BMW planning to invest $1bn to revive US production

BMWGerman luxury carmaker, BMW has said that it is planning to invest $1 billion in its plant in South Carolina in order to increase capacity and produce two of its new X-series vehicles.

The company is celebrating its 20th anniversary of building cars in the United States with the new investment. The investment will expand its production capacity and allow the company to strengthen its position in the US car market.

The automaker announced that it will establish a new production line at the plant to produce the X7, a larger SUV with three rows of seats similar to a Cadillac Escalade. BMW will also produce the X4, which a sportier version of the X3 coupe.

The company is also planning to build a plug-in hybrid version of its smaller X5 SUV. "The state of South Carolina has supported us as a valuable and reliable partner throughout our 20-year involvement in the region
- making the United States our second home," said HaraldKrger, Board of Management member for Production.

The company will spend $1 billion till 2016 at the plant.