BMW announced on Monday plans to invest as much as GBP 600 million ($750 million) in its UK plants, as it aims to make its Mini brand fully-electric by the end of the decade.
From 2026, the luxury auto maker will assemble 2 electric models at its Mini facility in Oxford – the Mini Cooper 3-door and the Mini Aceman compact crossover.
BMW production chief Milan Nedeljkovic told journalists in Oxford that the premium car maker wanted to use batteries made in Europe in the new models produced in Oxford.
However, Nedeljkovic did not clarify if those batteries would come from the United Kingdom.
The German company will produce the same two models in China as well, with vehicle exports expected to begin in 2024.
“We want auto manufacturing not just to stay in the UK, but to be the best in the world, and this is part of that story,” British business minister Kemi Badenoch said in a statement also in Oxford.
The shares of Bayerische Motoren Werke AG (BMWG) were last gaining 0.33% (EUR 0.320) to trade at EUR 96.850 in Frankfurt on Tuesday, while extending the gains from the previous two market sessions.
The luxury auto maker’s total market cap now stands at EUR 63.647 billion.
The shares of BMW AG went down 5.77% in 2022, compared with an 8.79% loss for the DAX Automobile (CXPAX) Index.
The shares have risen 16.15% so far this year.
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