On the heels of announcing its record year in sales of all-electric vehicles last year, BMW says it is now investing $711 million (€650 million) to convert its main factory in Munich to exclusively produce electric vehicles by the end of 2027. It’s all part of a multibillion-dollar effort to give its next-gen Neue Klasse EVs a competitive edge against the likes of Tesla.
According to a press announcement, BMW’s Munich plant will be the first in the company’s existing production network to be transformed for all-electric cars. A new factory in Debrecen, Hungary, currently under construction, will also build only electric cars, with the upcoming Neue Klasse models planned to be built there in 2025. After completion of the Munich factory, the upcoming Neue Klasse sedan production will be moved there, as well…