BMW CEO declares its EVs will soon be the ‘benchmark’ in charging, range, and pricing
After previewing some of the technology on its “Neue Klasse” EV platform at CES last week, BMW’s CEO Oliver Zipse is not mixing words when speaking about the German automaker’s future in the EV market. Zipse was as bold to say that BMW’s next wave of EVs will be the industry benchmark in range, charging speeds, and pricing. Forgive us if you’ve heard this one before.
It’s been over three years since BMW introduced its first full wave of EVs and ten years since the debut of its first all-electric model, the eminent (for better or worse) i3 hatchback. Following early adoption of that ultra-compact vehicle, the German automaker’s quest to go all-electric truly began with the iX3 SUV – the first of 13 EV expected to arrive by this year.
At the time, BMW was making some bold claims about the iX3 and its overall EV technology, providing more range, power, and cargo space than a majority of the other competitors on the road at the time.
As we’re sure you’re quite aware, many of those competitors have debuted benchmark technology of their own, and although BMW has continued to roll out more and more EV models like the i4 sedan and kidney bean-heavy iX, it has not yet dominated the market as planned.
Amongst German EV automakers alone, BMW’s EV sales were middle of the pack in 2022 when compared to VW Group (including Audi) and Mercedes-Benz. Nothing to scoff at, but room for improvement nonetheless.
Where BMW believes it has improved is in the EV platform technology its next wave of all-electric models will sit atop, which recently made its debut at CES inside the i Vision Dee concept seen below.
BMW’s Neue Klasse EV platform sounds promising on paper
While this first taste of BMW’s Neue Klasse (“new class”) architecture exists within a concept EV that will more than likely never see an assembly line, the capabilities it represents are ample enough to leave BMW’s CEO Oliver Zipse feeling rather emboldened. He shared the following sentiment with journalists in Las Vegas following the reveal of the i Vision Dee concept:
We will be the benchmark in terms of range, charging speed and pricing. Don’t forget pricing.
Love the confidence, but as they say, “show, don’t tell.”
A key factor in the success of this new BMW architecture will be its battery technology, an area of the EV industry the German automaker has invested heavily in, in recent years. BMW has already shared that the new platform will include new cylindrical cells that are expected to improve energy density, charging speeds, and overall range by 20-30% percent compared to its current battery tech.
This technology itself appears to be much of the reasoning behind Zipse’s “benchmark” comments, but the BMW CEO has promised other EV battery projects in the works as well. For instance, we reported in December that BMW had committed $20 million to long-time partner Solid Power to license its solid-state battery technology and implement assembly lines at its own production facilities.
Solid Power’s energy dense cells have not reached scalability or cost parity with lithium-ion cells, but BMW intends to continue development overseas alongside the Colorado-based battery developer to help reach that sought after epoch for EV battery breakthroughs.
If successful, BMW might be able to deliver on Zipse’s promising of setting the standard in key EV specifications for consumers. However, there are plenty of other competitors also invested in Solid Power and other solid-state battery developers looking to do it first – or at the very least, do it better.
The first BMW EV on the Neue Klasse platform is expected to arrive sometime in 2025 and will be a midsize sedan built in Hungary. You can watch the introduction of the i Vision Dee concept and get a preview of BMW’s upcoming EV tech in the video below:
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Another one bites the dust. Hyundai Motor has halted production of another luxury EV in the US to focus on more popular models like its best-selling Tucson SUV.
Hyundai is shifting its EV production plans in the US
The move is part of a broader shift in Hyundai’s global production network as it gears up for upcoming policy changes, including higher tariff rates and the elimination of tax credits for electric vehicles in the US.
According to a new report from Business Korea, Hyundai has already ceased production of the Genesis Electrified GV70 in the US. Industry sources claim that Hyundai halted production of the luxury EV at its manufacturing plant in Alabama in June.
The Genesis Electrified GV70 marked a milestone as it rolled off the assembly line in February 2023, becoming Hyundai’s first US-made electric vehicle.
Hyundai invested nearly $300 million to upgrade the facility and boost SUV production, including under the luxury Genesis brand. However, sales have failed to live up to expectations.
In the first seven months of the year, Hyundai built just 1,367 Genesis GV70 EVs in Alabama, 18% fewer compared to the same period last year. Last month, sales sank to a record low with just 15 models delivered.
After halting production in June, Hyundai has been just selling down inventory rather than producing new models.
With the federal EV tax credit set to expire at the end of September, Hyundai is shifting production plans in the US and globally.
The Korean auto giant is expected to lean into higher-profit SUVs and hybrids, like the Santa Fe and Tucson, to offset the extra costs. With production of the Santa Fe Hybrid surging to 6,888 last month, Hyundai could replace the electric Genesis GV70 with more popular SUVs at the facility.
Will the Genesis Electrified GV70 still be made in the US?
Hyundai is currently reviewing a few different options. For one, it could relocate the GV70 EV to its new manufacturing plant in Georgia, to be built alongside the IONIQ 5 and IONIQ 9.
