- BMW (Bayerische Motoren Werke ADR) (OTC:BMWYY) is pinning its hopes on systematic design and recycling to bring down battery costs.
- The company’s Chief Financial Officer, Nicolas Peter, said the luxury car maker will refrain from investing in mines, setting it apart from its competitors, reported Reuters.
- “We don’t think it is right to invest in mines. We view it as more important to get back raw materials from cars and other products,” said Nicolas Peter.
- BMW has agreements worth billions of euro with CATL and EVE Energy for battery cell production in China and Europe.
- Also Read: Volkswagen, BMW Battery Supplier Northvolt Eyes Raising $5B Via Debt
- One of the bigger challenges for EV car makers is to bring down the raw materials cost to make batteries to spruce up profits.
- The report added companies like Volkswagen (OTC:VWAGY) and Mercedes Benz Group (OTC:MBGYY) are either expanding their battery production or investing in mines to secure the supply chain.
- Price Action: BMWYY shares traded lower by 0.12% at $36.53 on the last check Friday.
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Barclays Maintains Overweight on ZoomInfo Technologies, Raises Price Target to $54
Barclays analyst Raimo Lenschow maintains ZoomInfo Technologies (NASDAQ:ZI) with a Overweight and raises the price target from $50 to $54.
