News

BMW Has Ambitious EV Plan, Will Challenge TESLA

The rest of the automotive world continues to close in on the automaker as if the inclusion of Tesla in the S&P 500 and ARK Invest’s batshit crazy impressive fund inflows over the past couple of weeks have not been enough to make you imagine a top in Tesla.

We have now seen electric vehicles from automakers such as Hyundai, Volkswagen and Ford publicly promising “real world” opposition to Tesla, who continues to deal with quality control defects while concentrating on making fart noises with their car horns.

BMW is now tossing the hat in the ring, in a major way. The German manufacturer said this weekend that, within the next three years, it plans to produce an extra 250,000 electric vehicles.

Oliver Zipse, CEO of the company, said on Sunday: “We already have ambitions for growth plans and want to expand our market position further.”

The CEO reports that he is worried that the transition to electric cars in Germany will be slowed down by a shortage of charging facilities.

He forecast that every week, beginning now, 15,000 private and 1,300 public chargers will have to be placed into service in the region.

“We are, sadly, far from that. According to Bloomberg, the next major collaborative effort in Europe could then be to extend the charging system.

Note, in the United States, President-Elect Joe Biden has also promised 500,000 new charging stations for EVs in the United States.

This would be part of Biden’s strategy, TechStartups wrote last week, to help generate “over 1 million jobs by investing in clean energy”.

The initiative would mark a rapid expansion of EV networks in the United States, which as of March 2020 has about 78,500 charging outlets and about 25,000 charging stations. It also means that Biden would have to ask Congress to continue to approve discounts and tax credits, which have contributed to such impressive cash loss as the Buffalo plant of Tesla.

Comment here