German car manufacturer BMW plans to invest nearly $3 billion to expand its electric vehicle production base in Shenyang, northeastern China, Reutersreports , UNN reports.
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According to the publication, as a result, BMW's total investment in the Chinese plant will be approximately more than $14 billion.
By the end of 2026, the company plans to build facilities for the production of its most popular large sedans, the Neue Klasse (New Class), with electric motors (electric vehicles) and bridge the technological gap with competitors.
This commitment not only points to our success in China over the past three decades, but also demonstrates our confidence for years to come
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It is noted that in relations with China, Germany wants to maintain and expand the presence of German business in the Chinese market and reduce risks, primarily due to Germany's overdependence on trade with China.
Recall
Meanwhile, according to The Wall Street Journal, the United States is developing sanctions that could cut off some Chinese banks from the global financial systemto force Beijing to limit exports of dual-use goods to Russia.