BMW Said to Invest 3 Billion Euro in EV Lineup image

BMW will use the profit from its increased sales to make a 3-billion-euro investment in its i electric vehicle range by the end of this year.

A report published in the German newspaper Handelsblatt says that BMW will invest 3 billion euro to further develop and expand its i EV range. A BMW spokeswoman said that the figure is a little high and that she does not know how the newspaper report arrived at that number. BMW and other automakers have turned their attention towards electric vehicles trying to meet the strict emission rules in the EU, US and China.

The report says that BMW’s fleet has average emissions of 138 grams per kilometer in the European Union. The new standards set the emissions in the EU at 95 grams per kilometer, leaving automakers no choice but to build electric vehicles. BMW will launch it first model in the EV range, which will the four-seat i3 city car to reach showrooms during the fourth quarter. The next model will be the i8 plug-in hybrid sports car which will hit the market at the beginning of 2014.

Although BMW’s EVs will enter a market which hasn’t managed to reach the industry’s expectations, the German automaker is confident of success and that it will earn money with each i3 sold beginning from its launch.

Source: Autonews