Category: bmw

BMW to invest 200 million in battery cell site

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Today’s Topics:

  • DAX Overview
  • BASF talks with DEA
  • BMW to invest 200 million
  • German business confidence at all-time high

This morning the DAX opened at the 13’000 mark and rallied up to the 13’150 point mark, noting a increase of 1,04%. This increase is fuelled by BASF and ThyssenKrupp  yielding  2,59% and 1,89% respectively. The BASF stock rose up in reaction to talks between the German chemicals group with DEA the energy group owned by Russian tycoon Mikhail Fridman. Bloomberg, citing people familiar with the matter, said that talks between Wintershall and DEA were at an advanced stage, adding the combined entity could be valued at more than 10 billion euros ($11.9 billion).

BMW will bundle its battery cell expertise in a new competence centre, the German luxury carmaker said on Friday, adding it would invest 200 million euros ($237 million) in the site over the next four years. “By producing battery-cell prototypes, we can analyse and fully understand the cell’s value-creation processes. With this build-to-print expertise, we can enable potential suppliers to produce cells to our specifications,” BMW board member Oliver Zipse said in a statement. “The knowledge we gain is very important to us, regardless of whether we produce the battery cells ourselves, or not.” The centre will open in early 2019, BMW said. ($1 = 0.8435 euros)

German business confidence rose unexpectedly in November to hit an all-time high, a survey showed Friday, adding to signs that Europe’s largest economy was heading for a strong fourth quarter. The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of some 7,000 firms, rose to 117.5 from an upwardly revised reading of 116.8 in October. This was higher than a Reuters consensus forecast for a value of 116.6. “Sentiment among German businesses is very strong,” Ifo chief Clemens Fuest said in a statement. “This was due to far more optimistic business expectations. The German economy is on track for a boom.”

Todays Economical Calendar:

  • PMI Composite Flash