World News: 20:18 GMT Thursday 3rd July 2014. [Yahoo Business News Feed via SPi World News]
By Alexandra Alper MEXICO CITY (Reuters) - Luxury car maker BMW revealed a $1 billion Mexican plant investment on Thursday, becoming the latest in a line of major automakers to take advantage of the country's growing industrial base and tariff-free access to the U.S. market. BMW outlined plans to build a factory near San Luis Potosi, central Mexico, in a move that will reduce the German company's dependence on higher-cost plants at home. The plant will begin assembling unspecified models in 2019 with an initial workforce of 1,500 and annual production capacity of 150,000 vehicles, the company said. "Mexico is an ideal location for the BMW Group," production chief Harald Krueger said in a statement.
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