BMW AG is building its first factory in Europe in nearly two decades, strengthening its footprint close to home as growing protectionism adds to the cost of shipping cars around the globe.
The carmaker is investing 1 billion euros ($1.17 billion) in a new production plant in Hungary to produce 150,000 vehicles annually, according to a statement Tuesday. It’ll be BMW’s first new carmaking facility since 2000 in the region, when it built a site in Germany, a spokesman said.
