The German car manufacturer BMW intends to spend up to €7 billion on R&D this year, according to its 2017 annual report.
R&D spending at the company will equate to up to 7 per cent of sales this year, up from 6.2 per cent in 2017, BMW said on 21 March. The news website CNBC said that this would be record R&D spending for the company, which is usually around 5 to 5.5 per cent of sales.
The increased R&D spending is part of the company’s efforts to increase its focus on electric and autonomous vehicles. A BMW campus for autonomous driving, based just outside Munich, will officially open this spring.
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