Hyperdrive
BMW Boosts Electric Car Spending to Catch up With Tesla
- Automaker expects EVs to make up 20% of sales next year
- Company increases delivery outlook for 2023 to ‘solid’ growth
This article is for subscribers only.
BMW AG is stepping up spending on its electric-car rollout after the luxury-car maker’s battery-vehicle deliveries more than doubled during the first half of the year.
The level of buyer interest in EVs means BMW is “investing more than originally planned in the global ramp-up of e-mobility,” Chief Financial Officer Walter Mertl said Thursday, adding that investments in batteries for the current and next generation of EVs are “massive.”