The leader in the luxury electric vehicle market is unsurprisingly Tesla (TSLA) -), as the company's Model Y SUV became the world's best-selling car with about 267,200 vehicles sold in the first three months of the year. The next highest worldwide overall seller of cars was Toyota, which sold 256,400 Corolla units, but that vehicle is far from a luxury vehicle.
The luxury EV market has no shortage of competitors, however, offering their latest models. Volvo (VLVLY) -) on July 25 debuted its newest and smallest SUV, the Volvo EX30, at a New York event and will begin taking orders for the vehicle in fall 2023. The Volvo EX30 will accelerate 0 to 60 mph in 3.4 seconds, have an estimated range up to 275 miles and lists a starting price at $34,950. Deliveries are expected to begin in summer 2024.
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Mercedes-Benz in a May dealer event revealed its electric GLC crossover with a range of 300 miles on a charge, which it hopes will cut into the Tesla Model Y market.
BMW EVs compete in luxury market
BMW (BMWYY) -) has an impressive line-up of electric vehicles to compete against Tesla, Mercedes, Volvo and other luxury brands. The automaker's BMW i4 sedan has a range of up to 301 miles and manufacturer's suggested retail price starts at $52,200. The BMW i5 sedan has a top range of 295 miles and starts at $66,800, while the i7 sedan had a maximum range of 318 miles and a MSRP starting at $124,200.
BMW's midsized sports utility vehicle iX has a top range of 307 miles and a starting MSRP of $87,100.
BMW isn't satisfied with its current line-up as it plans a world premiere for its Vision Neue Klasse concept of electric vehicles on Sept. 2 to honor the 60th anniversary of its original Neue Klasse product, the company's Chairman of the Board of Management Oliver Zipse said in a company quarterly statement, Aug. 3.
BMW
BMW begins production of Neue Klasse in 2025
The Munich, Germany-based automaker's chairman of the board of management said the company will begin production at its Debrecan, Hungary plant in 2025, then at its Munich plant in 2026. The company will observe the 20th anniversary of BMW Brilliance with the launch of Neue Klasse product at its plant in Shenyang, China in 2026.
"The Neue Klasse is a mega-project that spans the entire company. It is about nothing less than the future of the BMW brand, the BMW Group and our portfolio. We are in intensive preparation for this and will continue to make significant investments in relevant future technologies over the next few years," Zipse said in his statement.
BMW said in March that Neue Klasse would begin production of a sports activity vehicle and a sedan in the 3 Series, and would expand to a total of six models worldwide in the first two years of production. Specific details of the vehicles have not yet been revealed, though more information is expected on Sept. 2.
"Internally, we are working together within new organizational structures such as our tech clusters – like the one for the electric drivetrain, for example. In this way, we are able to address – in parallel and in an integrated manner – the mission-critical issues of cost efficiency and sustainability.
"It is clear to us that with innovation drivers like the Neue Klasse, we can grow as a company, both quantitatively and qualitatively. That is what counts," Zipse said.
