Benzinga - by Shivani Kumaresan, Benzinga Staff Writer.
BMW chief executive Oliver Zipse says the German automotive manufacturer is aiming to surpass the delivery of 500,000 electric vehicles (EVs) in 2024.
What Happened: Zipse emphasized in an interview with Reuters that this target reflects a substantial double-digit growth for Bayerische Motoren Werke AG (OTC: BMWYY).
He also mentioned that the recent termination of a state-funded scheme for EVs in Germany will not deter the company's global plans, reported Reuters.
This target of delivering over half a million electric vehicles in a single year highlights the company's efforts in responding to the growing demand for eco-friendly transportation options and its competition with other automotive giants in the electric vehicle market.
Why It Matters: BMW isn't the only German carmaker focusing on EVs.
Volkswagen AG (OTCPK: VWAGY) recently announced that it will cease selling combustion engine cars in Europe by 2035.
With increasing environmental concerns and technological advancements, major automakers are shifting their focus toward electric and hybrid models.
BMW recently announced a partnership with Mercedes-Benz Group China Ltd (OTC: MBGAF) to set up a 50:50 joint venture in China to manage a high-speed charging network and deliver superior charging services to their customers.
The luxury vehicle manufacturer is also planning to expand its smart charging service, ChargeForward, across the U.S.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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