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.
Stocks were up after the closing bell as Wall Street continued to pin their hopes on rate cuts after last week's comments from the Fed.
Cheddar News' Need2Know is brought to you by Securitize, which helps unlock broader access to alternative investments in private businesses, funds, and other alternative assets. The private credit boom is here and the Hamilton Lane Senior Credit Opportunities Fund has tripled in assets under management in just six months from November 2022 through April this year. Visit Securitize.io to learn more.
Google has agreed to pay $700 million and make several other concessions to settle allegations that it had been stifling competition against its Android app store — the same issue that went to trial in another case that could result in even bigger changes.
Nicki Minaj just reached a milestone that no other woman in rap has reached.
Apple announced that starting this week, it will stop selling some versions of the Apple watch in the U.S.
Southwest Airlines will pay a $35 million fine as part of a $140 million settlement to resolve a federal investigation into a debacle in December 2022 when the airline canceled thousands of flights and stranded more than 2 million travelers over the holidays.
The House of Representatives recently passed a bill aimed at increasing transparency in healthcare.
If you have a flexible spending account, here's some short information for you so you don't leave money on the table.
With high healthcare costs, bills can quickly add up. In some cases, it is possible to negotiate your medical bills. Barak Richman, law professor at George Washington University, joined Cheddar News to discuss the easiest way to talk to medical debt companies about what's owed.
Millions of people have selected insurance plans for 2024 but sometimes navigating them can be tricky time consuming and expensive. Paula Pant, host of 'Afford Anything' podcast, joined Cheddar News to break down what's needed to know about their insurance plans.
