BMW cancels 2 billion euros battery cells contract with Northvolt

German premium carmaker BMW said on Thursday (Jun 20) it had cancelled a two billion euros (S$2.9 billion) order for battery cells for its electric vehicles with Northvolt.

German media, including manager magazin, reported that the Swedish 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. REUTERS