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Accelerating its momentum in the electric vehicle market (EV), BMW (OTC: BAMX. F) announced on Monday that it will launch 2 five electric models, part of them all-electric, until 2023. Specific note in the ad. The revelation that the German carmaker will manufacture an all-electric edition of its five series, but did not imply when consumers can expect to see them in showrooms. Looking further into the future, BMW said that “in ten years, the purpose is to have a total of more than seven million BMW Group electrified cars on the roads, about two-thirds of them with an all-electric kinematic chain.”
The company’s resolve to expand its diversity of electric cars reflects its growing interest in sustainability. Over the next decade, for example, BMW points to general relief in carbon dioxide consistent with the vehicle at least a third. “This new strategic direction will be anchored in all divisions, from management and acquisitions to progression and production to sales,” said CEO Oliver Zipse. “We take sustainability to the next level.”
Tesla (NASDAQ: TSLA) has already faced the prospect of superior competitive pressures from personal corporations such as Lucid Motors and Fisker, as well as Nikola’s recent IPO (NASDAQ: NKLA), which is approaching production of its Tre and Two models. But the news of BMW’s plans serves as a reminder to investors that not only do new companies pose a potential risk to Tesla, but industry stalwart also intend to capture stocks in the electric vehicle market.