BMW to release electric car models two years early

BMW has accelerated its electric car models, in an attempt to convince investors it is capable of catching rivals in the race to sell Battery vehicles. The company plans to release 25  fully electric of hybrid models by 2023, two years earlier than previously announced and over 50 per cent of the new vehicles will be fully electric.

BMW was one of the first global carmakers to sell a specifically designed  electric car., the I3, BMW is regarded as having lost its momentum in the technology. BMW’s main rivals Mercedes, Audi and Jaguar have all released long rang electric sport utility vehicles before the company’s IX3 model  comes to market next year in the wake of facing tough emissions targets in Europe.

BMW will also due to roll out iNext and the i4 cars in 2021. The all-electric  Mini from its UK plant goes on sale this year. BMW expects electric and hybrid sales to double by 2021 compared to 2019. BMW also unveiled a new self-driving car design yesterday and a new technology that will see its hybrid cars automatically switch to electric-only mode in cities  that have zero-emission zones.

Profit in the first quarter fell 78 per cent after it set aside  €1.4bn over a possible collusion fine.

BMW board chairman Harald Kruger said the company will double its EV sales by 2021, which will probably lead to increased investment in that part of its business.

Car manufacturers are struggling with the challenges of technological change and geopolitical upheaval.

US motoring giant Ford said it would shed 12, 000 jobs, across Europe and close five plants including its engine plant at Bridgend in Wales. Vauxhall-owner Peugeot said it would build its new Astra in the UK, but insisted the decision was conditional on the terms of Brexit and  at Russelsheim in Germany and Ellesmere Port in Cheshire. The tensions between alliance partners Renault and Nissan French President Emmanuel Macron rebuffing calls for France to lower its stake in Renault.

The car industry has been hit hard by a range of factors in recent months, including falling demand from China, a drop-off in diesel sales and electrification.

Teh Society of Motor Manufacturers and Traders CEO Mike Hawes warned that no-deal is not an option for car industry as  figures showed UK car production had dropped 15.5 per cent in May 2019.

Carmakers are also spending heavily on electric cars   £236.5bn ($300bn) in the next decade – but are not seeing much return on their investment in a sector  that has yet to take off.

Jaguar Land Rover has also cut thousands of UK jobs moving some production to the EU.