Categories Consumer, Markets

Look out Tesla, BMW unveils electric motorcycle, car concept

BMW Group takes the EV competition seriously as the company unveiled an electric motorcycle concept and its Vision M Next electric car concept this week. This is the company’s strategy to tackle Tesla (NASDAQ: TSLA) Model 3 and Volkswagen I.D. Concept on the battlefield. Building motorcycle has turned out to be history for BMW, which planned to bring out an electric motorcycle.

The company showcased its newest electric concept bike, the BMW Motorrad Vision DC Roadster. Meanwhile, consumers will be looking out for something special in the concept bike that could retain the brand image associated with BMW motorcycles apart from just performance.

Photo Courtesy: BMW

Already Harley-Davidson (NYSE: HOG), which had dominated the industry in the US with a market share of nearly 47%, has taken a leap out in bringing an electric motorcycle. However, Zero Motorcycles, which has been selling diversified electric motorcycles since 2006, still rules the market.

According to a research report from P&S Intelligence, North American electric scooters and motorcycles market is likely to reach $675.7 million by 2024 with a compound annual growth rate (CAGR) of 28.4%. The growth is driven by the emergence of electric scooter sharing fleet, government policies and incentives, development in battery technology, and low maintenance cost.

Also read: Electric motorcycles: A ride for Tesla to profitability

Also, BMW premiered the Vision M Next electric car concept with five key points including design and autonomous driving, connectivity, electrification, and services. The car will be equipped with four-cylinder gasoline-electric hybrid powertrain producing a total output of 600 horsepower or 441 kilowatts and has a top speed of 186 miles per hour along with a “Boost+” function for extra energy.

In 2018, the BMW Group sold over 2.49 million passenger vehicles and more than 165,000 motorcycles worldwide. The profit before tax in 2018 was EUR9,815 billion on revenues amounting to EUR97,480 billion. The BMW Group production network comprises 31 production and assembly facilities in 15 countries.

According to the Allied Market Research, the global electric vehicle market was valued at $118.87 billion in 2017 and is expected to reach $567.3 billion by 2025, growing at a CAGR of 22.3% from 2018 to 2025. The demand for electric vehicles is governed by an increase in demand for fuel-efficient, high-performance, and low-emission vehicles.

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips.

Most Popular

Does Unity Software (U) stock has more room to run?

Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a

PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant

PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the

Does the virus-driven boom make Electronic Arts (EA) a good investment?

With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,

One thought on “Look out Tesla, BMW unveils electric motorcycle, car concept

Leave a Reply

Your email address will not be published. Required fields are marked *

Add Comment
Loading...

Cancel
Viewing Highlight
Loading...
Highlight
Close
Top