The Business Korea report claims Hyundai is “seriously considering” building the luxury EV in South Korea and exporting it to the US. Although it would get hit with the added tariffs, analysts believe it could be less expensive than creating a new production line.
Hyundai will do the same with the new IONIQ 6, which is set to launch later this year. Instead, the company is expanding production of its top-selling Tucson SUV.
In response to Trump’s 25% tariff rate on imports, Hyundai is shifting all Tucson production from Kia’s plant in Mexico to Alabama.
The news comes after Hyundai already pulled one luxury EV from its US lineup, the Genesis Electrified G80, earlier this month.
As the EV tax credit deadline approaches, Hyundai is offering some of the biggest discounts in the US. After cutting lease prices again last month, the 2025 IONIQ 5 is now listed starting from just $179 per month. Hyundai’s first three-row electric SUV, the 2026 IONIQ 9, can be leased from $419 per month.
Genesis is also offering generous savings with up to $18,000 off the Electrified GV70 and $13,750 off the GV60 to move inventory.
Ready to try one out for yourself? We’re here to help you get started. You can use our links below to find Hyundai IONIQ 5 and IONIQ 9 models in your area.
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Treasury Secretary Scott Bessent on Tuesday accused India of profiteering from cheap Russian oil imports during the war in Ukraine, describing the practice as “arbitrage” and condemning it as unacceptable.
“They are just profiteering. They are reselling,” Bessent told CNBC’s “Squawk Box” in an interview. “This is what I would call the Indian arbitrage — buying cheap Russian oil, reselling it as product.”
“They’ve made $16 billion in excess profits — some of the richest families in India,” Bessent said.
India buys Russian oil at a discount due to sanctions, refines it into gasoline and diesel, and then sells the product back to regions that have sanctioned Moscow such as Europe, said Matt Smith, an oil market analyst at Kpler.
India’s imports of Russian oil have surged since the Kremlin launched its full scale invasion of Ukraine in February 2022. Prior to the invasion, India imported a miniscule amount of Russian crude.
New Delhi is now Russia’s biggest customer importing 1.5 million bpd in July, according to data from Kpler. China is the second largest buyer of Russian oil, importing about 1 million bpd last month.
President Donald Trump earlier this month ordered an additional 25% tariff on India’s exports to the U.S. to punish New Delhi for buying Russian oil. The tariffs take effect next week.
Trump is threatening what he calls “secondary tariffs” on Russian oil buyers like India to pressure the Kremlin to reach a negotiated settlement with Ukraine. So far, however, the U.S. has spared China from secondary tariffs over its imports of Russian crude.
When asked about China’s imports, Bessent suggested that Beijing’s imports were less egregious in the eyes of the Trump administration because it was also a major buyer before Russia invaded Ukraine.
But India actually started buying Russian oil in a major way at the behest of the U.S., said Bob McNally, president of Rapidan Energy and a former advisor to President George W. Bush.
The Biden administration had asked India to accept Russian oil as other countries imposed bans in order to prevent a major oil price spike after the invasion Ukraine that would result in high gasoline prices in the U.S., McNally told CNBC.
“India played a key role in the price cap sanction mechanism designed by the U.S. and its European allies to ensure Russian oil still flowed while trying to crimp the revenue Moscow earned,” McNally said.
CNBC has reached out to the Indian embassy in the U.S. for comment.
Ridgefield, Connecticut, just commissioned a sizable new solar carport at Ridgefield High School, and it’s set to pay big dividends for the town of around 7,000 residents.
The 1,038 kW system will generate around 1.3 million kilowatt-hours of clean electricity every year. That’s enough to power nearly 100 homes annually. Over the next 25 years, the installation is expected to save the school district about $1.5 million in energy costs while significantly cutting its carbon footprint.
The project was built in partnership with Davis Hill Development, the Connecticut Green Bank, and Patriot Renewable Energy Capital, with AEC Solar managing engineering, procurement, and construction. Crews pushed to finish the work on an accelerated summer schedule so it wouldn’t disrupt the school year.
Financing came through a mix of support from the Green Bank, a tax equity investment, and federal Investment Tax Credits made possible by the Biden administration’s Inflation Reduction Act, which shows how supportive federal policy can translate directly into local cost savings.
What makes the system especially interesting is how it’s wired. The carport ties into four separate town- and school-owned meters, maximizing the use of on-site solar while plugging into programs like Connecticut’s Non-Residential Renewable Energy Solutions (NRES), Zero Emission Renewable Energy Credits (ZRECs), and Class I RECs.
This isn’t Ridgefield’s first solar rodeo. The town began its sustainability push nearly a decade ago, installing rooftop solar across eight other schools and municipal buildings. The high school carport is its latest step forward.
Mariana Cardenas Trief, director of investments at the Connecticut Green Bank, said, “This is the latest of multiple solar projects that we have worked with DHD Renewables and the Town to complete, and we are proud to continue this support as they reduce their energy costs and move Connecticut closer to its clean energy goals.”
Read more: 500+ big-box rooftops are about to be covered in US-made solar
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