China has managed to come under the radar of luxury automobile giant, BMW, as it plans to expand its EV production capacity within the country, hoping to leverage its reputation of being the world’s largest automotive manufacturer.
Following the primitive stage of this endeavor, the German automaker currently runs three manufacturing facilities in the East Asian country, which is expected to boost sales for the company in local as well as international markets in the future.
The plant, which is situated in the Northeastern city of Shenyang, will boast flexible manufacturing lines that will enable BMW to bolster its annual output from 700,000 units in 2021, to a whopping 830,000 units.
With regards to this development, the luxury car maker has confirmed that it is constantly directing its efforts towards achieving the ambitious goal of launching 13 fully electric models in China by the end of 2023.
However, despite good intentions, the company has failed to leave a mark within the EV landscape in China over the past few years, owing to a notable drop in sales of around 9.2%, while recording approximately more than 2,00,000 vehicles in sales in the first quarter of this year.
It is worth mentioning that China's EV market is majorly dominated by Tesla and other local players. Tesla is the first overseas brand to expand its operations in the country, generating revenue from not only native customers but also European clients.
Furthermore, Tesla has emerged to become the world’s largest EV maker, leaving a trail of accomplished rivals with significant heritage value vying for the crown in the rapidly evolving business landscape.
On a positive note, the growing popularity of EVs among the masses in recent times has played a crucial role in uncovering lucrative opportunities for several automakers that wish to maintain a strong presence in the post-modern economy.
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