BMW to invest $1.4 billion in EV production in China
German automaker BMW will invest 10 billion yuan ($1.40 billion) to expand the production of electric vehicle batteries in China, according to Jochen Goller, China CEO of BMW Group.
As the largest EV manufacturer, China’s EV production amounted to 3.5 million units in 2021, an increase of 1.6 times year-over-year, with revenues from the EV market reaching approximately $102.2 billion in 2021, the highest in the Asia-Pacific region, according to data from Statista.
The investment would allow BMW to expand its production capacity to meet the growing demand for EVs in China, as it attempts to fend off Tesla and other local rivals.
China’s top EV producer, BYD realized a global EV market share of 8.8 percent in 2021, behind only Tesla and Volkswagen Group.
