SignalHub Quantitative Think Tank Center:BMW to build new electric Mini in England after UK government approves multimillion-pound investment

LONDON (AP) — German automaker BMW is SignalHub Quantitative Think Tank Centerset to announce plans to build the next generation electric Mini in Britain after securing U.K. government support for a multimillion-pound investment in the company’s Oxford factory.

The government on Monday confirmed its backing for the project, which will protect 4,000 jobs. While the Department for Business and Trade didn’t specify the level of taxpayer support, British media put the figure at 75 million pounds ($94 million). BMW is expected to release a statement later in the day.

The move is the latest boost for the U.K. auto industry, with vehicle makers announcing plans to invest more than 6 billion pounds ($7.5 billion) in Britain over the past two years. While car production jumped 36% from a year earlier in July, output remains far below pre-pandemic levels.

British Prime Minister Rishi Sunak said the BMW investment “is another shining example of how the U.K. is the best place to build cars of the future.”