After years of uncertainty surrounding Brexit, BMW (BMWG.DE) announced on Monday that it will invest 750 million pounds ($600 million) at its UK plants to make its iconic Mini brand all-electric by 2030.
The Mini Cooper 3-door and the Mini Aceman, a compact crossover, will be the two electric models that the German premium carmaker will produce at its Mini plant in Oxford beginning in 2026. As of 2030, the plant will only produce electric vehicles.
China will also produce the identical two models, and exports of those automobiles will begin in 2024.
For the purpose of making the announcement regarding the investment, British business minister Kemi Badenoch will pay a visit to the Oxford plant. The government claims that the total investment in the automotive sector has increased to more than 6 billion pounds in recent years.
“BMW’s venture is one more brilliant illustration of how the UK is the best spot to fabricate vehicles representing things to come,” English Top state leader Rishi Sunak said in a proclamation.
The carmaker said the UK government had offered help for the venture, however didn’t give subtleties.
Additionally, BMW will make investments in its Swindon, UK, manufacturing facility for Mini parts. The state of its engine plant in Hams Hall has not been disclosed by the company.
The original Mini, which was small, fast, and affordable, went on sale in 1959. Since BMW revived the brand in 2001, it has remained popular, but its future in Britain has been uncertain for years.