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BMW plans $1.7 billion investment in US electric vehicle production

BMW Group plans to invest $1.7 billion in its US operations to build electric vehicles and batteries. $1 billion is earmarked for the automaker’s existing factory in Spartanburg, South Carolina, and $700 million for a new high-voltage battery-assembly facility in nearby Woodruff. 

The announcement occurred at BMW’s Spartanburg facility, where the automaker currently produces BMW “X” SUVs and lithium-ion battery modules. The plant will also make the new hybrid-electric BMW XM, expected later this year.

“Going forward, it will also be a major driver for our electrification strategy, and we will produce at least fully electric BMW X models here by 2030,” said BMW Chair Oliver Zipse in a release.

BMW intends to capitalize on the expanding EV market by releasing electric vehicles in all segments, including at least six all-EV models by 2030, a strategy shared by many automakers.

The announcement also included information on a deal with Envision AESC. This Japanese-based company will build a new battery cell factory in South Carolina to supply nearby BMW plants. That facility is expected to have an annual production capacity of 30 gigawatt-hours, and according to a spokeswoman for Envision AESC, will be a multi-billion investment. 

BMW has previously shared plans to build four additional battery cell factories in China and Europe and plans to spend $2 billion on another plant in Kentucky.

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