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Automotive Industry
BMW plans to invest about £500m ($592m) at its factory in Oxfordm England, where it makes its Mini models, Sky News reported, citing unidentified people.
The investment will include a £75m grant from the UK government’s Automotive Transformation Fund and will secure future production at the plant, according to Sky News.
BMW declined to comment on the report but said the Oxford plant will produce the majority of next-generation Mini models.
Any new investment would mark a rare bright spot for auto manufacturing in the UK, where production slumped to a 66-year low in 2022.
Mini announced late in 2022 that it was moving production of electric Mini vehicles to China as part of its partnership with Great Wall.
“With its high degree of flexibility, competitiveness and expertise, the Oxford plant plays an important role in the BMW Group’s production network,” a BMW spokesperson said in an email.
“For the next Mini generation, Oxford will produce the majority of Mini models, the Mini Cooper three-door and five-door models, as well as the Mini Convertible — one of our most important vehicles and a worldwide bestseller. Any future production plans will be announced in due course.”