With Tesla’s pre-sales for its Model 3 expected to be close to 400,000 units, it should come as no surprise that more and more competitors would look to get into the electric sedan business. The latest to join the fray is BMW.
BMW is unveiling an electric version of its 3-Series line of cars at the Munich Auto Show in September, according to German news outlet Handelsblatt Global.
The Handelsblatt article cites company sources saying that the vehicle will have a range of about 248 miles per charge, compared to Tesla Model 3’s minimum of 215 miles of range per single charge.
BMW shifted its strategy with plans for all of its current models to have an electric alternative offered, beginning with its smaller Mini brand and its X3 sports-utility vehicle, both of which are slated for production in 2019.
At $35,000, Tesla’s Model 3 is priced right around the current gas-powered BMW 3-Series, whose 320i model starts at $33,450.
BMW did not give Handelsblatt any comment and told a CNBC reporter that it “can’t comment on speculation.”
The BMW report comes right on the heels of the news that the introduction of the Tesla Model 3 in 2017 will single-handedly result in a 40% increase in US EV sales this year.
The enormous bump is based on the presumed 83,000 extra Model 3s that Teslanomics estimates will be produced in 2017. That number is based on an admittedly conservative production ramp versus the expected 6,000 cars produced per week by the end of 2017, as we previously reported.
While the BMW report is unconfirmed, it makes sense that the auto giant would want to get a slice of the ever-growing EV pie, and its entry into the space with its Mini and X3 sets the stage for the company to develop its other models into sleeker EV options to directly compete in a market as lucrative as this.