Saturday, July 13, 2024

BMW plans to invest $1.7 billion on two facilities in US to produce electric vehicles

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The BMW Group announced an investment of up to $1.7 billion in two electric vehicle production facilities in the United States. The two factories are targeted to build six models of electric vehicles by 2030.

The German auto giant said it plans to invest $1 billion to upgrade its existing Plant Spartanburg manufacturing facility in South Carolina. Meanwhile $700 million goes to an electric vehicle battery plant in South Carolina at nearby Woodruff.

“For decades, Plant Spartanburg has been a cornerstone of the global success of the BMW Group. The home of the BMW X models that are so popular all over the world. Going forward, it will also be a major driver for our electrification strategy, and we will produce at least six fully electric BMW X models here by 2030,” said BMW Group Chairman of the Board of Management, Oliver Zipse.

The electric vehicle battery plant in Woodruff covers 1 million square feet with an annual production capacity of up to 30GWh.

The BMW Group will partner with Envision AESC, which manufactures the newly developed round lithium-ion battery cells. The battery is specially designed for BMW’s eDrive technology with an energy density of over 30%, charging speed of up to 30%, and increased range of up to 30% as well.

BMW has already announced four additional battery cell factories will be built in Europe and China to meet its demand for next-generation battery cells.

The announcements are the latest of several recent multibillion-dollar investments in U.S production of EVs and batteries amid tightening emissions regulations and legislation to encourage domestic manufacturing.

Automakers are also facing stricter sourcing guidelines that are part of the Inflation Reduction Act and the United States-Mexico-Canada Agreement, formerly the North American Free Trade Agreement. Both policies increased requirements for domestically sourced vehicle parts and materials to avoid tariffs or qualify for financial incentives.

EVE Energy to supply BMW with large Tesla-like cylindrical battery cells

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