Mini is to focus on five ‘core’ car brands as part of a new strategy.

The car maker, which builds the iconic vehicle at the Cowley Plant, did not specify what the five models would be.

The company said it would also continue to expand into the premium compact class, such as its existing Clubman model.

BMW board of management member Peter Schwarzenbauer said: “We will open ourselves up to new ideas and new business areas.”

In the first half of 2015, 163,000 Oxford-made Minis were delivered worldwide.