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BMW to invest $1.7 billion in U.S. to produce electric vehicles

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BMW Group plans to invest $1.7 billion in its U.S. operations to build electric vehicles and batteries, the company announced Wednesday.

The investment will include $1 billion to prepare for production of EVs at the automaker’s existing Spartanburg factory in South Carolina, and $700 million for a new high-voltage battery-assembly facility in nearby Woodruff.

The German automaker expects to produce at least six fully electric models in the U.S. by 2030. The Spartanburg facility, where the investment announcement took place, currently produces BMW “X” SUVs and lithium-ion battery modules for its two plug-in hybrid electric vehicles. Production of the new hybrid-electric BMW XM is expected…



Source cnbc.com

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