BMW Makes $1.7B Investment For EV Production In US - BMW (OTC:BMWYY)

BMW (Bayerische Motoren Werke ADR)BMWYY is making a $1.7 billion investment in its U.S. operations as part of its electromobility plan.
The investment includes $1 billion to prepare for the production of electric vehicles at the company's existing U.S. manufacturing facility in Plant Spartanburg, South Carolina, and $700 million to build a new high-voltage battery assembly facility nearby Woodruff, South Carolina.
Plant Spartanburg currently represents an investment of nearly $12 billion, employs more than 11,000, and has an annual capacity of up to 450,000 vehicles.
Also Read: BMW Group Sales Slip In Q3; EV Sales More Than Doubles
"For decades, Plant Spartanburg has been a cornerstone of the global success of the BMW Group. The home of the BMW X models that are so popular all over the world. Going forward, it will also be a major driver for our electrification strategy, and we will produce at least six fully electric BMW X models here by 2030," said BMW Group Chairman of the Board of Management, Oliver Zipse.
BMW Group aims to purchase battery cells for its electric vehicles where production occurs.
The company has found a partner in Envision AESC, which will build a new battery cell factory in South Carolina to supply Plant Spartanburg.
Envision will produce newly developed round lithium-ion battery cells specifically designed for the sixth generation of BMW eDrive technology.
The annual capacity of the battery cell factory will be up to 30 GWh.
BMW Group has already announced that four additional battery cell factories will be built in Europe and China to meet its demand for next-generation battery cells.
Related: BMW To Deploy Round Battery Cells For New EV Range - What's The Benefit?
Price Action: BMWYY shares are trading lower by 1.48% at $25.31 on the last check Wednesday.
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