Mexico’s Foreign Minister Marcelo Ebrard said last Friday that BMW was intending to make a new huge investment in the state of San Luis Potosi, where the company already operates a facility.
Earlier in the week, Ebrard and Mexico’s President Andres Manuel Lopez Obrador had said the auto maker was considering an almost EUR 800 million investment in San Luis Potosi.
“The president has asked us to speed up investments in our country,” Mexico’s Foreign Minister told reporters following a diplomatic event, cited by Reuters.
“He already announced a very important investment which will be made in San Luis Potosi, by BMW.”
The German luxury car maker operates three plants in Latin America.
BMW’s San Luis Potosi site, which at present produces the 3 Series, the 2 Series Coupe and M2 models, was established in 2019.
As of 8:23 GMT on Monday the shares of Bayerische Motoren Werke AG (BMWG) were edging down 0.08% (EUR 0.070) to trade at EUR 91.670 in Frankfurt, while extending the loss from Friday.
The auto maker’s total market cap now stands at EUR 60.208 billion.
The shares of BMW AG went down 5.77% in 2022, compared with an 8.79% loss for the DAX Automobile (CXPAX) Index.