BMW won't scale up its own battery cell production for electric cars until the technology has developed further, the German company said today, taking a more cautious approach than some rivals despite record brand sales in 2021.
The automaker, which was also upbeat about hitting the top end of its 9.5%-10.5% profit margin estimate for 2021, currently buys battery cells from CATL, Samsung and Northvolt among others, but is building its own pilot plant.
"We have secured our needs for the next few years very well with the partners we have," finance chief Nicolas Peter told Reuters, adding BMW wouldn't rush to scale up its own cell production.
"We are not yet at the point where we can say what technology will accompany us for the next 10-15 years," he said.
"That's why it's important to invest a lot of resources with worldwide partners in battery cell development."
Works council chief Manfred Schoch has pushed for BMW to ramp up battery output to secure supplies and create jobs.
German rivals Volkswagen and Daimler both have direct stakes in battery cell makers.
Daimler, which holds 33% of Automotive Cells Company, said in July it planned to build eight gigafactories to make battery cells with partners.
Volkswagen plans to build six cell plants in Europe by the end of the decade with partners such as China's Gotion High-Tech and Northvolt, in which it has a 20% stake.
BMW is working to build battery assembly sites at every factory but will rely on partners for cells, Peter said.
