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Benzinga
Benzinga
World
Rachit Vats

BMW Starts Up New China Plant To Take On Tesla, Nio In World's Biggest EV Market

BMW China Nasdaq electric vehicle Shenyang

German automaker BMW (OTC:BMWYY) has started production at a new $2.24 billion electric vehicle plant in Shenyang, China, as it looks to take on Tesla Inc (NASDAQ: TSLA) and other fast-growing local EV rivals. 

What Happened: The company confirmed on Thursday that its third car assembly factory in China, Lydia, was up and running to lift its annual output in the country to 830,000 this year from 70,000 in 2021.

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