BMW recently announced that it will produce electric editions of its X1 SUV, and also its 5 Series sedan. The announcement comes as the German automotive company is working towards having 25 electric cars on the market by the year 2023. Both the X1 SUV and 5 Series sedan are currently available as plug-in hybrid cars, with 48-volt hybrid technology. BMW also sells those two vehicles in diesel and gas-powered iterations.
Expanding EV production to 25 available vehicles will help BMW capture more market share among eco-conscious consumers, who are also interested in luxury vehicles. The company also has a goal of having more than 7 million EVs in active use by the year 2030.
All-Electric Luxury Car Releases
BMW Will Release Electric Editions of Its X1 SUV and 5 Series
Trend Themes
1. Expanding Electric Vehicle Luxury Car Offerings - BMW's decision to produce electric editions of its popular X1 SUV and 5 Series sedan demonstrates an opportunity for other luxury automakers to expand their electric vehicle offerings and compete for eco-conscious consumers.
2. Increasing Number of Electric Vehicles on the Market - BMW's goal of having 25 electric cars on the market by 2023 highlights an opportunity for innovation in the electric vehicle industry, as more companies seek to not only reduce their carbon footprint, but also capture market share.
3. Hybrid Technology as a Bridge to All-electric Cars - BMW's existing strategy of producing plug-in hybrid versions of its X1 SUV and 5 Series sedan shows an opportunity for automakers to provide consumers with a bridge to all-electric vehicles, as they can experience an electric powertrain while still relying on traditional fuel sources.
Industry Implications
1. Luxury Automobile Manufacturing - Luxury automakers have the opportunity to capitalize on the eco-conscious consumer by offering more electric vehicle options that don't compromise on performance or luxury features.
2. Electric Vehicle Manufacturing - As more companies look to reduce their carbon footprint and capture market share in the growing electric vehicle segment, there is a clear opportunity to innovate in the manufacturing of electric vehicles and related components.
3. Renewable Energy - An increase in the number of electric vehicles on the market also presents an opportunity for innovation in renewable energy, as companies seek to find more sustainable and efficient ways to power these vehicles.