BMW to Invest $1.7 Billion in US Electric-Car Production
20 October 2022 - 02:29AM
Dow Jones News
By Kim Richters
German luxury car maker BMW AG said Wednesday that it will
invest $1.7 billion in its operations in the U.S. as it prepares to
produce battery-electric vehicles in the country.
The auto maker said it has earmarked $1 billion to adapt its
existing manufacturing plant in Spartanburg, South Carolina, for
the production of battery-electric vehicles. The site will become
an important driver for the company's electrification strategy and
BMW plans to make at least six fully-electric models there by 2030,
it said. In 2021, the U.S. market accounted for around 20% of BMW's
revenue.
In addition, the car maker will build a new high-voltage
battery-assembly plant in Woodruff, South Carolina, for $700
million, creating around 300 new jobs, it said.
BMW has also agreed to source battery cells for the Spartanburg
plant from Envision AESC, which will build a new factory in South
Carolina, it said. The battery specialist also has partnerships
with BMW peers such as Mercedes-Benz Group AG.
BMW continues to target at least 50% of its global sales to be
battery-electric vehicles by 2030 but has said it could reach this
goal earlier. In 2021, 4.1% of BMW's global car sales were fully
electric vehicles and it plans to more than double the share this
year.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
October 19, 2022 11:14 ET (15:14 GMT)
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