German automobile manufacturer BMW Group announced that they will invest another 20 billion yuan in their production center in Shenyang, China.
Oliver Zipse, Chairman of the Board of Directors of BMW, stated that this decision shows that the company has confidence in the Chinese economy. Last year, BMW invested 10 billion yuan in its factory in Shenyang. Currently, BMW has more than 3 R&D personnel in China.
The factory established by BMW in Shenyang to accelerate electric vehicle (EV) production started production in 2022. With the factory in Shenyang, its third production facility in China, BMW's annual vehicle production capacity in this country increased from 700 thousand to 830 thousand.