SHENYANG, Sept. 24 (Xinhua) -- German carmaker BMW will invest 25 billion yuan (about 3.87 billion U.S. dollars) in Shenyang, capital of northeast China's Liaoning Province.
Oliver Zipse, chairman of the Board of Management of BMW AG, made the announcement in a video speech Friday at an economic and trade cooperation promotion event for participants of the China International Import Expo.
The new investment comes in addition to BMW's total investment of over 64 billion yuan in Shenyang since 2009, Zipse said.
Shenyang is home to one of BMW's largest production bases and a massive research and development center of the carmaker.
BMW, which has a presence in Shenyang for more than 18 years, has achieved fruitful results with its localization strategy. Its China joint venture BMW Brilliance Automotive has been the city's largest taxpayer for years. Enditem