Automobile companies BMW and Mercedes, took the wraps off electric concept cars and new platforms for their future battery-powered vehicles as part of the IAA Mobility motor show in Munich, Germany. These auto giants are ramping up their plans for the electric car market in a bid to fend off rising competition from Chinese players and also to catch up with U.S. giant Tesla.
This move by the European automakers brings them increasingly into the competitive electric vehicle market, which has been broadly dominated by Tesla and various Chinese players.
The future strategy for BMW and Mercedes in the electric vehicles (EV) industry includes:
- Launching new all-electric models
- Releasing cars at various prices to capture different segments of the market
- Focusing on value over volume in the EV industry’
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