BMW’s i3 eyeing Tesla Motors Inc (NASDAQ:TSLA)’s Model S market space
The electric vehicle industry has been gaining ground at a steady pace and German luxury carmakers have made headway for it. What this means for Tesla Motors Inc (NASDAQ:TSLA), the Hybrid carmaker is that it will have to face competition on home-ground. BMW is headed to the American market with i3 its hybrid entrant into the EV market and Tesla will have to rev up its engines to maintain its lead.
The other players
Cadillac and Lincoln are the other luxury car makers who have launched hybrid versions of their flagship sedans. A highly-caged New York audience got a sneak-peek at the BMW i3 production-model. The photos and the rumors that leaked prior to this event showed snapshots of the car from every angle. However, there weren’t too many surprises.
The BMW i3 will cost $41,350. It will be able to travel from 80-120 miles on a fully-charged battery and 30 minutes is all it will take on a fast charger to top-up its battery charge. It is expected to be launched in 2014 spring. On the other hand TSLA’s car costs approximately $70,000 and the segment that it is caters to is different from the one that i3 will be catering to. In this respect, the latter is not a threat to Tesla.
The EV monarch
The two companies that might feel threatened though are Ford and GM and they are sure to be worried about their own EV entries. Tesla Motors Inc (NASDAQ:TSLA)’s Model S will not face any real challenge until BMW’s i8 is launched. The grapevine has it that this particular model will be in launched in the luxury car segment. It is slated to be a high-performance stunner. There is bound to be a lot of turbulence in the EV market once the i8 is launched, but till then, Tesla is king.