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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Hyundai is keeping the savings going after extending its EV deals yet again. With leases starting as low as $179 a month, the Hyundai IONIQ 5 is hard to pass up right now.
Hyundai extends IONIQ 5, IONIQ 9 lease deals
After a “breakout” month for IONIQ 5 sales in August, Hyundai looks to keep the momentum rolling. At least for another month.
The Hyundai IONIQ 5 remains a top-selling EV in the US, and might be your best bet if you’re looking to go electric.
Through its Hyundai Getaway sales event, the 2025 IONIQ 5 was listed for lease for as low as $179 per month in August. Although the deals were set to end on September 2, Hyundai has extended them until the end of the month.
The 2025 IONIQ 5, now with more range, an NACS port, and a stylish new design, can still be leased for just $179 per month.
That’s for the Standard Range SE trim with a driving range of 245 miles. The extended range IONIQ 5 SE, with up to 318 miles of range, is available from $199 per month.
You can even snag the souped-up XRT trim for under $300 a month right now. All the offers are for a 24-month lease with $3,999 due at signing.
The deals include the $7,500 EV Lease Bonus, which is also set to expire at the end of September. With the bonus, the net cap cost drops to just $24,380 (SE Standard Range RWD model).
| 2025 Hyundai IONIQ 5 Trim | EV Powertrain | Driving Range (miles) | Starting Price* | Monthly lease price September 2025 |
| IONIQ 5 SE RWD Standard Range | 168-horsepower rear motor | 245 | $42,500 | $179 |
| IONIQ 5 SE RWD | 225-horsepower rear motor | 318 | $46,550 | $199 |
| IONIQ 5 SEL RWD | 225-horsepower rear motor | 318 | $49,500 | $209 |
| IONIQ 5 Limited RWD | 225-horsepower rear motor | 318 | $54,200 | $309 |
| IONIQ 5 SE Dual Motor AWD | 320-horsepower dual motor | 290 | $50,050 | $249 |
| IONIQ 5 SEL Dual Motor AWD | 320-horsepower dual motor | 290 | $53,000 | $259 |
| IONIQ 5 XRT Dual Motor AWD | 320 horsepower dual motor | 259 | $55,400 | $359 |
| IONIQ 5 Limited Dual Motor AWD | 320-horsepower dual motor | 269 | $58,100 | $299 |
Hyundai also extended the offers for its new three-row electric SUV, the IONIQ 9. Leases for the 2026 Hyundai IONIQ 9 start at $419 per month. If you choose to finance it, Hyundai is offering a $5,000 cash bonus on all trims.
Both the 2025 IONIQ 5 and 2026 IONIQ 9 are built at Hyundai’s EV plant in Georgia, enabling them to qualify for the $7,500 federal tax credit. With the credit set to expire at the end of September, the savings will likely disappear. It will be up to the automakers to step in with significant incentives to keep lease prices as low as they are.
Want to lock in the deals before they are gone? Check the links below to find local offers on the 2025 Hyundai IONIQ 5 and 2026 IONIQ 9 in your area.
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Costco members looking for a break on car prices can tap into a new Volvo deal this fall. Members can tap into limited-time manufacturer incentives through the Costco Auto Program, a year-round auto-buying service that secures prearranged low pricing. The latest: a Certified by Volvo Limited-Time Special launched this week.
Certified by Volvo vehicles are pre-owned Volvos that must pass a rigorous test with 170+ points, have less than 80,000 miles, and receive a detailed CARFAX Vehicle History Report. They come with roadside assistance, and EVs and plug-in hybrids also include an 8-year/100,000-mile battery warranty.
Until October 31, 2025, eligible Costco members can score an exclusive bonus when buying select Certified by Volvo vehicles from model years 2022 through 2025.5. Gold Star and Business Members get $1,000 off, and Executive Members get $1,250 off. The offer applies to hybrids, plug-in hybrids, and BEVs. What makes this deal sweet is that the Costco perk stacks with any other manufacturer incentives you qualify for.
Among the vehicles on the eligible list: The Volvo EX30, the EX90, the XC90*, the most requested premium midsize SUV among Costco members last year, and the Volvo C40 EV, which also topped requests in the premium electric compact SUV category.
To cash in on the offer, Costco members must register online for a certificate, then bring it to a Volvo dealership where they present it at the time of purchase. Full details are on the Certified by Volvo Limited-Time Special page.
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The GV90 is set to arrive as the most luxurious Genesis vehicle to date. With its debut approaching, Genesis is showcasing the ultra-luxe SUV at its new flagship brand space.
Genesis opens new brand space based on the GV90
Although it’s not yet in production form, Genesis is still showcasing its stunning new full-size electric SUV. The Neolun concept, unveiled last March at the New York Auto Show, will soon arrive as the brand’s new flagship model.
When Genesis launches the GV90, expected in mid-2026, it will become the brand’s largest and most luxurious electric vehicle yet.
According to Genesis, the GV90 is “an ultra-luxe, state-of-the-art SUV” that will take the luxury brand to the next level. We’ve seen camouflaged prototypes out testing a few times, revealing advanced new features and luxury design elements, such as coach doors, adaptive air suspension, and more.
The GV90, or Neolun concept (for now, at least), is the centerpiece of the company’s new “Night in Motion” space, which Genesis opened on Thursday.
Based on the Neolun concept, the new exhibition is “the starting point of the Genesis brand’s spatial philosophy.” It’s designed to showcase the brand’s latest design and the beauty of Korean aesthetics.
Genesis is expected to launch the GV90 in mid-2026, but we could see an official debut before the end of the year.
We will learn prices, range, and other specs soon, but the GV90 is expected to debut on Hyundai’s new eM platform. Hyundai claimed the new platform will “provide 50% improvement in driving range” compared to current EVs. It will also offer advanced Level 3 autonomous driving features.
One thing is sure: The Genesis GV90 won’t be cheap. As its largest and most luxurious SUV, the GV90 is expected to start at around $100,000. Higher trim levels could reach upwards of $120,000 or more.
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