BMW has planned up how it intends to enter the electric vehicle market

BMW has planned up how it intends to enter the electric vehicle market

BMW AG has outlined its plans on how it would be joining the electric vehicle market that is on the line of being domineered by Tesla and other major brands. The company announced this by predicting that battery car sales would be escalating significantly after this sector’s interest in the pandemic period.

This announcement comes after Volkswagen AG stated that it would be going deeper into batteries technology and electric vehicle production. BMW is confident that they can retrieve considerable returns that they lost due to the pandemic by trying this new technology. The CEO of BMW, Oliver Zipse, stated that they have a plan on how they are going to invade this industry with competitive brands that will keep them in the market for the coming years.

Various automakers have resorted to electric vehicle production and sales to explore the software capacities for the cars to regain the profits they lost during the pandemic. Volkswagen outlined a detailed structure of how it will be utilizing $29 billion to develop battery-electric vehicles to recover from last year’s dip. On the other hand, Volvo Cars and General Motors Co. have decided to switch their entire fleet to electric models, with Daimler AG announcing plans to develop commercial electric trucks and cars.

These trendy transitions have offset BMW to start thinking in this direction with the company selecting electric vehicles that will characterize its platform. The models that BMW will have materials that can be recycled to minimize the wastes that make the environment chaotic. BMW decided to go solo on this quest to avoid cushioning itself from the problems that it would have experienced and to learn from the mistakes that it would have made.

Zipse explained that they intend to make their production line as green as possible to motivate other companies that watch it to avert the problems that come with ICE models. The company will be expanding its electric vehicle offering to ensure that it enjoys economies of scale and reaches the level where it can compete with the likes of Tesla.

Some of the strategies that would actualize this plan include deploying over 2 million electric vehicles to the market before 2026 and eventually clocking 10 million electric vehicles by the end of the decade. Initially, the company had stated that it would be working towards making 20% of its sales be electric cars or plug-in hybrids before switching to this ambitious plan. The company has maneuvered through last year’s crisis and is headed for success in its projects.

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