VW And BMW Are Determined To Keep Pace With Tesla, Whatever The Cost | Carscoops carscoops
an automotive outlier with only one model and preaching a zero emissions message your average car buyer wasn’t yet ready to hear. But in 2023, those car buyers and other automakers are taking Tesla very seriously. So seriously that two of the biggest and best known,and Volkswagen, are funneling billions of dollars into electric car programs to keep pace with the American upstart.
BMW, of course, was at the vanguard of the modern EV revolution with the subcompact i3 introduced in 2013. But it never really capitalized on that head start, preferring to focus on hybrid cars rather than develop a family of EVs. Volkswagen also dipped a toe in EV watersin 2014, but it was the dieselgate scandal that followed a year later that really persuaded the Wolfsburg firm to put its might behind electric power.
Maybe it’s the lingering shame of that episode that explains why, of the two companies, it’s Volkswagen and not BMW that’s so focused on an electric future. BMW is keeping its options open, backing e-fuels to extend the life of combustion engines and developing hydrogen cars. But even still, BMW expects more than 50 percent of its new car sales to comeVW ID.
BMW revealed this week that it allocated a record €7.8 billion , or 5.5 percent of its revenue, on capital expenditure, and overall investment will grow to potentially 11 percent of revenue this year as the company prepares for the launch of the Neue Klasse generation of EVs. One of those cars was previewed by theconcept seen above, a precursor to a future 3-Series, but the first Neue Klasse car to arrive is a compact SUV in 2025.
But even that $8 bn investment is beer money compared with what VW is throwing behind its EV transformation. According to, the company has announced it will spend €180 billion over five years, with two-thirds of that cash being swallowed up by the development of electric and digital tech on cars like the new ID.2, seen below in concept form.
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