BYMOF - BMW starts production at new $2.2B China plant to enhance EV production

Germany's BMW (OTCPK:BMWYY) has formally begun production at a new plant in China with an investment of ¥15B ($2.24B) as it accelerates electric vehicle production - Reuters. The company's  third car assembly facility in China The Lydia plant, will increase annual output in the world's biggest auto market to 830,000 vehicles from 700,000 in 2021. The first model that will roll off the Lydia plant's production lines is the i3, a pure electric mid-sized sports sedan. The plant is designed to be capable of producing battery-powered electric cars only according to market demand on its flexible manufacturing lines. BMW sold 208,507 vehicles in China in Q1, -9.2% Y/Y. Since the start of 2022, BMW lost around 20%. The company gets hold rating from Wall Street Analyst and SA quant rating system as it is at high risk of dividend cut.

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BMW starts production at new $2.2B China plant to enhance EV production