BMW announces €1bn investment in Austrian Steyr plant by 2030

Image: Supplied The Steyr plant in Austria is the BMW Group's largest engine building facility.

German carmaker BMW announced on Monday a €1bn (roughly R16,798,677,000) investment in its Steyr plant in Austria by 2030, where it plans to produce its next generation e-drives starting from 2025.

The site's annual capacity is set to grow to more than 600,000 units, BMW said in a statement.

The sum is set to include an investment of around €710m (roughly R11,958,806,900) in production, it added.