BMW invests more than $700 million in Munich plant to produce only electric vehicles

BMW is investing $711 million to convert its main plant in Munich to produce exclusively electric vehicles from the end of 2027, reports Reuters.

For this purpose, the company will build buildings, including a new car assembly line and a body shop. The company’s 1200 employees will be retrained or relocated.

Unlike other automakers, BMW does not aim to stop producing cars with internal combustion engines. But the company is facing EU regulations that effectively ban the sale of new gasoline and diesel cars in the bloc from 2035.

In 2023, electric vehicles accounted for 15% of BMW’s sales. However, the manufacturer expects this figure to increase to a third by 2026.

Last fall, it became known that BMW was preparing the ground for a radical transformation of the electric vehicle (EV) market with its new series of BMW Neue Klasse. The new iteration aims to redefine BMW with a focus on sustainability, electrification and revolutionary design elements.