BMW completes $1.7 billion investment in EV production at U.S. plants

Bayerische Motoren Werke AG

Today 16:00

    June 30 (Reuters) - BMW BMWG.DE on Tuesday announced the completion of a $1.7 billion investment in its production plants in South Carolina, gearing up for the launch of fully electric vehicle production in the country.
The German carmaker said it completed the expansion of its main plant in Spartanburg as well as the construction of a new plant in Woodruff
BMW's iX5 SUV will be its first fully electric model made in the U.S., starting from late 2026
At least five more fully electric models are scheduled to be assembled in the U.S. by 2030
The Spartanburg plant, which exports around half of its output, caters to the European SUV market and others
On June 16, the European Parliament voted to approve cutting duties on many U.S. goods imports
"The completion of our investments in Plant Spartanburg and Plant Woodruff demonstrates our confidence in the United States and reinforces South Carolina's role at the center of BMW Group's global operations," CEO Milan Nedeljkovic said     
     
     
     
     
     

 (Reporting by Simon Ferdinand Eibach and Rachel More, Editing by Linda Pasquini)
 ((SimonFerdinand.Eibach@thomsonreuters.com;))