German automaker BMW will use $2.8 billion to modernize its factory in Shenyang in northeastern China, the agency reported. xinhua.
“The planned investments underline not only our confidence in China’s long-term economic prospects, but also our confidence in the innovative capabilities of our Chinese partners,” said BMW Chairman Oliver Zipse.
In recent years, BMW has been actively increasing its investment in China, home to the group’s largest production base in the world. Last November, the concern completed construction of the main building of a new battery factory in Shenyang. It cost approximately $1.38 billion.
BMW supplied more than 820 thousand vehicles to the Chinese market by the end of 2023.
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Source: Gazeta
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