In the United Kingdom, BMW announced Monday that it would invest £600 million ($750 million) in two new electric versions of the Mini.

In 2026, BMW will begin production of the three-door Mini Cooper and the Mini Aceman, a compact crossover, as its factories prepare to make only electric vehicles by the end of the decade.

BMW, which owns the Mini brand since 1994, received a “multimillion-pound” government investment to develop the sites, the UK’s department for business and trade announced Monday. According to a department spokesperson, commercial sensitivities prevent the department from providing specific figures.

Mini’s production will continue in Oxford, where the original classic version of the small car was born 64 years ago, thanks to the German automaker’s commitment. A strategic rethink appears to have taken place as well. BMW announced almost a year ago that all Mini production would move to China to increase efficiency.

Mini has always been aware of its history. Oxford is and remains the brand’s heart, said Stefanie Wurst, head of the Mini brand at BMW.

As part of a joint venture with Great Wall Motor, BMW will continue to build the same models in China, and expects exports to begin in 2024. Located in Leipzig, Germany, the new Mini Countryman will be manufactured.

Following reports of the new investment in the UK, BMW’s stock rose 1.3%.