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BMW planning major investment in Mexico, minister says

MEXICO CITY (Reuters) - German carmaker BMW is planning a new major investment in the central Mexican state of San Luis Potosi, where the company already has a plant, Mexican...
BMW planning major investment in Mexico, minister says © Reuters. FILE PHOTO: The logo of BMW is seen at the LA Auto Show in Los Angeles, California, U.S. November 20, 2019. REUTERS/Lucy Nicholson

MEXICO CITY (Reuters) - German carmaker BMW is planning a new major investment in the central Mexican state of San Luis Potosi, where the company already has a plant, Mexican Foreign Minister Marcelo Ebrard said Friday.

A day earlier, Ebrard and President Andres Manuel Lopez Obrador had said BMW was investing around 800 million euros ($866.64 million) in San Luis Potosi, without specifying whether it was a new outlay in Mexico.

"The president has asked us to speed up investments in our country," Ebrard told reporters following a diplomatic event. "He already announced a very important investment which will be made in San Luis Potosi, by BMW."

The foreign minister did not specify what the investment would go toward.

BMW, which operates three plants in Latin America, opened the billion-dollar San Luis Potosi site in 2019. It currently manufactures the 3 Series, the 2 Series Coupe and M2 models.

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

Ebrard said Lopez Obrador had discussed the investment with his German counterpart and Germany's automotive industry. German President Frank-Walter Steinmeier visited Mexico in September.

Lopez Obrador said on Thursday that he and Ebrard would travel to San Luis Potosi in February.

($1 = 0.9231 euro)

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02-03-2024 07:10:00 (UTC+7)

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 EUR/USD1.0837↑ Sell
 GBP/USD1.2655Sell
 USD/JPY150.10Buy
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 USD/CAD1.3562↑ Buy
 EUR/JPY162.73↑ Buy
 EUR/CHF0.9577↑ Buy
 Gold2,091.60↑ Sell
 Silver23.345↑ Sell
 Copper3.8590↑ Sell
 Crude Oil WTI79.81Buy
 Brent Oil83.46↑ Buy
 Natural Gas1.836↑ Buy
 US Coffee C184.13Neutral
 Euro Stoxx 504,894.05Buy
 S&P 5005,137.08↑ Buy
 DAX17,735.00↑ Sell
 FTSE 1007,682.50↑ Sell
 Hang Seng16,589.44↑ Buy
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 IBEX 3510,064.70↑ Buy
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 Bayer28.33↑ Sell
 Allianz251.80Buy
 Adidas187.00↑ Buy
 Lufthansa7.191Sell
 Siemens AG181.28Sell
 Deutsche Bank AG12.566Neutral
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