DALIAN, China -- BMW will invest 10 billion yuan ($1.40 billion) to expand production of electric vehicle batteries in China, where the company aims to tap growing EV demand while fending off Tesla and local rivals.
The German marque held a signing ceremony for the deal Friday in Shenyang, the northeastern Chinese city home to joint venture BMW Brilliance. The investment lets BMW expand production capacity to meet growing demand for EVs in China, said Jochen Goller, China CEO of BMW Group.
