Main topic: BMW's progress in electric vehicle sales and investment in e-mobility.
Key points:
1. BMW's electric vehicle sales increased to 12.6% of total deliveries in the first half of 2023, up from 10% in 2022.
2. The company aims to achieve a 15% share of battery-electric sales by the end of 2023.
3. BMW is investing more than originally planned in the global ramp-up of e-mobility due to increasing demand for electric cars.
4. The automaker increased its research and development spending by nearly 19% in Q2 2023, reaching about $2 billion.
5. BMW has not set an end date for selling combustion engine vehicles, stating that there is no indication that the world is renouncing them.
6. This contrasts with other automakers like Mercedes-Benz, Ford, and GM, which have plans to phase out combustion-engine sales by 2040.
German automaker BMW has unveiled its electric concept car, the "Vision Neue Klasse," which will serve as the foundation for the brand's next generation of electric vehicles, featuring improved battery cells that enhance charging speed and range, with plans to launch the first models in 2025.
Mercedes-Benz is set to unveil the CLA EV concept sedan at IAA Mobility, featuring a range of over 466 miles and serving as the forerunner for an upcoming line of electric-first vehicles.
Mercedes-Benz unveiled an electric vehicle with a longer range than any Tesla model on the market, as the company intensifies its efforts to challenge Elon Musk and expand its presence in the luxury electric car market.
BMW and Mercedes are intensifying their efforts in the electric vehicle market, unveiling new platforms and concept cars in response to competition from Chinese automakers and Tesla, although they may still lag behind in certain aspects.
Europe's carmakers are facing a tough battle to catch up with China in the development of affordable and consumer-friendly electric vehicles, with Chinese EV makers already a generation ahead, according to industry analysts and executives at Munich's IAA mobility show.
Mercedes has unveiled concept vehicles at the IAA Mobility auto show in Munich, featuring a range of over 466 miles on a single charge, surpassing Tesla models, while BMW revealed an electric vehicle with improved range and faster charging.
Chinese electric car firms, including BYD and Xpeng, are expanding their presence in Europe and challenging traditional automakers in the EV market, capitalizing on Europe's attractive market and stringent regulations pushing towards EV adoption.
German car manufacturer BMW will invest £600 million in producing electric vehicles at its Mini plant in Oxford, securing 4,000 jobs and strengthening production lines.
European Union's ongoing subsidy investigation on China may include non-Chinese brands of electric cars, such as Tesla and BMW, due to evidence of significant distortions in the European market caused by cheaper offerings from Chinese-made products.
Germany is expected to reach a major milestone this year as electric bikes are set to outsell pedal bicycles for the first time, with e-bikes already being twice as popular as electric cars in the country and high e-bike adoption rates being seen across Europe.
Chinese EV manufacturer XPeng reinforces its commitment to global expansion by shipping 750 electric vehicles to Israel, aiming to establish a strong sales and service network in major Israeli cities and break into the growing Israeli market dominated by established brands.
