BMW inks battery deal with China's EVE Energy - Reuters
Alex Wong

Guangdong-based EVE Energy is slated to supply BMW (OTCPK:BMWYY) with large cylindrical batteries for EVs in Europe, per Reuters.

According to the outlet, the Chinese battery manufacturer will be BMW's (OTCPK:BMWYY) primary supplier of battery cells in Europe for a new series of electric vehicles due for launch in 2025. The report, citing sources close to the matter, indicated that EVEâs batteries will bear a close resemblance to Teslaâs (TSLA) 4680 cylindrical battery, which is aimed at lowering production costs and increasing range as compared to previously commonplace rectangular prismatic batteries.

The agreement adds to terms reached with Chinese battery manufacturer CATL, which will also supply batteries for upcoming EV offerings. CATL also recently inked a deal with German automaker Mercedes Benz Group (OTCPK:MBGAF).
Read more on BMWâs recent pullback of production forecasts.