BMW (ETR:BMW) Takes Competition To Tesla, Plans New Electric Cars

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The market of electric cars is hotting up. Bayerische Motoren Werke AG (ETR:BMW), makers of the famous BMW automobiles, have revealed that they are coming out with at least two new electric cars – mini models and an electric X3 SUV.

The business has confirmed a report, saying that they will bring out an electric version of the X3 sport utility vehicle and mini models soon. This will expand their presence in the luxury electric vehicle market. In early September, the company missed the Paris auto show, as the management was charting strategy of its electric product range. With this announcement, it is now clear that BMW has been able to come to a decision.

The X3 SUV is likely to come out sometime in 2020, while the Mini will be out before that, in 2019. And according to reports, BMW might even come out with their electric X4 after that.

Carmakers Gearing Up To Launch Electric Automobiles

Tesla Motors Inc. (NASDAQ:TSLA) is, of course, the leading player in this domain, though the company is yet to report impressive financial figures. But other automobile manufacturers too, in both sides of the Atlantic, are coming in thick and fast. There are the German rivals, Volkswagen and Daimler who have plans of their own. There is Volvo, Porsche, and Audi too who all want to launch electric automobiles soon. Most of these vehicles will have a range of 200 miles.

In fact, Volkswagen recently showed off their battery-powered vehicles at the Paris show, called ID, and stated that they will launch 30 vehicles within 2025. The first version of this automobile will hit the roads in 2020.

Move Away From Fossil Fuel Automobiles

Tesla in the meantime has plans of selling 80,000 electric sedans and SUVs this year. The company earlier disclosed that they have received 400,000 reservations already for the Model 3 sedan, which is likely to come out in July 2017.

So there is clearly a demand for these vehicles and a move away from fuel-based cars.

BMW (ETR:BMW) too has their i3 city car that is powered by battery. This vehicle was launched in 2013. Its carbon fiber lightweight body has been praised, but that automobile, and also the company’s hybrid i8 have been slow to pick up, making the company lose the initiative to Tesla.

Only time will tell if BMWs electric X3 SUV and the mini models do any better.