BMW set to agree additional deals with mining firms to reduce EV battery costs

The Germany-based automotive company, BMW, has confirmed it plans to agree more deals with mining companies in a bid to secure electric vehicle battery materials, Automotive News Europe reports.

According to BMW’s Head of Research & Development, the firm is also open to form alliances to split the costs of creating autonomous-vehicle systems.

It is anticipated that automakers and large suppliers have started to discuss how to decide on one standard for autonomous-vehicle systems.

“Everyone has an interest or should have an interest in common autonomous-vehicle standards,” said management board member, Klaus Froehlich.

The firm has begun to explore a strategy that prioritises acquiring lower-cost batteries than its competitors by operating the supply of raw materials for its battery-making partners.

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“We will have agreements with mining companies,” Mr Froehlich added. “We have one agreement. There will be more.”

The news comes after BMW showcased its new Vision iNext during its global preview tour aboard the Lufthansa Boeing 777F cargo plane that stopped in major cities such as Munich, New York, San Francisco and Beijing.

Pictures of the new vehicle were released on Sunday (16 September), with BMW describing the car as “defining our future of mobility.”