Not to be ousted by German rivals Mercedes-Benz (OTC:DDAIF) and Audi (OTC:AUDVF), BMW (OTC:BMWYY) unveiled its own electric SUV, the BMW iX3. Though the car won’t actually be ready for another two years, the auto manufacturer has already started taking orders.
That’s one way of staying relevant even though your product is behind.
BMW’s Electric SUV: BMW iX3
Norway seems to be the hotspot for the electric SUV and just like Mercedes and Audi (which both sold their first all-electric cars with thousands of reservations), BMW is going the hit that market with its iX3.
If you want to reserve an iX3, a deposit of $15,000 NOK or about $1,800 USD will get you “a place in the queue.”
But that’s a deposit on something that hasn’t got a price tag yet; BMW still hasn’t announced the vehicles retail cost and production won’t start until 2020.
So technically, this is still just a concept vehicle and who knows how the market will sway by the time 2020 comes around.
The iX3
The iX3 was first unveiled in April. The car has a maximum output of “over 200 kW/270 hp” and is powered by a “model-specific high-voltage battery with a net capacity of over 70 kWh” for a range of “more than 400 kilometers (249 miles) in the WLTP cycle.”
It will also take a charging rate of up to 150 kW.
Eager to rev up this market, Audi started production on their electric vehicles today so competition is definitely brewing in the EV world.
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Despite the news, BMW stock is down 1.10% at the time of writing. Who knows if this is reactionary to the fact that BMW is already taking orders. Is the company putting the cart before the horse?
And what will the future hold for electric car pioneer Tesla (NASDAQ:TSLA)? Will it really hold a candle to such strong car manufacturing genes as these German brands?
Featured Image: Deposit Photo/ BMW iX3
