Investment in China BMW decided to invest more than 1.5 billion USD in China. The aim of this investment will increase its capacity to produce Electric Vehicles (EVs) in China. […]
BMW decided to invest more than 1.5 billion USD in China. The aim of this investment will increase its capacity to produce Electric Vehicles (EVs) in China. This is because China is the most important market for the German company. In fact, more than one third of its sales came from the Chinese market in 2021.
What’s more, the company was struggling to sell its combustion engine cars in China in 2022. The number of gasoline engine vehicles’ sales in China from January to September in 2022 was about 0.6 million. This number was decreased by 12% compared to the last year. Lockdown in China and other factors affected this result. On the other hand, the number of EVs’ sales in China was increased by 65% for the same period.
BMW is planning to offer a new type of EV in China. Thus, it means that it offers 5 types of EV. there Also, the German company started operating its third assembly plant in China since June 2022. The company understands the competition in China, especially for high-end EVs, is getting tight. Therefore, new investment is a key to win the competition.
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