BMW is to gear up its investment in its Shenyang production base in China, pumping in another $2.76 billion, as it attempts to close the technological gap on its rivals.
The sum, which brings total investment in the plant up to some $14.51 billion, will allow for production of the Neue Klasse EV-only line, starting in 2026, it added.
“It’s a commitment that not only points to our success in China over the past three decades, but also expresses our confidence for the years ahead,” said CEO Oliver Zipse in a statement.
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The news comes just two weeks after Zipse and other business executives accompanied German Chancellor Olaf Scholz on a three-day visit to China.
Berlin is walking a tightrope on China, seeking to consolidate and even expand, in some sectors, in the world’s second largest economy, while at the same time reducing risky exposure.
German automakers turned up in full force at this week’s Beijing Auto Show, the country’s largest, as they fight to stay on top of consumer trends in their largest market, where fierce local competition has become a major headache.
- Reuters with additional editing by Sean O’Meara
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