BMW unveiled its Vision Neue Klasse electric vehicle at the IAA motor show in Munich, Germany, marking its entry into the electric vehicle market. The move is part of BMW’s effort to compete with Chinese companies and catch up with Tesla. Mercedes-Benz also showcased its Concept CLA Class, an electric vehicle with an impressive range and fast charging capabilities. Both BMW and Mercedes have developed dedicated platforms for electric vehicles, a departure from their previous approach of adapting combustion engine models. While analysts see these announcements as significant progress, Tesla still remains a strong competitor. BMW aims to double its EV sales this year and have 15% of its global sales accounted for by battery EVs by 2023. The competition in the EV market has increased, with Tesla commanding a significant market share and a price war being waged. Volkswagen also plans to release multiple all-electric models, targeting different segments of the market. In this technology-focused industry, Tesla’s vertically integrated platform and advanced features have set a high standard for other automakers to match. BMW, for example, highlighted the digital aspects of its Vision Neue Klasse EV, including a heads-up display.
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