German car maker, BMW today said that it will invest an additional £500 million in its UK production over the next three years and confirmed that the UK will be a production location for its next generation Mini models.
The BMW Group chairman outlined his company's plans for further investment at a meeting with the Prime Minister David Cameron at Downing Street this morning.
The investment, the majority of which will be will be used to create new production facilities and equipment at Mini Plant Oxford, will help to safeguard over 5,000 jobs in the Mini vehicle assembly plant in Oxford, the pressings plant in Swindon and the company's engine plant at Hams Hall near Birmingham.
Cameron welcomed the investment as a ''tremendous vote of confidence'':
''I welcome this major investment by BMW Group in UK manufacturing. The production and export of iconic British cars like the MINI is making a real contribution to the rebalancing of the economy that this government is determined to achieve, '' said Cameron.
''It's a tremendous vote of confidence in the skills and capabilities of the company's British workforce and in the future of UK manufacturing.