Among Tesla’s growing list of rivals in the EV market, BMW could prove the toughest as it has decided to offer electrified versions of its entire lineup of luxury vehicles. The company has seen lackluster results with its pricey line of niche electric vehicles and thus has decided to take a more aggressive swipe at Tesla, reports MarketWatch.
Electrification of existing brands and model series
BMW CEO Harald Kruger told journalists on Tuesday that the company has planned to systematically electrify all brands and model series. Two cars from BMW, the small electric i3 car and i8 sports car, have been praised as engineering marvels, but it still needs to meet tightening emissions standards.
Electrifying more popular mainstream models, including crossover sports utility vehicles, might help, says MarketWatch. This year has been bad for BMW in the U.S. due to sluggish sales. Kruger was in America to be part of the company’s centennial celebration.
Chris Hohn the founder and manager of TCI Fund Management was the star speaker at this year's London Value Investor Conference, which took place on May 19th. The investor has earned himself a reputation for being one of the world's most successful hedge fund managers over the past few decades. TCI, which stands for The Read More
“It’s only possible to achieve this one in the next phase by building on the previous steps,” he said.
Kruger, who spent last year bolstering the company’s tech pursuits, announced plans last month to launch an all-electric Mini brand vehicle in 2019, followed by an electric version of BMW X3 sport-utility vehicle in 2020.
Regulators in Europe, China and the U.S. are demanding improved emissions, and for this reason, automakers are placing big bets on electrification. Demand for EVs is modest, but despite that, Volkswagen AG and Daimler AG have accelerated their plans.
Tesla phases out entry-level Model X
Tesla has scrapped the lower-cost Model X 60D. Now the Model X 75D is the cheapest version, with a starting price of $86,700. The battery pack capacity determines the prices of the Model X, for example, $96,700 for the 90D and $136,700 for the top-of-the-line P100D.
Why Tesla phased out the Model X 60D is not known, but speculations are that it wanted to cut the variety of offerings ahead of the mystery announcement scheduled for October 17. Or it could be as simple as a matter of supply and demand, notes Digital Trends
The Model X had a horrible start. The signature falcon-wing doors had issues from the beginning, and this prompted CEO Elon Musk to admit to an error of hubris. Musk agreed that it happened because he tried to pack too many new features into the Model X.