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.