BMW invests $1.7 billion in electric vehicle production in the US

BMW announced plans to invest $1.7 billion in the production of electric vehicles in the United States. The company will build

$1 billion electric car plantin Spartanburg, South Carolina, and will launch another $700 million facility in Woodruff, South Carolina. It is said to be the largest one-time investment by BMW in the history of the company. In turn, South Carolina Governor Henry McMaster stressed that BMW's capital investment is the largest one-time investment in the history of the state. BMW also intends to partner with China's China Renewable Energy, which will build a plant in South Carolina to produce batteries for electric vehicles that it will supply to BMW. This plant is expected to have an annual capacity of 30 GWh. BMW says it aims to produce at least 6 new EV models in the US by 2030.