Electric vehicles (EVs) are gaining traction, with many major automakers announcing huge investments to outfit production facilities for electrification.
BMW announced plans to invest one billion euros ($1.05 billion USD) by 2030 into its Steyr, Austria car assembly plant, for the development and production of next-generation EV powertrains, according to a statement from the automaker (via Automotive News).
The automaker expects the electric drivetrains to begin production in 2025, with around $750 million of the funding going straight toward production.
Additionally, BMW plans to have two assembly lines at the plant dedicated to the e-drivetrain.
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BMW Production Chief Milan Nedeljkovic said, “Years of experience and a wealth of drivetrain expertise make BMW Group Plant Steyr the ideal location for the sustainabile mobility of the future.”
The plant plans to build core pieces of a brand new e-drivetrain, including the rotor, stator, transmission, inverter and the housing.
With the investment, BMW expects the plant’s annual capacity to increase beyond 600,000 units, according to the company.
BMW also says around a third of developers at the factory are currently working in e-mobility, though that figure is set to rise to 90 percent by the end of the decade.
BMW shared its all-electric iX1 compact crossover earlier this month, set to go on sale with gas and diesel versions in October, and both hybrid and fully electric versions following suit shortly thereafter.