In order to increase the production of electric cars (EV) made in Germany, BMW AG plans to invest $1.7 billion in strengthening their brand in the United States (US).
As such, BMW AG will add $1 billion in investment at its Spartanburg, South Carolina plant, including spending $700 million on a new high-power battery installation in Woodruff.
In addition, BMW added that the Chinese energy efficiency company Envision Automotive Energy Supply Corporation (AESC) will build a battery cell plant there that can supply them with 30 GWh capacity batteries.
It is understood that the luxury car maker plans to build six BMW EV models in the United States by 2030, but it will not neglect the production of gas-powered vehicles.
This follows because EVs are subject to a special tax credit in the US that aims to prevent the use of battery components and Chinese minerals.
The BMW Group also mentioned that its new battery format will increase the energy density by more than 20 percent in order to speed up the charging process.
In the meantime, the company also announced the establishment of four additional battery cell factories in Europe and China to meet the needs of its EV output.
Even the cell factories built by the respective companies' partners will have an annual capacity of up to 20 GWh.
On record, the BMW plant in South Carolina has built more than 6 million vehicles, employs 11,000 workers and has an annual production capacity of 450,000 vehicles.
On a separate source, South Carolina awarded a $65 million grant to Spartanburg Country to support the costs needed to implement the project.
