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March 21, 2017 - BMW Accelerating Electric Car Sales
This Is Why the Great Electrification of BMW Should Terrify Tesla By The Street
The German automaker is full steam ahead with electric cars.
Tesla (TSLA), and all makers of electric cars, take note. BMW AG aims to sell worldwide 100,000 of its electric cars, dubbed the BMW i3, this year, up from some 40,000 sold last year.
In 2016, electric vehicles accounted for 2.6% of BMW's sales, but the Munich-based auto maker expects that number to shoot up over the next decade as the electric and plug-in car markets heat up.
CEO Harald Krueger said Tuesday at an annual press conference that the company expects electrics and plug-in hybrids at BMW to account for between 15% and 25% of its sales by 2025. "This means the electrification of all BMW Group brands and model series," he said. "Our goal is sustainable mobility."
Tesla far and away dominated the electric car market in the U.S. last year, according to Clean Technica. It captured nearly a third of it with its Models S and X combined, whereas BMW's i3 ranked at 5%. The other comers were the Chevy Volt (made by General Motors (GM) ), the Ford (F) Fusion Energi and the Nissan Leaf with market shares of 17%, 11% and 10%, respectively. The Ford C-Max Energi accounted for 6% of the U.S. electric car market.
According to Kelly Blue Book, Tesla's sales from 2010 to the end of February this year tallies a 37% market share, while BMW's is 8%. Year to date as of the end of February, Tesla has sold 4,200 vehicles compared to BMW's 700.
BMW has made steady progress in the space by introducing new models. By the end of 2016, according to a company spokesman who contacted TheStreet Tuesday by email, "the company had six plug-in hybrid models on the global market, plus one model for China. The new BMW 5 Series has also been available as a plug-in hybrid version since March."
More electric cars are sold in China than anywhere else, according to Electrek: last year, the country more than doubled its fleet of electrics to over 600,000—more than that in the U.S. and all the European countries combined.
Come this summer, BMW plans to introduce its first Mini plug-in hybrid, called the Countryman. Next year, it will debut the i8 Roadster (seen below). "With our strategy, we have decided that the fully electric drivetrain will be integrated into our core brands, with an all-electric Mini in 2019, and an all-electric BMW X3 in 2020," wrote the spokesman. In addition, the company said that soon, range will no longer be a differentiating factor between electric- and fuel-based cars.
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