BMW is stepping up its sustainability efforts and has partnered with UAE-based Emirates Global Aluminum on a deal that provides solar-produced aluminum to the automaker. The move comes as BMW enhances the production of its fleet of electric vehicles and looks to have at least 25 models by 2023.
Aluminum is used to make body frames more lightweight and has extensive use throughout a car including wiring, wheels, and even engine parts. Nadine Philipp, head of sustainability at BMW, told Cheddar the goal is to reduce carbon dioxide (CO2) output.
"For a year, we save more than 220,000 tonnes [243,000 tons] of CO2 by this production and we can cover half of the demands of our plant back in Landshut [Germany] where we produce drive trains, for example, and body components," Philipp said. "So we are really happy that we have the set up there and that we can go on with the green aluminum."
With the EGA partnership, BMW expects to reduce carbon dioxide emissions by 2.8 million tons by 2030. The German car manufacturer joins a number of other automakers making an effort to bring down their carbon footprint within the first half of this century.
"We believe that this is key to the future of society, like committing to the Paris Climate Agreement targets. That's a key role, and we are part of this. We have a responsibility there and we have responsibility towards, of course, our own business, our customers, but [also] society," she added.
Though the luxury brand is making significant changes to production, Philipp said the quality of vehicles will not be compromised. For BMW, she said, efforts in sustainability are just as important as incorporating the latest technology into cars and is even demanded by the customer base.
Oracle soars as it cashes in on the AI boom, Plus: Starbucks shares continue to fall under its new CEO, and does anybody actually want a new iPhone Air?
Swedish buy now, pay later company Klarna is making its highly anticipated public debut on the New York Stock Exchange Wednesday, the latest in a run of high-profile initial public offerings this year. The offering priced at $40 Tuesday, above the forecasted range of $35 to $37 a share, valuing the company at more than $15 billion. The valuation easily makes Klarna one of the biggest IPOs so far in 2025, which has been one of the busier years for companies going public. Other popular IPOs so far this year include the design software company Figma and Circle Internet Group, which issues the USDC stablecoin..
Oracle co-founder Larry Ellison wrested the title of the world’s richest man from longtime holder Elon Musk early Wednesday as stock in his software giant rocketed more than a third in a stunning few minutes of trading. That is according to wealth tracker Bloomberg. A college dropout, the 81-year-old Ellison is now worth $393 billion, Bloomberg says, several billion more than Musk, who had been the world’s richest for four years. The switch in the ranking came after a blockbuster earnings report from Oracle. Forbes still has Musk as the richest, however, valuing his private businesses much higher.