BMW, Samsung Expand Partnership
BMW has expanded its partnership with Samsung SDI, signing a memorandum of understanding under which Samsung will supply BMW with lithium-ion battery cells for the BMW i3, BMW i8 and additional hybrid models over the coming years.
In response to the growing demand for electric vehicles, the new agreement increases quantities delivered over the medium term, and calls for further technological development of battery cells.
BMW first partnered with Samsung in 2009. The German automaker says it chose Samsung in part lithium-ion battery cells play a role in environmentally friendly production and subsequent recovery of materials during product development.
Demand for lithium-ion batteries by the EV market will increase dramatically in the next seven years, moving from market earned revenues of $381.9 million to an estimated $7.60 billion in 2020, according to an analysis by Frost & Sullivan published earlier this month.
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