Employees at the BMW plant in Leipzig work on the assembly of the plug-in hybrid sports car i8. (picture alliance/dpa/archive)
The German car manufacturer BMW is setting ambitious profit targets for its electric cars. By 2025, the company would like their profitability to match or even exceed that of its vehicles with traditional combustion engines. The plan is to be implemented by 2025 or "hopefully sooner," chief financial officer Nicolas Peter told the Financial Times newspaper in comments published on Thursday.
BMW recently launched a product offensive to rev up the competition on electric cars with rivals such as Volkswagen. The Munich-based company has set the goal of rolling out 25 new electric or hybrid vehicle models between 2023 and 2025; more than half are to be battery-operated, according to BMW.
The car manufacturer expects a 30-per-cent yearly increase in the sales of electric vehicles by 2025. An increase in charging stations and the distances that the cars can cover are meant to dispel consumer doubts about their use.
Fierce competition is expected in the car industry over the profitability of electric vehicles, whose development and manufacturing is more expensive than for cars with traditional combustion engines. Electric vehicles currently represent less than 1 per cent of European car sales.
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