With the death of internal combustion-engine vehicles coming in the foreseeable future, prominent automakers have had to adapt. In fact, automakers like Nissan, Chevrolet, Ford, and BMW have already dipped their toes into the EV scene with a variety of hybrid and fully electric vehicles. German car manufacturer Bayerische Motoren Werke AG (OTC: BMWYY) (“BMW”) recently announced that it will launch an expanded line up of nine models as part of an ambitious 10-year growth plan. Two models, the new i5 and i7 saloons will headline the plan.
The new electric cars are part of the automaker’s new ‘Power of Choice’ sustainability plan, which is designed to help BMW compete against rival brands like Tesla, Audi, Mercedez-Benz, and Jaguar as well as to help the company meet targets that would allow it to further cut down the C02 output of its new models. BMW has committed to sell more than seven million plug-in hybrids and fully electric vehicles by the end of 2030 under the Power of Choice sustainability plan.
Two electric cars from the Mini brand will also be part of the 10-year plan. The BMW Group has sold more than 500,000 electric models across the BMW and Mini brands to date and it expects to double those numbers by the end of 2021 as it launches new plug-in hybrid and fully electric models. Under its ambitious plan, BMW expects to have sold at least 4.6 million fully electric vehicles as well as 2.4 million plug-in hybrids by 2030. This is an average of 460,000 EVs per year and it will be a massive jump from the 42,249 EVs sold last year.
To start chipping away at these numbers, the company recently launched the six-cylinder petrol-electric 545e xDrive. It is the fifth electrified 5 Series model and it is aimed at the fleet market. BMW is also ramping up the production of vehicles produced by its joint ventures like Spotlight Automotive which was recently established Mini and Great Wall Motors in China. The company has committed to offering plug-in hybrid variants of every existing model in its line up, and it will have to ramp up the production of EVs within the pure electric range to fulfill this commitment.
The expanded line up of nine new models will also include the recently unveiled iX3, next year’s i4 five-door coupe as well as a production version of the iNext SUV, likely to be called the iX5. Additionally, BMW has confirmed an electric version of the x1 small SUV, dubbed the iX1 to indirectly replace the i3, a new i5 and i7 based on the next-generation 5 Series and 7 Series Saloons.
Analysts say this plan announced by MBW is likely to put the pressure on other EV makers like Fisker Inc. (NYSE: SPAQ) since they could lose market share if they don’t respond appropriately.
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