Shell M&A Chief Exits After BP Takeover Proposal Rejected 
Union-Aligned Investors Question Amazon, Walmart and Alphabet on Trump Immigration Policies 
Maersk Vessel Successfully Transits Red Sea After Nearly Two Years Amid Ongoing Security Concerns 
Apple Explores India for iPhone Chip Assembly as Manufacturing Push Accelerates 
Asian Markets Rebound as Tech Rally Lifts Wall Street, Investors Brace for BOJ Rate Hike 
U.S. Stock Futures Edge Higher as Micron Earnings Boost AI Sentiment Ahead of CPI Data 
OpenAI Explores Massive Funding Round at $750 Billion Valuation 
Silver Prices Hit Record High as Safe-Haven Demand Surges Amid U.S. Economic Uncertainty 
RBA Unlikely to Cut Interest Rates in 2026 as Inflation Pressures Persist, Says Westpac 
TikTok U.S. Deal Advances as ByteDance Signs Binding Joint Venture Agreement 
Yen Near Lows as Markets Await Bank of Japan Rate Decision, Euro Slips After ECB Signals Caution 
Sanofi’s Efdoralprin Alfa Gains EMA Orphan Status for Rare Lung Disease 
Citi Appoints Ryan Ellis as Head of Markets Sales for Australia and New Zealand 
Asian Fund Managers Turn More Optimistic on Growth but Curb Equity Return Expectations: BofA Survey 
MetaX IPO Soars as China’s AI Chip Stocks Ignite Investor Frenzy 
Chinese Robotaxi Stocks Rally as Tesla Boosts Autonomous Driving Optimism 
Japan Exports to U.S. Rebound in November as Tariff Impact Eases, Boosting BOJ Rate Hike Expectations 
BMW Group is investing $1.7 billion to make electric vehicles and batteries in the United States. The German luxury carmaker headquartered in Munich, Bavaria, is shifting to EVs, and this project is a step toward reaching the goal.
BMW said on Wednesday, Oct. 19, that its new investment would include $1 billion to set up the production facility for electric vehicles at its existing Spartanburg plant located in South Carolina. It will use the remaining $700 million for building a high-voltage battery-assembly facility in Woodruff City in Spartanburg County, which is not far off.
According to CNBC, BMW is looking to build at least six fully electric vehicles in the U.S. by the year 2030. Currently, the firm’s Spartanburg facility is producing BMW X series sports utility vehicles.
Lithium-ion battery modules for the company’s two plug-in hybrid EVs are also in production here. It was reported that the building of the new BMW XM hybrid-electric model is expected to start before this year ends.
The automaker further announced that it has a deal to buy battery cells from Automotive Energy Supply Corporation (Envision AESC), a Japan-based manufacturer of lithium-ion batteries for electric vehicles and a subsidiary of Nissan Motor Co.
“For decades, Plant Spartanburg has been a cornerstone of the global success of the BMW Group. The home of the BMW X models that are so popular all over the world. Going forward, it will also be a major driver for our electrification strategy, and we will produce at least six fully electric BMW X models here by 2030,” BMW Group US’ chairman of the board of management, Oliver Zipse, said in a press release.
He further said, “In addition, we can showcase BMW Group’s ‘local for local’ principle: Our newly developed sixth generation battery cells, which were specifically designed for the next generation electric vehicles, will be sourced here in South Carolina – where X goes electric.”
Envision AESC will be constructing a new battery cell plant in South Carolina so it can easily supply the materials to BMW. Based on the report, the Japanese firm expects an annual production capacity of 30 gigawatt-hours and possibly, it may also supply its products to other automakers.
The spokesperson of Envision AESC stated that its new facility will entail a multibillion investment but did not say a specific amount. The company will reveal the exact location of the plant by the end of the year.
