German automaker BMW on Saturday launched a hotly anticipated electric concept car, saying the so-called “Vision Neue Klasse” represents the dawn of a new era for the company.
BMW’s latest design showcases a platform that will underpin the brand’s next generation of electric vehicles. BMW says its sixth-generation battery cells will increase charging speed and range by up to 30 percent. BMW CEO Oliver Zipse said that the BMW Vision Neu Klasse would be a vehicle that embodied all of BMW’s innovative forces on the electric, digital, and circularity sides. Zipse stated that the IAA show was to showcase the Vision Neue Klasse. It will be unveiled at the IAA in Munich in the next few days. The IAA is one of the world’s largest mobility trade fairs. The IAA show is one of the world’s largest mobility trade fairs.
BMW CEO Oliver Zipse speaks during the presentation of the new BMW “New Class” during an event ahead of the IAA motor show in Munich.
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“We believe that electromobility will be the largest growth segment in the world for the automobile industry and we want to be a leading force here,” Zipse said.
The BMW chief executive projected that battery electric vehicles will represent 15% of the carmaker’s worldwide sales by the end of 2023 and that “we will increase that further next year and the year after next. “
Frank Weber, member of the Board of Management of BMW responsible for development, said the Neue Klasse range represents a “major technological leap” for the carmaker.
‘Not afraid at all’ of Chinese EV giants
In early August, BMW said that it expected ongoing challenges from supply chain issues and stubbornly high inflation to persist over the coming months. It nevertheless lifted the annual outlook for its margin on earnings before interest and taxes in the automotive segment.
Shares of BMW are up around 13% year-to-date.
Asked about the presence of Chinese electric vehicle giants at the Munich motor show and whether he was worried about Chinese exports into Europe impacting BMW’s business, Zipse replied, “No, we are not afraid at all. “
This is a sign that Munich is attractive when global players, such as the Chinese who are the largest auto market in the World, come to Munich and show what they want. Zipse stated that the show is more than just auto. It’s a tech show and an innovation show. It’s obvious from my words that I am more excited and not at all afraid. I think it’s good that our show attracts so much competition. That’s super. “