BMW shifts its focus on boosting its electric cars to increase car sales. The company signified its intent as it plans to release two new electric vehicles (EV) models for the BMW X3 SUV and the Mini Cooper within the next two to three years.
As it is, BMW earns steady EV sales from its 2013-released i3 electric car as well as several hybrid vehicles. As the EV market grows, however, BMW's realignment in strategy hardly surprises. The company said it foresees selling 100,000 i3s this year and achieving 3 million EV sales by 2020.
The projection gives the company an annual growth of 6 percent, as per . The company said it can achieve this if it puts focus on "electrification and connectivity" instead of sales volume.
It's no secret BMW plans to challenge Tesla when it comes to the EV market. An analysis from revealed a company like BMW could very well do better given that it has been developing luxury cars for decades compared to Elon Musk's empire.
In fact, in its bid to focus on EV's, BMW is also making its 4 Series GT electrified with a targeted 2019 launch. According to , this model will be the direct rival of Tesla's much-coveted Model 3.
BMW also plans to boost its own production of electronic vehicle components such as the batteries and motors. As per , automakers usually rely on third-party suppliers for its EV parts, such as General Motors and its partnership with LG for the Chevy Bolt EG.
BMW, however, wants this done in-house so that the company can hone its expertise in this emerging industry. "This decision will further strengthen our German production locations, which, with their innovation capabilities, play a leading role all across our production network," Oliver Zipse of the company's Board Management said. Learn more about BMW's shift to electric cars domination in the video below.