German automaker BMW will invest 800 million euros (about US $866 million) to build an electric vehicle manufacturing plant in San Luis Potosí, President López Obrador announced Thursday.
“There is already a flow of foreign investment to North America from all over the world,” he said. “I will be with [Minister of Foreign Affairs] Ebrard in San Luis Potosí in February because BMW from Germany decided to set up its plant.”
The president would appear to be using his upcoming visit to San Luis Potosí and support of the project to demonstrate his positive attitude towards foreign investment. He has been criticized for creating a hostile foreign investment climate in Mexico.
BMW opened a billion-dollar plant in San Luis Potosí in 2019, the company’s first Mexican factory. The plant generated 4,400 new jobs and has the capacity to produce 175,000 vehicles annually.
The automaker announced its intent to produce fully electric cars in its San Luis Potosí plant in August. However, the decision was still pending.
“We are already producing plug-in hybrid cars and have applied to produce fully electric vehicles in the future,” said Harald Gottsche, president and CEO of the BMW plant in that state.
Spokesperson for the San Luis Potosí plant Elizabeth Arreguín said that the company currently has no comment but will “soon be able to share more information.”
BMW produces fully electric vehicles in three plants in Germany and two in China.
With reports from Forbes and Mexico Industry
