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    BMW   DE0005190003

BMW AG

(BMW)
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Delayed Xetra  -  11:35 2022-08-12 am EDT
78.55 EUR   +1.08%
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Battery maker Northvolt raises $1.1 billion to rollout factories in Europe

07/05/2022 | 01:06am EDT
FILE PHOTO: Volvo Cars CEO Hakan Samuelsson and Northvolt CEO Peter Carlsson pose for a picture in Stockholm

STOCKHOLM (Reuters) - Battery maker Northvolt said on Tuesday it has raised $1.1 billion in convertible notes from a group of investors to finance expansion of its factories in Europe. 

Investors participating in the capital raise included AMF, Ava Investors, Baillie Gifford, Folksam Group, PCS Holding, Swedbank Robur, TM Capital and Volkswagen Group.

The Swedish company, whose biggest shareholder is Volkswagen, has so far raised about $8 billion in equity and debt. It raised $2.75 billion in equity in June last year, which valued the company at $11.75 billion.

Northvolt has started delivering batteries to customers after assembling its first battery cell at the end of December in its gigafactory in Sweden, making it the first European company to design and manufacture a battery in Europe.

"The combination of political decision making, customers committing even more firmly to the transition to electric vehicles, and a very rapid rise in consumer demand for cleaner products, has created a perfect storm for electrification," Chief Executive Peter Carlsson said in a statement.

Northvolt has to date secured more than $55 billion worth of contracts from customers including BMW, Scania, Volkswagen and Volvo Cars.

(Reporting by Supantha Mukherjee in Stockholm; Editing by Lisa Shumaker)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AB VOLVO -0.11% 182.44 Delayed Quote.-12.98%
BMW AG 1.08% 78.55 Delayed Quote.-11.23%
FASTPARTNER AB (PUBL) 6.65% 78.6 Delayed Quote.-35.26%
VOLKSWAGEN AG 0.94% 148.32 Delayed Quote.-16.43%
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Financials
Sales 2022 133 B 137 B 137 B
Net income 2022 14 567 M 14 936 M 14 936 M
Net cash 2022 26 710 M 27 387 M 27 387 M
P/E ratio 2022 3,42x
Yield 2022 9,32%
Capitalization 51 374 M 52 675 M 52 675 M
EV / Sales 2022 0,19x
EV / Sales 2023 0,17x
Nbr of Employees 118 909
Free-Float 57,5%
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Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 78,55 €
Average target price 103,90 €
Spread / Average Target 32,3%
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Managers and Directors
Oliver Zipse Senior VP-Corporate Planning & Product Strategy
Nicolas Peter Group Leader-Corporate Finance
Norbert Reithofer Chairman-Supervisory Board
Susanne Klatten Independent Member-Supervisory Board
Manfred Schoch Chairman-General Works Council
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