BMW ahead of schedule with EV targets, hints at hydrogen vehicle

According to Reuters, BMW reported on 15 March that the company expected over 50% of new sales to be all-electric vehicles.

The blowup He Wr Ul V5 J So unsplash 30

This is well ahead of its 2030 target. The company also hinted that a hydrogen-powered car could be going into production in the second half of the decade.

The carmaker forecast slightly higher deliveries and an 8%-10% margin for the year, up from its 7%-9% target in 2022, but cautioned that it still expected high costs from supply chain troubles and had not factored in a deep recession in its key markets into its outlook.

BMW finance chief Nicolas Peter, who is due to retire later this year, said he expected energy and chip supply to stabilise but still predicted significant cost burdens from logistics bottlenecks and high raw material prices.

The company said it planned to keep prices stable, after years of dealing with rising costs by passing them on to customers.

The forecast chimes with a broadly cautious tone across the auto industry hoping for a stronger 2023 but still keenly aware of supply chain problems, high inflation in Europe and uncertainty over China's post-pandemic economic recovery.

Still, car makers across the board were optimistic about the growth of their battery-electric vehicle segment, with BMW predicting a fourth of new sales would be all-electric by 2025, rising to a third by 2026 - an ambitious leap from the 1-in-11 ratio seen last year.

One of the most prominent advocates among carmakers of hydrogen fuel-cell technology as a worthwhile option alongside battery-powered cars, Chief Executive Oliver Zipse said he could also envisage a hydrogen-powered vehicle going into production by mid-decade.

Key to making that happen is an expansion of the hydrogen-fuelling network, which was mainly in the hands of the heavy vehicle transport industry, development chief Frank Weber added at a press conference dedicated to the company's annual results.

"We see hydrogen-electric vehicles as a meaningful complement to e-mobility, even with something of a time lag," Zipse said.

The BMW iX5 Hydrogen test vehicle, with a range of 500 km and an ability to refuel in three to four minutes, was being tested in various countries, BMW said in a statement.

More New Energy Vehicles stories

Zero Carbon Charge wants GNU to prioritise EVs

Zero Carbon Charge wants GNU to prioritise EVs

Zero Carbon Charge calls on President Ramaphosa to announce in his Opening of Parliament Address on Thursday that the new Government of National Unity (GNU) will prioritise the transition to electric vehicles (EVs) and set out measures to do this.

  • 15 July 2024
Stellantis, CEA to pursue next-generation Battery Cell

Stellantis, CEA to pursue next-generation Battery Cell

Stellantis and CEA, one of the world’s most innovative research institutions, announced a new, five-year collaboration that targets the in-house design of next-generation battery cells for electric vehicles.

  • 9 July 2024