The BMW Group will invest more than £600m in its Mini plants in Oxford and Swindon as its electric production gains pace.
The Government, which has funded a reported £75m, said the investment would help secure 4,000 jobs at the two factories.
Leader of Oxford City Council Cllr Susan Brown said: ‘Oxford City Council is proud of our strong working relationship with BMW. This proposed investment will secure thousands of green jobs for local people, protecting the livelihood of many Oxford families.
‘It will strengthen Oxford's position as a key player in the global electric vehicle industry, benefitting small businesses in our area.’
Production at the factory in Cowley, Oxford will be ‘exclusively electric’ by 2030, the BMW Group said.
From 2026, two new electric Mini models – the Mini Cooper and Mini Aceman – will be developed at the Cowley plant.
Leader of Oxfordshire County Council Cllr Liz Leffman said: ‘An investment of this scale shows the faith being placed in Oxford to produce the latest all-electric, emission-free models of this iconic car which is synonymous with the city.
‘The future of motoring is electric, and the future of Mini manufacturing is here in Cowley, where it began in 1959. Cllr Leffman added: ‘As the sign outside the Cowley plant proudly proclaims, Oxford is “the home of Mini”. Long may that continue.’
