German automaker BMW has unveiled a new EV concept car

  • BMW’s latest design concept shows off a platform that will underpin the brand’s next generation of electric vehicles.
  • The first electric vehicles based on the Neue Klasse – or new class – architecture are due to go into production in 2025.
  • “With the BMW Vision New Class, we put every innovative power of BMW on the electric side and the digital side, and of course, the car will be ready for the circular industry,” BMW CEO Oliver Zipes told CNBC.

German automaker BMW on Saturday unveiled a hotly anticipated electric concept car, dubbed the “Vision New Class,” marking the dawn of a new era for the company.

BMW’s latest design showcases a platform that will underpin the brand’s next-generation electric vehicles. The first electric vehicles based on the Neue Klasse – or new class – architecture are due to go into production in 2025.

The new line of electric vehicles features BMW’s sixth-generation battery cells, which the company says will improve both the charging speed and range of the Neue Klasse platform by up to 30%. As a result of these measures, BMW said overall vehicle efficiency will increase by up to 25%.

“With the BMW Vision New Class, we put every innovative power of BMW into the electric side and the digital side, and of course, the car will be ready for the circular industry,” BMW CEO Oliver Zipes told CNBC’s Arabil. Gumede.

“In two years, these cars will be on the road, and with that, collectively, we’re leading BMW into a new era of innovation and sustainability. That’s the purpose of our show at the IAA,” said Zipes.

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The Vision New Class is set to make its public debut in the coming days at the IAA Motor Show in Munich, which also happens to be BMW’s headquarters. The IAA show is one of the world’s largest mobile trade fairs.

“We believe electromobility will be the world’s biggest growth segment in the automotive industry, and we want to be a leading force here,” said Zipes.

An employee checks a car’s logo during the final inspection of a car at German carmaker BMW’s plant in Leipzig, eastern Germany, on October 20, 2022.

Ronnie Hartman | Afp | Good pictures

The BMW chief executive predicted that battery electric vehicles will represent 15% of the carmaker’s global sales by the end of 2023 and “will increase that further next year and the year after.”

Frank Weber, the member of BMW’s executive board responsible for development, said the Neue Klasse range represented a “major technological leap” for the carmaker.

In early August, BMW expected ongoing challenges from supply chain issues and stubbornly high inflation to continue in the coming months. Nevertheless, it raised its annual outlook for its margin on earnings before interest and taxes in the auto segment.

BMW shares are up 13% for the year.

Asked if he was concerned about the presence of the Chinese electric vehicle giants at the Munich Motor Show and whether Chinese exports to Europe would affect BMW’s business, Gypse replied, “No, we’re not.”

“It’s a sign of attraction that global players like the Chinese, the world’s biggest car market, come here to Munich and showcase what they want. It’s much more than auto, it’s a technology show, it’s an innovation show,” said Gibbs.

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“I think it’s really exciting to have all the Americans, the Europeans and now the Chinese here. You can already hear it in my words, I’m very excited, and I’m not scared, that’s it. It’s good that we have a show that attracts more competition. It’s super.”

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