BMW has confirmed its new BMW X7 SUV will be built in the U.S., the automaker said in a statement on March 28.

The BMW X7 is expected to be sold for at least $50,000. Pricing and a launch date have not been announced formally yet.

"In addition to the (BMW) X3, X5, X6 and the new X4, we are today announcing another all-new, larger X model to be manufactured exclusively at this plant for our world markets: the X7," said Dr. Norbert Reithofer, chairman of the board of management for BMW Group, said in a statement, according to a company release.

The company also announced production of the 2015 BMW X4 last week, saying in the "near future, a plug-in hybrid version of the BMW X5 will also be produced here."

The BMW X7 will compete with similar vehicles like the Audi Q7, Infiniti QX80 and Mercedes-Benz GL-Class.

The BMW X4 will make its official debut next month at the 2014 New York Auto Show.

BMW's new X4 will be sold for $45,625, including a $925 shipping fee. The vehicle will compete against similar vehicles like the 2014 Audi Q5, and Land Rover Range Rover Evoque.

BMW will invest $1 billion in its South Carolina plant, which should expand the plant's annual production capacity by at least 50 percent, or 450,000 vehicles, by 2016.

The investment will add at least 800 jobs as well, according to the automaker.

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