BMW said it is investing 1 billion euros ($1.17 bln) in a new car factory in eastern Hungary, a project that could contribute to the country’s growth and strengthen its position as a center for premium car manufacturing in the region.
It will help the carmaker expand its manufacturing capacity in Europe, where 45 percent of its cars are sold.
“Our new plant in Hungary will also be able to manufacture both combustion and electrified BMW models – all on a single production line,” Oliver Zipse, BMW AG Board Member for Production said in a statement.
BMW is joining Daimler and Audi, both of which have car plants in Hungary. Audi, which also has a big engine production plant, has just launched serial production of electric engines at its Hungarian plant, it said last week.