BMW to invest $1 billion in US EV production

Robert Besser
22 Oct 2022, 16:38 GMT+10

BMW AG said it will invest $1.7 billion to build electric vehicles in America
BMW will invest $1 billion in its Spartanburg, South Carolina plant to prepare for EV production, and a further $700 million on a new high-voltage battery assembly facility in nearby Woodruff, South Carolina
BMW plans to build at least six fully electric models in the U.S. by 2030.

MUNICH, Germany: In the latest announcement from a major automaker about manufacturing electric vehicles in the U.S., BMW AG said it will invest $1.7 billion to build electric vehicles in America.

According to the German company, it will invest $1 billion in its Spartanburg, South Carolina plant to prepare for EV production, and a further $700 million on a new high-voltage battery assembly facility in nearby Woodruff, South Carolina, which will create some 300 jobs.

In an interview with Reuters, BMW Group Chairman Oliver Zipse said, "It is the biggest single investment we've done so far."

During a ceremony, South Carolina Governor Henry McMaster said BMW's capital investment is the largest in the state's history.

Chinese renewable energy group Envision's Automotive Energy Supply Corporation will also build a new battery cell plant in South Carolina to supply BMW, the German luxury automaker confirmed.

BMW plans to build at least six fully electric models in the U.S. by 2030.

Zipse warned that the new $7,500 electric vehicle tax credit law adopted in August could prevent automakers from using the credit.

"It would be a disaster if you stop industry from developing," he added, according to Reuters.

In its 30-year history, BMW's South Carolina plant has built more than 6 million vehicles, has an annual production capacity of up to 450,000 vehicles, and employs more than 11,000 people.

To assist with costs of BMW's project, South Carolina awarded a $65 million grant to Spartanburg County.