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BMW Sets Release Date For Unveiling Of Tesla Challenger iNext

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BMW Sets Release Date For Unveiling Of Tesla Challenger iNext

Bayerische Motoren Werke ADR (OTC: BMWYY) announced Monday it will lift the veil on the final design of its BMW iNext, an electric vehicle that is set to challenge EV pioneer Tesla Inc's (NASDAQ: TSLA) lineup.

What Happened: The German manufacturer of luxury vehicles said the unveiling of iNext will happen at 8 a.m. Nov. 11 as part of its NEXTGEN virtual event.

To access the presentation live, click here

BMW has one full electric vehicle — the i3 — in its lineup, and it was launched in 2014. The company has also planned to launch electric versions of its existing models, including the iX3.

BMW said it will also hold world premieres of the BMW Motorrad Nov. 11 and the Mini on Nov. 17.

Related Link: Nio Working On Battery That Could Nearly Double EV Range, Tees Up Overseas Expansion

Why It's Important: The iNext is being projected as BMW's answer to Tesla's Model 3.

Tesla may find it difficult to produce the Model 3 at volume at $35,000, and therefore the iNext would be a real competitor in the segment, Electrek reported, citing BMW's head of sales and marketing, Ian Robertson.

The Model Y, Tesla's latest EV model, is likely to be a closer competitor to the iNext, with the pictures of prototypes showing the latter as crossover or small SUV, Electrek said.

Related Link: Fisker Shares Rise in NYSE Debut, CEO Talks Future EV Market On CNBC

 

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