Proactive Investors - BMW, the German car manufacturer, is planning to invest around £500mln into its Oxford plant, securing future production of the iconic Mini in Britain, according to reports.
Sky News has learnt that BMW hopes to announce its decision later in the spring, with one industry insider saying that it was expected to be unveiled in several weeks' time.
Sky quoted one source confirming that roughly £75mln of the funding would be from the government's Automotive Transformation Fund, having been signed off by the chancellor, Jeremy Hunt.
Exclusive: BMW, the German car manufacturer, is close to finalising plans to invest close to £500m at its Mini plant at Cowley, Oxfordshire, guaranteeing future production there of the iconic vehicles. The funding will include £75m of government money. https://t.co/kbTcZTscdA— Mark Kleinman (@MarkKleinmanSky) March 8, 2023
Responding to an enquiry from Sky News, a BMW spokesperson said the company did not comment on "media speculation", but added: "With its high degree of flexibility, competitiveness and expertise, the Oxford plant plays an important role in the BMW Group's production network.”
"For the next Mini generation, Oxford will produce the majority of Mini models,” the spokesperson added.
BMW has said previously that its all-electric Mini models are to be produced in China as part of a partnership with Great Wall, one of the country's biggest carmakers.