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BMW Says It Will Electrify 50% Of Vehicles By 2030, Offers First Glimpse Of i4 EV Sedan

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BMW Says It Will Electrify 50% Of Vehicles By 2030, Offers First Glimpse Of i4 EV Sedan

Tesla, Inc.'s (NASDAQ: TSLA) list of rivals is getting bigger and stronger with the passing of each day.

German luxury carmaker Bayerische Motoren Werke ADR (Pink: BMWYY) is the most recent automaker to reaffirm its commitment to transition away from internal combustion vehicles.

BMW Three-Phase EV Plan: Outlining its electric vehicle push at its annual conference, BMW said it is driving transformation toward fully electric connected mobility in three phases.

In the first phase, the company said it focused on pioneering e-mobility venture with Project i, leveraging new technology and ultimately translating electric know-how to series production.

The second phase involved choosing the preferred type of powertrain, ranging from combustion engines to fully electric power in the same model.

The company said its BMW operating system 8, scheduled for launch in 2021, makes its vehicles a digital powerhouse, with the ability to perform over-the-air upgrades at great speed.

BMW said it expects to have at least one fully electric model on the road in around 90% of its market segments by 2023.

The fully electric models currently on the market, including BMW i3, MINI SE and BMW iX3, will be joined this year by two more models, namely BMW iX and BMW i4.

BMW also expects to launch fully electric versions of its popular BMW 5 Series and the BMW X1 in the coming years.

Related Link: Volkswagen Throws Race With Tesla Into High Gear At EV Battery Event

The third phase, according to the company, will see a gradual decline in the absolute number of ICE vehicles and a corresponding increase in EVs. Between 2025 and 2030, the company expects EVs sales to grow by an average of 20% per year.

"Based on its current market expectations, fully electric vehicles are expected to account for at least 50 percent of the BMW Group's deliveries to customers by 2030," the company said.

BMW Teases i4: At the conference, the company revealed its upcoming BMW i4.

The BMW i4 is a fully electric, four-door Gran Coupé that is scheduled to enter the market during the course of 2021, including a BMW M Performance model.

The BMW i4 model line will be available in different versions covering ranges of up to 590km based on WLTP standards and up to 300 miles based on EPA standards. The EV can accelerate from zero to 100 kilometers per hour in around 4 seconds.

"With its sporty looks, best in class driving dynamics and zero local emissions, the BMW i4 is a true BMW. It makes the heart of the BMW brand now beat fully electric," said Pieter Nota, member of the board of BMW AG.

The company said full details on the BMW i4 will be released over the next weeks.

BMYY Price Action: At last check, BMW ADRs that are traded over-the-counter were rallying 7.12% to $34.25. 

Related Link: Why Apple Car Is Likely To Follow iPhone's Playbook On Production

The BMW i4. Courtesy photo. 

 

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