BMW Launches Its First Electric Vehicle, While U.S. EV Sales Double In First Six Months Of 2013

The positive trend continues for electric vehicles.  Today, BMW unveiled its first mass-produced electric vehicle, the BMW i3, which is expected to reach U.S. markets in 2014, at a cost just over $41,000 (before incentives or federal tax credit).  For customers wanting to tackle the issue of ‘range anxiety’ – the fear of running out of electric charge – another $4,000 will get you a small gasoline-powered back-up motor.  BMW’s Chief Executive Norbert Reithofer is quoted in the Wall Street  Journal as positioning the firm for the coming decades.  In order to comply with current and anticipated regulations, Reithofer indicated “we need about 30% plug-in hybrids and battery electric vehicles for the year 2025.”

It may still be too early to predict whether the U.S. will see the 1.8 million EV’s in 2020 forecast by Pike Research.   However, it is worth noting that the current EV adoption rate exceeds that of the Toyota Prius in the first thirty months after it was introduced (over 110,000 versus 50,000).  In the years since, the Prius has become one of the most popular vehicles on American roads – last year 236,000 were sold.  The EV trend continues to pick up momentum and continues to bear watching.