BMW talks electric vehicles, and TSLA investors are listening
Aug. 6, 2020 6:20 AM ET|About: Bayerische Motoren Werke ... (BMWYY)|By: David Jackson, SA News Editor
In its H1 2020 financial results press release, BMW ( OTCPK:BMWYY) discussed its investment in electric vehicles. Here's what it had to say:
"For the first time across the entire life cycle of its products – from the supply chain to production and through to a vehicle’s end-of-life phase, the BMW Group has set itself clear targets for reducing its CO2 emissions up to the year 2030. Over this entire period, CO2 emissions per vehicle are to be reduced significantly by at least one third by 2030 compared with 2019 levels. For instance, the CO2 emissions our vehicles generate during their lifetime are to be reduced by 40 per cent per kilometre driven. The key lever for achieving this target is a far-reaching product strategy that massively promotes the use of e-mobility. In ten years, the goal is to have a total of over seven million electrified BMW Group vehicles on the roads – some two thirds of which will be all-electric models."
"The BMW Group is already a leading maker of electrified vehicles. By the end of 2021, it will be offering five all-electric, series-produced automobiles in the form of the BMW i3*, the MINI Cooper SE*, the BMW iX3*, the BMW iNEXT and the BMW i4. The next generation of the BMW 7 Series will mark a further important milestone. The flagship model of the BMW brand will be available with four different types of drivetrain, i.e. highly efficient diesel- and petrol-driven versions, an electrified plug-in hybrid and, for the first time, an all-electric BEV model. By 2023, the BMW Group intends to have 25 electrified models on the road – half of them all-electric versions."
"In addition to the BMW 7 Series, comprehensive electrification will continue to be rolled out across the Group’s model range. Further examples of the "Power of Choice" will be the highly popular BMW X1 and BMW 5 Series, which will also be available with all four drivetrain variants going forward – all-electric, plugin hybrid, diesel and petrol. “The best vehicles in the world are sustainable. Premium quality and sustainability will be increasingly linked going forward,” said Zipse. “We are leveraging our outstanding technological expertise in both hardware and software to make our vehicles desirable and at the same time help to minimise CO2 emissions.” The BMW Group continues to work on significantly reducing the CO2 emissions generated by its current fleet of new vehicles and is again this year set to meet the stipulated CO2 fleet target for new vehicles registered in Europe in 2020. The figure is around 20% below the requirement stipulated for 2019. Systematic electrification of the model range is making a decisive contribution towards achieving this target."
See also BMW's earnings call presentation.
Previously: BMW beats on revenue. |
