BMW will spend $1.7 billion to build EVs in the US
It plans to have six US-made EVs by 2030.
It's a big day for huge EV investments in the US. The Biden admin announced it's awarding $2.8 billion to companies developing EV battery materials earlier today, and now BMW says it'll be investing another $1.7 billion towards building electric vehicles in America. $1 billion will go towards expanding its Spartanburg, South Carolina manufacturing plant to build EVs, while the remaining $700 million is earmarked to build a high-voltage battery facility in a nearby town called Woodruff.
Plant Spartanburg, as the company calls the manufacturing facility, is the home of the company's popular "X" vehicles. Now, according to BMW's US group chairman Oliver Zipse, it's going to become the home of BMW's electrification strategy. He announced the company intends to build at least six electric BMW X vehicles by 2030, which is also when the Biden administration is aiming to make EVs half of new US car sales.
BMW also plans to build sixth-generation battery cells using technology from Envision AESC, which will build the aforementioned battery plant. The company claims the new batteries offer 20 percent more energy density than its current technology, as well as 30 percent faster charging and longer range. Additionally, they'll involve around 60 percent less CO2 emissions by using secondary minerals and renewable energy during production.
