BMW CEO declares its EVs will soon be the ‘benchmark’ in charging, range, and pricing

Published

2 years ago

January 13, 2023

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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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Cybertruck backlog runs out, Model S gets stuck, GM hits a sales milestone

Published

7 hours ago

November 5, 2024

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Cybertruck backlog runs out, Model S gets stuck, GM hits a sales milestone

On today’s episode of Quick Charge, Tesla’s Cybertruck is now available in Canada – and, like in the US, there’s no waiting! Plus, we’ve got an “actually” smart summon Tesla that’s actually stuck, GM reaches a sales milestone, and we get a brand-new title sponsor!

Today’s episode is the first with our new title sponsor, BLUETTI – a leading provider of portable power stations, solar generators, and energy storage systems.

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New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonusLucid proves than an EV company can keep its promises while Xiaomi teams up with Chevrolet and Honda to prove – at least conceptually – that records are made to be broken. audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news!

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This ‘supercharger on wheels’ brings fast charging to you [update]

Published

9 hours ago

November 4, 2024

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This 'supercharger on wheels' brings fast charging to you [update]

Mobile car care company Yoshi Mobility launched a DC fast charging EV mobile unit that it likens to “a supercharger on wheels.”

November 4, 2024 update: Yoshi Mobility will only be charging EVs on the side of the road now – it announced today that it’s selling its fleet fueling operation to EZFill Holdings (Nasdaq: EZFL).

It was originally founded as a direct-to-consumer, mobile fueling business in 2016, but now it’s going to focus on mobile EV charging, virtual vehicle inspections for partners like Uber and Turo, and onsite preventative maintenance.

Bryan Frist, Yoshi Mobility’s CEO & cofounder, said, “By spinning off our fuel business and focusing all of our energy on solving hair-on-fire problems that fleet owners face, we are meeting the changing needs of enterprise customers while making the future of transportation safer, cleaner, and more sustainable.”

May 22, 2024: Yoshi Mobility saw that its existing customers needed mobile EV charging in places where infrastructure has yet to be installed, so the Nashville-based company decided to bring the mountain to Moses.

“We recognized a demand among our customers for convenient daily charging, reliable private charging networks, and proper charging infrastructure to support their fleet vehicles as they transition to electric,” said Dan Hunter, Yoshi Mobility’s chief EV officer and cofounder.

The company says its 240 kW mobile DC fast charger, which can turn “any EV” into a mobile charging unit, is the first fully electric mobile charger available. It can provide multiple charges in a single trip but doesn’t detail how they charge the DC fast charger or who manufactured it. (I asked for more details, and they replied that they won’t disclose client names or the manufacturer of its DC fast charger yet.)

Yoshi is launching its mobile charger on two GM BrightDrop Zevo 600s and will introduce additional vehicles throughout 2024. It aims for full commercialization by Q1 2025. (I wonder if the Zevo 600 ever charges itself? Yes, I asked that too.)

Yoshi Mobility says it’s already deployed its EV charging solutions to service “major OEMs, autonomous vehicle companies, and rideshare operators” across the US. Its initial customers are made up of large EV operators managing “hundreds” of light-duty vehicles requiring up to 1 megawatt of energy per day that don’t yet have grid-connected EV chargers. I’ve asked Yoshi for details of who it’s working with, and will update if they share that info.

The company says pricing is based on location and enterprise charging needs. Once under contract for service, the service will be deployed to US-based customers within 10 days.

To date, Yoshi Mobility has raised more than $60 million, with investments from GM Ventures, Bridgestone, ExxonMobil, and Y-Combinator in Silicon Valley.

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Marqeta shares plunge more than 30% on big forecast miss

Published

9 hours ago

November 4, 2024

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Marqeta shares plunge more than 30% on big forecast miss

Marqeta celebrates its initial public offering at the Nasdaq on June 9, 2021.

Source: The Nasdaq

Marqeta shares tumbled more than 30% in extended trading on Monday after the company issued weaker-than-expected guidance for the fourth quarter.

Here’s how the company did compared with Wall Street estimates, based on a survey of analysts by LSEG:

Loss per share: 6 cents adjusted vs. a loss of 5 cents expected
Revenue: $128 million vs. $128.1 million expected

While third-quarter results showed a slight disappointment on the top and bottom lines, Marqeta’s forecast for the current period was more concerning.

The payment processing firm said revenue in the fourth quarter will increase 10% to 12% from a year earlier. Analysts were looking for growth of more than 17%, according to LSEG.

Marqeta, which primarily functions as a card-issuing platform, attributed the guidance miss to “heightened scrutiny of the banking environment and specific customer program changes.” The company has been struggling for a while, and its stock is now down more than 80% from its peak in 2021, the year it went public. The stock was down 15% for the year prior to the report.

Total processing volume of $74 billion was up more than 30% from a year earlier. Net revenue and gross profit were up 18% and 24%, respectively.

Marqeta’s digital commerce business sells payment technology designed to detect potential fraud and ensure that money is properly routed. It also issues customized physical cards that look like a credit or debit card that can be used for point-of-sale purchases.

The company has been trying to break into the buy now, pay later business with a recently launched product called Marqeta Flex. The service brings BNPL from lenders such as Affirm or Klarna to any credit card wherever Mastercard and Visa are accepted.

“It’s an orchestration layer, but it’s tied to issuing and processing and disputes and chargebacks,” CEO Simon Khalaf told CNBC at Money2020 in Las Vegas last week. “So it is not actually a Wild West in BNPL. It is actually very well established. And there is a reason why a lot of people are jumping to it.”