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MarketScreener Homepage  >  Equities  >  Xetra  >  Bayerische Motoren Werke       DE0005190003

BAYERISCHE MOTOREN WERKE

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BMW, Varta apply for funds in battery cell push for e-cars

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03/15/2019 | 02:15pm EDT
FILE PHOTO: Paris Auto Show

HAMBURG/BERLIN (Reuters) - Luxury carmaker BMW and Germany's Varta have both applied for state funding aimed at supporting battery cell production for electric vehicles, they said on Friday, hitting a deadline set by the German government.

Germany has earmarked 1 billion euros (850.97 million pounds) to support a consortium looking to produce electric car battery cells and plans to fund a research facility to develop next-generation solid-state batteries.

BMW is seeking funds for research and development in the field of battery cells, a spokesman for the group said on Friday, adding this does not mean the company aims to produce them itself.

He said that the funding application would not necessarily lead to the carmaker participating in a consortium.

Meantime, Varta said it was planning to hike production of battery cells to over 60 million cells per year, adding that it was cooperating with European partners to advance European battery cell production.

Companies could apply for the funds until Friday.

Germany, Europe's top economy, wants to cut reliance of its carmakers on Asian battery suppliers and protect jobs at home that may be at risk from a global shift away from combustion engines.

Sceptics have noted that Germany's efforts might be too little too late as the production of electric vehicle battery cells is dominated by companies from China, South Korea and Japan.

Overall, six consortia applied for state subsidies at Germany's Economy Ministry, two people familiar with the matter said.

One of the people said that German battery maker BMZ Group had formed a consortium with Deutsche Post's Streetscooter, German start-up e.Go Mobile AG and Ford's German subsidiary Ford-Werke GmBH.

A spokesman for Deutsche Post only said that security of supply of battery cells for its Streetscooter was important. Volkswagen said nothing had been decided yet, adding it would likely comment on the matter on Monday.

(Reporting by Jan Schwartz, Michael Nienaber, Rene Wagner, Matthias Inverardi, Hans Seidenstuecker and Riham Alkousaa; writing by Thomas Seythal and Christoph Steitz; editing by Paul Carrel and Louise Heavens)

Stocks mentioned in the article
ChangeLast1st jan.
DEUTSCHE POST AG 0.06% 27.04 Delayed Quote.13.03%
FORD MOTOR COMPANY 0.76% 9.9299 Delayed Quote.30.33%
VARTA AG 1.06% 47.7 Delayed Quote.89.71%
VOLKSWAGEN 0.89% 143.3 Delayed Quote.2.22%
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Financials (€)
Sales 2019 98 696 M
EBIT 2019 7 428 M
Net income 2019 5 618 M
Finance 2019 15 475 M
Yield 2019 5,07%
P/E ratio 2019 7,50
P/E ratio 2020 6,34
EV / Sales 2019 0,26x
EV / Sales 2020 0,24x
Capitalization 41 225 M
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Consensus
 
Mean consensus HOLD
Number of Analysts 29
Average target price 77,6 €
Spread / Average Target 22%
EPS Revisions
Managers
NameTitle
Harald Krüger Chairman-Management Board
Norbert Reithofer Chairman-Supervisory Board
Nicolas Peter Chief Financial Officer
Susanne Klatten Independent Member-Supervisory Board
Manfred Schoch Deputy Chairman-Supervisory Board
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