The German automaker said it would invest 600 million pounds in the project, allowing the factory to begin making two new all-electric models in 2026 before moving completely to electric vehicle production four years later.The commitment came after the U.K. government agreed to plow an undisclosed amount of taxpayer funding into the project.
"Today we are announcing the new generation of fully electric Minis are being built here in Oxford, and setting the path for the future of this site," Milan Nedeljkovic, the BMW Group board member in charge of production, said. British car production slumped 40% from 2019 through 2022 as the industry was hit by Brexit and COVID-19, as well as post-pandemic computer chip shortages and the transition to electric vehicles, according to figures from the Society of Motor Manufacturers and Traders.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »