply relationship for battery cells for electro-mobility in Seoul.
Samsung SDI will supply the BMW Group with battery cells for the BMW i3, BMW i8 and additional hybrid models over the coming years.
BMW stated that the most important elements of the agreement are the increase in quantities delivered over the medium term, in response to growing demand for electro-mobility, and further technological development of battery cells.
The company specified that the extension of the collaboration with Samsung SDI underscores the BMW Group's strategy of further electrification. Continuation of the partnership also confirms the success of BMW i. Customer demand for the BMW i3 remains high.
Deliveries of the BMW i8 got underway in the main international markets in June. Demand is already significantly higher than the planned production volume for the ramp-up phase, the company noted.
South Korea is also an important supplier market for the BMW Group, beyond the partnership with Samsung SDI. In 2014, the purchasing volume in this market will exceed 300 million euros - a significant increase over the previous year, with sourcing volumes continuing to climb over the coming years.
Copyright RTT News/dpa-AFX