- China's EVE Energy Co Ltd is planning to supply cylindrical batteries used in electric vehicles to Bayerische Motoren Werke AG BMWYY in Europe, Reuters reported.
- EVE's contract with BMW will make the former the primary supplier of the battery cells for BMW's new electric vehicle series expected to hit the market in 2025.
- BMW's shift to cylindrical batteries from its current prismatic batteries follows Tesla, Inc's TSLA decision to manufacture a larger-format 4680 cylindrical battery.
- Cylindrical batteries are expected to be more cost-effective due to enhanced energy density.
- EVE was founded by lithium-ion battery researcher Liu Jincheng in 2001. It ranks eighth with a 2.3% market share in China.
- Price Action: BMWYY shares closed higher by 1.92% at $27.02 on Tuesday.
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