BMW Invests $1.7 Billion for EV Production in the U.S.
On Wednesday, BMW announced its plans to invest $1.7 billion to build electric cars in the United States.
According to Reuters, the German automaker announced that $1 billion of the investment would go into its Spartanburg, South Carolina plant to prepare for the production of electric vehicles. BMW will also spend $700 million on a new high-voltage battery assembly facility in Woodruff, South Carolina which will create at least 300 jobs.
“The German automaker expects to produce at least six fully electric vehicle models in the U.S. by 2030,” per CNBC. Additionally, CNBC reported, “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 to begin later this year.”
Also on Wednesday, BMW announced a deal to purchase battery cells from Envision AESC (Automotive Energy Supply Corporation), based in Japan. CNBC reported that Envision AESC will build a new battery cell factory in South Carolina to supply the BMW plants.
Envision AESC announced plans to build a second U.S. plant in Kentucky earlier this year, its first being in Tennessee. So, the South Carolina location would be the third U.S. plant for the company.
Micheal Wayland from CNBC explained, In order to meet the demand for its next-generation battery cells and prepare for future models of electric vehicles, BMW announced it will build four additional battery cell factories in Europe and China.
