in Britain after securing U.K. government support for a multimillion-pound investment in the company’s Oxford factory.
The government on Monday confirmed its backing for the project, which will protect 4,000 jobs. While the Department for Business and Trade didn’t specify the level of taxpayer support, British media put the figure at 75 million pounds . BMW is expected to release a statement later in the day. The move is the latest boost for the U.K. auto industry, with vehicle makers announcing plans to invest more than 6 billion pounds in Britain over the past two years. While car production jumped 36% from a year earlier in July, output remains far below pre-pandemic levels.
British Prime Minister Rishi Sunak said the BMW investment “is another shining example of how the U.K. is the best place to build cars of the future.” The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.
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