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BMW To Invest $870 Million In Mexico To Promote EVs

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BMW To Invest $870 Million In Mexico To Promote Electric Vehicles

(CTN NEWS) – BMW announced Friday that it would invest 800 million euros ($866 million) in the central Mexican state of San Luis Potosi to develop high-voltage batteries and completely electric “Neue Klasse” vehicles.

BMW stated its current push into electric vehicles (EVs) will generate 1,000 jobs for its operations in Mexico and convert more than half of its sales to all-electric cars by 2030.

BMW said 500 million euros of the Mexico investment would go to the battery assembly center on the carmaker’s plant grounds, employing 500 more people.

It promised 500 more employment elsewhere.

BMW To Invest 870 Million In Me

REUTERS/Toya Sarno Jordan

Plant head Harald Gottsche told Reuters that the remaining 300 million euros will be used to expand the body shop and develop a battery pack manufacturing line.

“We will start building, constructing the additions and the new battery assembly at the beginning of 2024,” he stated.

The automaker has announced a $1.7 billion US investment and a 2-billion-euro EV facility in Hungary.

BMW’s first fossil-free facility is in Hungary. Gottsche said the Mexico plant was increasing solar generation and switching to biomethane from natural gas.

READ MORE: Toyota Crowned Best-Selling Automaker In 2022 For 3rd Straight Year

Carmaker BMW announces expansion at Mexican plant

A BMW car is assembled during a media tour at the plant of German automaker BMW in San Luis Potosi, Mexico, February 3, 2023. REUTERS/Toya Sarno Jordan

Gottsche stated, “We want to beat the Hungary factory.”

Manufacturers worldwide are complying with stricter environmental laws to reduce climate change.

Mexico aims to electrify 50% of its auto output by 2030.

Gottsche estimated 30% of BMW’s Mexico sales were hybrid or electric.

Gottsche remarked, “We will need considerably more renewable energy” to switch.

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Alishba Waris is an independent journalist working for CTN News. She brings a wealth of experience and a keen eye for detail to her reporting. With a knack for uncovering the truth, Waris isn't afraid to ask tough questions and hold those in power accountable. Her writing is clear, concise, and cuts through the noise, delivering the facts readers need to stay informed. Waris's dedication to ethical journalism shines through in her hard-hitting yet fair coverage of important issues.

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