BMW said it will invest 1-billion-euros ($1.05 billion) in its plant in Steyr, Austria, by 2030 to allow the development and production of next-generation electric powertrains starting in 2025, the automaker said in a statement.

The sum includes an investment of about $750 million in production, the automaker said. The plant will build the core components for a new e-drivetrain including the rotor, stator, transmission, inverter and the housing, on two assembly lines.

BMW as well as rivals such as Mercedes-Benz and Volvo are investing heavliy in their electric drivetrains, crucial to preserving their brand identities in the transition to electrification.

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BMW To Invest $1 Billion Into EV Powertrain Plant

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