BMW Plans To Cut Battery Costs Via Recycling, Efficient Design: Report

BMW (Bayerische Motoren Werke ADR) 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 VWAGY and Mercedes Benz Group 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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