Traffic jam:   2

BMW to invest $1.7bn in electric vehicles production in the US

19 October 2022
2 min.
BMW to invest $1.7bn in electric vehicles production in the US

Electric cars from BMW

Germany's BMW is investing $1.7bn in electric car production in the US. The head of the company, Oliver Zipse, told Reuters on Wednesday.

He said the company plans to produce at least six models of BMW electric cars in the United States by 2030.

BMW also intends to invest $1 billion to upgrade its plant in South Carolina to produce electric cars, as well as $700 million to build a high-voltage battery assembly plant. "This is the largest investment we have ever made," added the head of the company.

Earlier, BMW, as noted by the agency, also announced the construction of four additional battery plants in Europe and China. The new battery format will increase electric vehicle charging speeds by up to 30 percent, the agency claimed. It is worth noting that localising battery production in the US is important for automakers who want to claim the $7,500 per vehicle tax credit, which requires electric cars to be assembled in the US.

However, foreign carmakers have expressed concern that the new tax credits could discriminate against companies without production facilities in the US, but they have also begun taking steps to localise production in the US.

Ford said its three new battery plants will provide 129 GWh of annual production capacity. General Motors plans four new battery plants in the US with LG Chem for a total annual capacity of 140GWh, while Volkswagen aims to have six battery plants operating in Europe by 2030 for a total of 240GWh per year. Stellantis is planning a new plant in Indiana that will have an initial annual production capacity of 23 GWh. Hyundai and Honda have also announced plant plans in the US.

Worldwide battery production is expected to grow from 95.3 GWh in 2020 to 410.5 GWh in 2024, according to GlobalData, a data and analytics company.

Persons1 and Companies9 in the news

Chairman of the Board of Management (CEO) of BMW
1 place
Stellantis N.V.
1 place
Honda Motor
2 place
4 place
LG Chem
5 place
6 place
7 place
Source foto:


Rating companies
41 Mention
Dow Jones
37 Mention
23 Mention
Bloomberg L.P.
21 Mention
21 Mention
20 Mention
JP Morgan Chase
18 Mention
15 Mention


News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director
Died this year
Born this year