BMW to invest $1.7 billion in electric vehicle production in US

Written by Miroslav Marinov

Miroslav Marinov, a financial news editor at TradingPedia, is engaged with observing and reporting on the tendencies in the Foreign Exchange Market, as currently his focus is set on the major currencies of eight developed nations worldwide.

, | Updated: October 30, 2024

BMW AG (BMWG) announced on Wednesday that it planned to invest $1.7 billion in electric vehicle production in the United States, as it aims to offer at least 6 fully electric models by 2030.

The car manufacturer said it would make a new $1 billion investment in its Spartanburg, South Carolina facility in preparation for electric vehicle production and a $700 million investment in a new high-voltage battery assembly facility in Woodruff, South Carolina.

Additionally, the German company said that Chinese renewable energy group Envision’s Automotive Energy Supply Corporation would establish a new battery cell factory in South Carolina, which will have an annual capacity of up to 30 GWh.

According to the luxury auto maker, its new battery format will bolster energy density by over 20%, increase charging speed and improve range by up to 30%.

BMW Group had said it planned to build 4 additional battery cell factories in Europe and China in order to meet its needs.

At its South Carolina plant, the auto maker employs over 11,000 people and has built over 6 million vehicles. The facility has an annual production capacity of up to 450,000 vehicles.

As of 9:44 GMT on Thursday, the shares of Bayerische Motoren Werke AG (BMWG) were losing 0.10% (EUR 0.075) to trade at EUR 77.585 in Frankfurt.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Macy’s shares gain for a second straight session on Monday, company’s landmark store in downtown Seattle to be closed in February Macy’s Inc (M) said over the weekend that its landmark store at Third Avenue and Pine Street in downtown Seattle would be shut down at the end of February 2020.Macy’s shares closed higher for a second consecutive trading session in New […]
Spain’s trade deficit smallest since March 2023 Spain’s trade balance deficit has narrowed to EUR 0.7 billion in June, data showed, from EUR 2.4 billion in June 2023.The latest figure pointed to the smallest deficit since March 2023.Total imports went down 7.3% year-on-year to […]
US Bancorp upgraded to “Buy” at Citigroup Citigroup has upgraded US Bancorp (NYSE: USB) to “Buy” from “Neutral”.Citi also raised its 12-month price target on the stock to $65.00 from $49.00 previously.According to Citigroup, US Bancorp has “turned the corner” on investment […]
Starbucks shares close higher on Monday, company appoints Patrick Grismer as its next Chief Financial Officer Starbucks Corporation (SBUX) announced on Monday that it had appointed Patrick Grismer as its new Executive Vice President and Chief Financial Officer. The appointment comes at a time when the company faces fierce competition in a cooling […]
Qualcomm Inc. to invade China market The President and Chief Operating Officer of Qualcomm Inc. – Steve Mollenkopf – contributed to the strengthening the positions of the companys chips as the top-selling phones in the world. Qualcomms President now takes the challenge of making […]
Natural gas trading outlook: futures back on the gain track after EIA report Natural gas increased for a third time this week on Friday, despite bearish EIA report, as forecasts predict Cold Canadian air will flow into the US.Natural gas for delivery in January gained 1.62% to $3.693 per million British thermal […]

Related News