BMW Doubles Down on Electric Cars With 11 Models in China by 2023(Yicai Global) Dec. 9 -- BMW, a German luxury vehicle maker, intends to introduce battery electric models to almost all market segments in China by next year with a total of 11 pure electric cars on the market.
The automaker will produce the iX1 sport-utility vehicle in China in 2023, the Munich-headquartered company announced yesterday. The SUV is likely to be priced above CNY300,000 (USD43,103), posing a rival to Tesla’s Model Y.
BMW has so far launched four electric vehicle models in China, including the iX, and i4, as well as the China-made iX3 and i3. Moreover, it intends to enrich the group with the i7, a limo-like sedan.
China’s new energy vehicle market has been growing rapidly in recent years while startups and Tesla have a first-mover advantage as luxury marques and major joint venture brands have been slow in turning their offering electric.
From January to November, China's wholesale number of NEVs exceeded 5.7 million units, more than doubling from a year ago, per statistics from the China Passenger Car Association. The penetration rate of NEVs was 36.3 percent last month.
Foreign luxury brands are playing catch-up to startups. Next year, BMW, Mercedes-Benz, and Audi will release more NEVs in China as localization accelerates. BMW said recently it will invest CNY10 billion (USD1.4 billion) to expand its Shenyang plant's capacity to make batteries.
The three above-mentioned German brands, as well as Volkswagen, have formed research and development centers on autonomous driving, digitalization, and software in Beijing and Shanghai while cooperating with domestic tech firms to build local ecosystems.
BMW will deliver two million BEVs globally in 2025 and unveil models based on its new technology platform, according to its plan. By 2030, half of the automobiles that the firm sells will be BEVs as the annual figure should rise to 10 million units. Moreover, BMW’s luxury marque Rolls-Royce and the Urban Mobility series of motorcycle brand BMW Motorrad will go fully electric by 2025.
Editor: Emmi Laine, Xiao Yi
