BMW CEO takes another swipe at Tesla, this time on quality

11.02.2020 Til Schweiger, Wolfgang Bosbach Photo ©: Jens Koch mobil: +49 178 85 17 61 0 email: web: Iban: DE55 4306 0967 1229 5889 00 BIC: GENODEM1GLS USt.Nr. DE222728105

EV maker ‘isn’t quite part of the premium segment,’ Zipse tells industry event

BMW unveiled two battery-powered models in recent weeks, the i4 sedan and iX SUV, and sales of plug-in hybrid and purely electric models nearly doubled to over 230,000 cars in the first nine months. That still pales in comparison to Tesla shipping 241,300 cars during the third quarter alone.

“Tesla isn’t quite part of the premium segment,” said Zipse. “They are growing very strongly via price reductions. We would not do that since you have got to last the distance.”

Volkswagen Group is also seeking to close the gap with a plan to double sales of fully electric cars this year and add 50 EV models by 2030.

The rapid-fire rollout of new EVs from rivals has yet to undercut Tesla.

Last month, its deal to supply cars to Hertz Global Holdings boosted its valuation above $1 trillion for the first time. CEO Elon Musk then triggered a downward slide with a plan to sell 10 percent of his holding.

Rivian Automotive raised about $11.9 billion in this year’s biggest first-time share sale, adding to investor concerns about extreme rallies in electric-vehicle stocks.

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