BMW spends billions to push its next-gen EVs into Tesla territory
On the heels of announcing its record year in sales of all-electric vehicles last year, BMW says it is now investing $711 million (€650 million) to convert its main factory in Munich to exclusively produce electric vehicles by the end of 2027. It’s all part of a multibillion-dollar effort to give its next-gen Neue Klasse EVs a competitive edge against the likes of Tesla.
According to a press announcement, BMW’s Munich plant will be the first in the company’s existing production network to be transformed for all-electric cars. A new factory in Debrecen, Hungary, currently under construction, will also build only electric cars, with the upcoming Neue Klasse models planned to be built there in 2025. After completion of the Munich factory, the upcoming Neue Klasse sedan production will be moved there, as well as other next-gen models being built at BMW’s factory in China starting 2026, and its plant in Mexico from 2027.
BMW’s all-electric i4 is currently built in Munich, a plant that has been making cars since 1922. A few months ago, BMW ended ICE production in Germany, moving ICE production from the Munich factory to the UK and Austria – a big step for the legacy automaker after cranking out polluting vehicles in its home country for 60 years.
Unlike its rivals, BMW hasn’t set its own target for ending ICE production, so it may just have to fall in line with EU regulations, which bans the sale of petrol and diesel cars from 2035. BMW’s plan, however, is more about its electric and petrol cars happily coexisting, with heavy investments being poured into both (and this includes diesel engines too). Still, the automaker says it is right on target with its EV production goals, citing that all-electric vehicles made up 15% of BMW’s sales last year. It expects to sell half a million BEVs this year.
Also, BMW has been pumping a lot of money into its Neue Klasse concept, which it says promises to bridge the technology gap and catch up the brand to rivals like Tesla, reports Automotive News Europe. Last September at the IAA Munich Mobility auto show, the automaker unveiled its Vision Neue Klasse concept, which it is currently testing and fine-tuning. From 2025, we can expect to see six Neue Klasse models rolling out, including a 3 Series-sized sedan and an SUV.
BMW has high hopes for its next-gen innovation, describing it as a “benchmark in terms of range, charging speed, and pricing.” Back in September, the head of BMW Group Design said the design is “typically BMW and so progressive it looks like we skipped a model generation.” As for how much the 2025 Vision sedan will cost, it’s too early to say, but estimates predict anywhere from $35,000 to $45,000. While the sedan hopes to rival the Tesla Model 3, BMW has promised a range of vehicles to fit a range of customers, so we’ll stayed tuned.
Read more:
BMW nearly doubles its all-electric sales in 2023
BMW halts its ICE production, in Germany at least
Photo credit: BMW Group
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The US Department of Energy (DOE) today announced $1.2 billion in financing to replace Puerto Rico’s fossil fuel plants with solar and battery storage through 2032.
The DOE’s Loan Programs Office announced two conditional commitments and one loan closing to power producers in Puerto Rico. Each supports a project contracted with the Puerto Rico Electric Power Authority. The announcements include:
- The closing of a $584.5 million loan guarantee to subsidiaries of Convergent Energy to finance a 100 MW solar farm with a 55 MW (55 MWh) battery energy storage system (BESS) in the municipality of Coamo and BESS installations in the municipalities of Caguas (25MW/100MWh), Peñuelas (100MW/400MWh), and Ponce (up to 100MW/400MWh)
- A conditional commitment for a loan guarantee of up to $133.6 million to a subsidiary of Infinigen for a 32.1 MW solar farm with an integrated 14.45 MW (4.76 MWh) BESS, and a co-located standalone 50 MW (200 MWh) BESS expansion in the municipality of Yabucoa
- A conditional commitment for a loan guarantee of up to $489.4 million to a subsidiary of Pattern Energy for three stand-alone BESS in the municipalities of Arecibo (50 MW/200 MWh), and Santa Isabel (50 MW /200 MWh and 80 MW/320 MW), and a 70 MW solar farm with an integrated BESS in the municipality of Arecibo.
If all are finalized, these projects would more than double LPO’s support for utility-scale solar generation and battery energy storage in Puerto Rico.
LPO provides low-cost financing and a rigorous due diligence process, making it a valuable resource for Puerto Rico as it works to rebuild an affordable, reliable, and clean energy system. As a result of reliance on imported fuel, the persistent threat of tropical storms, and underinvested infrastructure, Puerto Ricans today face average energy costs that are twice the US average – all while consuming only one-quarter of the energy of the US per capita.
LPO’s initial loan to a power producer in Puerto Rico, Project Marahu, closed in October 2024, and when complete will add more than 200 MW of solar and up to 285 MW of stand-alone energy storage to Puerto Rico’s grid.
Through its September 2023 partial loan guarantee to Project Hestia, LPO also supports virtual power plant (VPP)-ready rooftop solar and battery storage installations in Puerto Rico. As a nationwide project, Hestia’s sponsor is committed to at least 20% of installations under Project Hestia going to homeowners in Puerto Rico.
As part of its procurement plan, Puerto Rico Electric Power Authority seeks to install 1,500 MW of battery storage and requires a minimum capacity of storage to be co-located with each utility-scale solar project. Energy storage systems currently online in Puerto Rico are being dispatched every day.
When including Marahu, LPO’s closed and conditionally committed financing supports over 100% of the capacity Puerto Rico Electric Power Authority aimed to procure under its initial request for energy storage project proposals, the first of six.
Read more: Cleantech investments to top fossil fuels for the first time in 2025
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Chevy just introduced new deals on the Equinox and Blazer EV models to make them even more affordable. With 0% interest and a new trade-in bonus, Chevy is offering over $5,000 in savings.
Chevy adds new Equinox and Blazer EV deals in January
Although the Chevy Equinox EV is already “the most affordable” EV in its class with over 315 miles range, it’s getting even cheaper.
Earlier this week, Chevy launched new deals on the 2024 Equinox and Blazer EV models. According to a note sent to dealers, viewed by CarsDirect, the electric SUVs are now available with 0% APR financing for 60 months. You can also choose from 0.9% AP for 72 months and 2.9% APR for 84 months.
This marks the best financing offer on Chevy’s newest EVs to date. The previous best rates were 0.9% APR for 60 months, 3.9% for 72 months, and 5.9% for the longer 84-month option.
On a 7-year $45,000 loan, online auto research firm CarsDirect estimates the new deals amount to around a $5,200 price cut. The lower APR rates are already offered on the Chevrolet Silverado EV pickup.
In addition, Chevy is offering a trade-in bonus of up to $3,000 on the Silverado EV and $1,000 on the electric Equinox and Blazer models. If you choose to lease, the bonus is cut in half: $1,500 for the Silverado and $500 for the electric SUVs.
Chevy’s new EV deals started on January 14 and run through March 3, 2025. The deals come as rivals like Hyundai and Ford recently launched new EV promotions.
On Thursday, Hyundai launched a new promo on the upgraded 2025 IONIQ 5, which includes monthly leases as low as $199 and a free ChargePoint home EV charger (or $400 charging credit). Meanwhile, Ford extended its “Power Promise” program earlier this month, which also includes a free home charger, among several other benefits.
The 2024 Chevy Equinox EV started at $41,900 with up to 315 miles range. Prices for the electric Chevy Blazer start at $43,690 with up to 279 miles range.
If you are ready to try out Chevy’s new electric SUVs for yourself, we’ve got you covered. You can use our links below to view offers on the Chevy Equinox, Silverado, and Blazer EV models near you.
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss non-Tesla EVs getting Supercharger access, Cybertruck sales in the spotlight, Rivian getting some money from Biden, and more.
The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:
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