Shulou(Shulou.com)11/24 Report--

Thank you, Mr. Air, a netizen of CTOnews.com, for your clue delivery! On Monday, local time, German carmaker BMW said it would invest 600 million pounds ($750 million) in British factories to fully electrify the Mini brand by 2030.

After Brexit brought years of uncertainty to the local industry, BMW's investment in British factories will give new impetus to the local auto industry.

It is reported that from 2026, BMW will produce two electric vehicles, the Mini Cooper three-door and the Mini Aceman compact crossover, at its Mini plant in Oxford, England.

Milan Nedeljkovic, BMW's production director, said that from 2030, BMW's UK plant would only produce electric cars, many of which would be exported to the global market.

Nedelkovic said in an interview in Oxford that the company wanted new models made in the UK to use European-made batteries, but did not specify whether they would come from the UK.

BMW has previously announced that it will also produce the two models in China and begin exporting them to overseas markets in 2024.

Kemi Badenoch, commerce minister, said: "We want the car industry not only to stay in the UK, but also to be the best in the world. It's part of the story."

Mr. Badnock declined to comment on what subsidies BMW will receive for its Mini production. It is reported that BMW will receive a subsidy of 75 million pounds.

BMW will also invest in a plant in Swinton, UK, that produces body parts for Mini-branded cars. In addition, Nedelkovic said of the BMW engine factory at Homs Manor in the UK that it was too early to say how it would develop.

The smaller, affordable BMW Mini was first launched in 1959. BMW has been popular with consumers since it revived its Mini brand in 2001, but the future of BMW Mini in the UK has been uncertain for years. There are fears that Brexit will prompt companies to shift capacity to other parts of the world.

At the same time, British and European carmakers have called for a delay in the implementation of post-Brexit rules of origin. According to this rule, 45 per cent of electric cars sold in the EU market must come from the UK or the EU from 2024 in order to avoid tariffs.

"there is an uproar in the EU car industry," says Mr Badnock. " 'it takes more time to build local capacity,'he said.

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