BMW projects EVs to hit 50% of sales in 2030

Oluwanifemi Ojo
Oluwanifemi Ojo

The automaker, BMW said on Wednesday it projects over 50% of new sales to be all-electric vehicles well ahead of its 2030 target.

According to Reuters, BMW envisions a hydrogen-powered car going into production in the second half of the decade.

The company said, “By 2025, a fourth of new sales will be all-electric.” It is expected to rise to a third by 2026.

Stating his predictions, an advocate hydrogen fuel cell technology who also sees it as important as battery-powered cars, Chief Executive Oliver Zipse said he could also see a hydrogen-powered vehicle going into production by mid-decade.

Speaking to a new conferencein charge of the company’s annual results, Zipse said, “We see hydrogen-electric vehicles as a meaningful complement to e-mobility, even with something of a time lag.”

In a statement made by BMW on its progress towards the goal, it said, “The BMW iX5 Hydrogen* test vehicle, with a range of 500 km (310 miles) and an ability to refuel in three to four minutes, was being tested in various countries.”

According to report, BMW confirmed an 8.6% margin in the autos business on earnings before interest and tax of 10.6 billion euros ($11.37 billion)and cash flow of 11.1 billion euros.

Speaking about prices, BMW finance chief Nicolas Peter, who is due to retire later this year, said he “expected energy and chip supply to stabilise but still predicted significant cost burdens from logistics bottlenecks and high raw material prices.”

After years of dealing with the increasing cost of production by passing to customers, BMW hopes to keep prices stable.

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