BMW Money

BMW, the German automotive giant, is making a hefty investment of $866 million with a view to producing both electric vehicles and batteries in Mexico. A significant portion of the funds, over half, will be utilized to enhance its San Luis Potosí plant. The revamp will see the inclusion of a state-of-the-art battery assembly center, a refurbished body shop, and a brand-new assembly line for on-site battery production. To accommodate the increased production, BMW will also hire an extra 1,000 employees, with half dedicated to battery production and the other half working on assembly lines.

BMW is also making strategic investments in the United States, with an ambitious goal to fully manufacture six electric vehicles there by 2030, and to take advantage of the federal tax credits that are required to be domestically sourced and produced in North America. The company intends to ramp up battery production by 2027 and commence electric vehicle production shortly thereafter, solidifying its position as a leader in the electric vehicle industry.