BMW plans to invest $1.7 billion in U.S. to produce electric vehicles

The company plans to build electric vehicles and batteries in the United States.

The investment will include $1 billion to prepare for the production of electric vehicles at the automaker's existing factory in South Carolina and $700 million for a new high-voltage battery-assembly facility in nearby Woodruff.

At least six fully electric models are expected to be produced in the US by the year 2030. BMW's two plug-in hybrid electric vehicles are produced at the facility that made the investment announcement. The new hybrid-electric BMW will be produced later this year.

BMW will make at least six fully electric BMW X models here by the year 2030.

A new battery cell factory will be built in South Carolina in order to supply the BMW plants.

BMW expects the Envision AESC facility to have an annual production capacity of 30 gigawatt hours.

A person who works for the company was not available for comment. The company announced plans to build a second plant in Kentucky. Nissan has a plant in Tennessee.

Four more battery cell factories will be built in Europe and China to meet BMW's demand for next- generation batteries.

The announcements are the latest in a series of billions of dollars invested in the U.S production of electric vehicles and batteries.

The Inflation Reduction Act and the United States-Mexico-Canada Agreement, formerly the North American Free Trade Agreement, are part of the guidelines that automakers are faced with. Domesticallysourced vehicle parts and materials were increased in both policies.