German automaker BMW Group announced its plans to invest an additional 20 billion yuan into its production base in Shenyang, Northeast China’s Liaoning Province on Friday.

“The new investment underlines not only our confidence in China’s long-term economic prospects but also in the innovation capabilities of our Chinese partners,” said Oliver Zipse, chairman of the board of BMW.

The new investment will support planned upgrades and expansions, which will make BMW’s Shenyang manufacturing hub ready for the production of Neue Klasse – a completely new generation of vehicle models that combines innovations in the areas of electrification, digitalization and circular economy.