BMW Starts Up New China Plant To Boost EV Output - Benzinga
German automaker BMW BMWYY has started production at a new $2.24 billion electric vehicle plant in Shenyang, China, as it looks to take on Tesla Inc TSLA and other fast-growing local EV rivals.
What Happened: The company confirmed on Thursday that its third car assembly factory in China, Lydia, was up and running to lift its annual output in the country to 830,000 this year from 70,000 in 2021.
“The expansion of our production footprint in China shows we are preparing for further growth in the world’s largest electric car market and are confident in China’s long-term perspectives,” said Jochen Goller, President & CEO of the BMW Group Region China.
“We are stepping up our e-mobility efforts, aiming for more than a quarter of our sales in China to be …
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