bmw

BMW TO INVEST R4.2BILLION TO EQUIP ROSSLYN PLANT

Posted on by Gambeta News
BMW TO INVEST R4.2BILLION TO EQUIP ROSSLYN PLANT

Automotive giant, BMW, has announced that it will pour in some R4.2 billion in investment to equip its Rosslyn Plant in Tshwane to build the next generation BMW X3 hybrid plug-in vehicle. Production of the car is expected to begin in 2024 with some 300 employees at the plant to undergo specialist training. On Wednesday, at an event marking 50 years since the automotive manufacturer entered South African shores, Deputy President Paul Mashatile said the…

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BMW SA GETS US$150M LOAN FROM IFC TO BUILD THE NEW BMW X3

Posted on by Gambeta News
BMW SA GETS US$150M LOAN FROM IFC TO BUILD THE NEW BMW X3

The $150 million loan comes as South Africa “seeks new sources of economic growth after a period of slowdown, driven in part by sluggish mining and manufacturing sectors”, according to  the IFC in a statement. The auto industry tends to be  South Africa’s largest manufacturing sector. “The country suffers from unemployment estimated at 27% overall and nearly 50% among youth.” Nonetheless, local content accounts, on average, for about one-third of each vehicle produced in South…

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