Tesla Inc (NASDAQ: TSLA) and BMW (OTC: BMWYY) are making significant progress in the electric vehicle (EV) industry while legacy automakers General Motors (NYSE: GM), Ford Motor (NYSE: F), and Stellantis N.V. (NYSE: STLA) face challenges with the United Auto Workers (UAW) strike. Tesla, known for its innovation and lack of a unionized workforce, has seen a 7% increase in its stock since September and continues to lead the EV market. Meanwhile, BMW has announced its plans for an electric version of its iconic high-performance car.
According to Reuters, Tesla is close to a manufacturing breakthrough with a die-casting technique that allows for the creation of nearly the entire underbody of an EV as a single unit. This technique significantly reduces the number of components required compared to conventional methods. If successful, Tesla could drastically shorten its EV manufacturing time from three to four years to just 18 to 24 months. This development has the potential to revolutionize the EV industry and make it even more challenging for competitors to catch up.
BMW, on the other hand, has confirmed rumors of the first electric BMW M3 sports sedan. The electric M3 will be part of BMW’s next-generation Neue Klasse platform, set to launch around 2027. The Neue Klasse platform is expected to offer a 30% increase in range, 20% faster charging, and a 25% increase in vehicle efficiency compared to current models. BMW is committed to electrifying its offerings and aims to make its Mini brand fully electric by the end of the decade. In line with this goal, BMW will be investing £600 million (approximately $743 million) into its UK manufacturing facilities, with the Oxford plant focused on EV production.
While traditional automakers face challenges with labor negotiations, Tesla and BMW are confidently moving forward in the EV industry. These developments showcase their commitment to electric mobility and push towards a sustainable future.
Sources:
– Tesla Inc (NASDAQ: TSLA)
– BMW (OTC: BMWYY)
– Reuters: https://www.reuters.com/business/autos-transportation/tesla-aims-revolutionize-ev-making-with-new-casting-method-sources-2023-10-24/
– Carsales.com.au: https://www.carsales.com.au/editorial/details/bmw-kickstarts-vision-neue-klasse-139641/