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ElringKlinger Shares Rise on BMW Contract for EV Production

May 05, 2023 at 07:42 am EDT

By David Sachs

ElringKlinger said Friday that it secured a large, multiyear contract with BMW to supply cell-contact systems for the production of electric vehicles.

At 1121 GMT, shares in ElringKlinger were up 3% at EUR10.35, having risen as much as 4.9% on news of the contract.

The German auto supplier didn't release terms of the deal but said it is a high-volume contract covering a period of several years. ElringKlinger will invest in new machinery at a cost in the double-digit-million-euro range before production starts in 2025, it said.

The cell contact systems will be used in BMW's all-battery electric vehicle production platform scheduled to launch in 2025, ElringKlinger said.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

05-05-23 0741ET

Stocks mentioned in the article

	Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
	ELRINGKLINGER AG	6.62 EUR	+1.38%	-0.30%	448M
	BMW AG	106.4 EUR	+1.29%	+0.52%	71.52B

David Sachs

Mr. David Sachs is a Chief Financial Officer at ImmunityBio, Inc. He is on the Board of Directors at Chan Soon-Shiong Institute For Medicine, Keyssa, Inc., Mox Networks LLC and PacketFabric, Inc. Mr. Sachs was previously employed as a Chief Financial Officer by NantKwest, Inc., a Chief Financial Officer by Integrity Healthcare LLC, and a Principal by Nant Capital LLC. He also served on the board at Ziosoft, Inc. He received his undergraduate degree from the University of California, Los Angeles and an MBA from Anderson School of Management.

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