By David Sachs
ElringKlinger said Friday that it secured a large, multiyear contract with BMW to supply cell-contact systems for the production of electric vehicles.
At 1121 GMT, shares in ElringKlinger were up 3% at EUR10.35, having risen as much as 4.9% on news of the contract.
The German auto supplier didn't release terms of the deal but said it is a high-volume contract covering a period of several years. ElringKlinger will invest in new machinery at a cost in the double-digit-million-euro range before production starts in 2025, it said.
The cell contact systems will be used in BMW's all-battery electric vehicle production platform scheduled to launch in 2025, ElringKlinger said.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
05-05-23 0741ET