BMW planning major investment in Mexico, minister says

MEXICO CITY (Reuters) – German automaker BMW (BMWG.

A day earlier, Ebrard and President Andrés Manuel López Obrador had said BMW was investing around €800 million ($866.64 million) in San Luis Potosi, a move that could represent new spending in Mexico. Didn’t say how.

“The president asked us to accelerate our investment in our country,” Ebrard told reporters after the diplomatic event. “He has already announced a very important investment in San Luis Potosi by BMW.

The foreign minister did not specify where the investment would be directed.

BMW, which operates three plants in Latin America, opened its $1 billion San Luis Potosi site in 2019. It currently produces 3 Series, 2 Series Coupe and M2 models.

BMW did not immediately respond to Reuters’ request for comment.

Ebrard said Lopez Obrador had discussed investments with his German counterparts and the German auto industry. German President Frank-Walter Steinmeier visited Mexico in September.

Lopez Obrador said Thursday that he and Ebrado will travel to San Luis Potosi in February.

($1 = 0.9231 Euro)

Reported by Kylie Madley.Editing by Jonathan Ortiz

Our standards: Thomson Reuters Trust Principles.

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