CITYAM – The German Job
City AM says Hundreds of jobs could be created from a £500m investment in Oxford by BMW, as it looks build electric models of its Mini in Britain.
The German car-maker is reportedly preparing to unveil a major injection of cash – including £75m of government-approved funding – as first reported by Sky News’ Mark Kleinman.
The investment of around £500m includes funding from the government’s Automotive Transformation Fund, backed by Jeremy Hunt, and seeks to jump-start Britain’s car production industry.
This comes after car production in Britain fell slightly in January as thousands continued the shift towards electric vehicles which experienced a near 50 per cent increase. This comes after UK car production fell to its lowest level since 1956 in 2021.
Sky News reported that it was not clear how the proposed investment would be used or how many jobs would be created at the Oxford site.
Read the full story here