As the EV market continues to heat up with numerous major auto-manufacturers joining the ‘space race’ and unveiling electric cars that are in direct competition of Tesla, it appears that BMW has taken it a step further, announcing it will up its electric vehicle production even more.
The German manufacturer’s CEO Oliver Zipse made the announcement on Sunday, revealing that BMW will produce an additional 250,000 electric vehicles over the span of the next three years. However, despite the ambitious plans, Zipse did note that Germany still faces an uphill battle in terms of transitioning to electric vehicles. The CEO brings attention to the country’s lack of charging infrastructure which, he predicts, would need to be updated by an additional 15,000 private and at least 1,300 public chargers in order to meet the growing demand.
Indeed, the lack of necessary charging infrastructure in the face of rapidly growing demand for electric vehicles is also a hurdle that has become evident in the US. In response to the imbalance, President Elect Joe Biden has previously promised to build 500,000 new EV charging stations across the US. The recent announcement is part of his bigger plan in clean energy investments that are expected to create approximately 1 million jobs in the country.
Information for this briefing was found via Bloomberg and TechStartups. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
