BMW to boost production of electric vehicles to roughly 20% by 2023

  • BMW to boost production of electric vehicles to roughly 20% by 2023.
  • The automaker says 8% of the cars it produced in 2020 were electric-powered.
  • BMW UK started using vehicle detection to personalise warranty ads last week.

In an interview with the German regional daily newspaper on Sunday, Augsburger Allgemeine, Chief Executive Oliver Zipse of Bayerische Motoren Werke AG (ETR: BMW) said that the luxury automaker had plans of boosting production of electric vehicles. The CEO said:

“We are significantly increasing the number of electric vehicles. Between 2021 and 2023, we will build a quarter of a million more electric cars than originally planned.”

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BMW uses vehicle detection to personalise warranty ads

BMW said that 8% of the cars that it produced in 2020 were electric-powered. By 2023, the German carmaker expects roughly 20% of its vehicles to be electric-powered. Last week, BMW UK was reported using vehicle detection technology to personalise warranty ads in a bid to get its current owners consider buying a newer model. Zipse also said on Sunday:

“15 thousand private and about 13 hundred public charging points would have to be put into operation every week as of today. Unfortunately, we are a long way from that.”

The news comes only a week after the BMW Group said that it secured the number-one spot for the 9th consecutive year in the Trendence Young Professionals Barometer in Germany. The German multinational also earned the second spot on the Trendence Graduate Barometer 2020. In the league of young IT talents and engineering category, BMW stood sixth and fourth, respectively.

BMW reported a 10% annualised growth in Q3 profit

In a report published in November, BMW said that its profit in the fiscal third quarter came in 10% higher to £2.21 billion. The carmaker attributed the increase primarily to an 8.6% year over year growth in sales of luxury cars.

BMW opened close to 2% up on Monday but lost almost the entire gain in the next few hours. At £66.80 per share, the automaker’s shares, that you can learn to buy online here, are now trading at nearly the same level at which they started the year 2020. In mid-March, the stock had tumbled to as low as £34 per share when the ongoing COVID-19 crisis pushed production to a near halt and weighed on demand.

BMW performed only slightly upbeat in the stock market last year with an annual gain of roughly 3%. At the time of writing, the German multinational luxury car manufacturer has a market value of £43 billion and a price to earnings ratio of 13.98.


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