BMW announced on Friday they will be investing hundreds of millions of Euros, as well as its prestige by creating a factory to mass produce battery powered cars.
Jack Ewing of the New York Times is reporting that BMW are going to invest 400 million Euros ($561 million) in to the project, which will be at a factory that already makes the Series 1 model. The company didn’t say how many of the battery powered cars it will make at the complex in Leipzig. The vehicle which is called Megacity could be made in the tens of thousands.
We have already had the likes of Nissan with the Leaf, and General Motors with its Volt to bank on customers paying a premium for cars that get their power via an electrical socket. BMW might have an advantage in this untried market, as its customers belong to a group that some believe will buy these cars for short trips and commuting.