Next week, BAYERISCHE MOTERENWE (BAMXF) is rolling out its new, all-electric i3. This move marks BMW’s first launch into the niche market of all-electric cars, but BMW’s not going in halfway. In fact, BMW is doubling down on its venture into EVs and teaming up with U.K.-based EV charging station provider Chargemaster, in a venture to build fast charge ChargeNow stations for BAYERISCHE MOTERENWE (OTCMKTS:BAMXF)’s new i-Series. Here’s what you need to know.
BMW’s new EV
We won’t know for certain what the i3 looks like until next week, but that hasn’t dampened the considerable buzz surrounding the new EV. Built using renewable materials when possible, the i3 has a full carbon-fiber structure that lends to the i3’s overall weight of 2,634 pounds — lighter than General Motors Company (NYSE:GM)‘ Chevy Volt, Nissan Motors‘ Leaf, and Toyota Motor‘s Prius plug-in hybrid.
The standard i3 uses a 22kWh lithium-ion battery, delivers 168 horsepower and 184 pound-feet of torque, and can go 0 to 60 mph in 7.2 seconds. More pointedly, reviewers such as Edmunds and BBC’s Top Gear test-drove the i3 and raved about the way it performed. According to official European Union test procedures, the i3 can go 118 miles on pure battery in comfort mode. Moreover, BAYERISCHE MOTERENWE (OTCMKTS:BAMXF) says that in the worst conditions the i3 will go 81 miles on pure battery. If that’s not far enough, thanks to BMW’s e-drive technology, the driver has the option of putting the i3 in an “EcoPro” mode that extends the initial range to 124 miles per charge.
Still not enough range? With the purchase of the optional range extender — a 650cc two-cylinder gasoline engine that acts as a generator and doesn’t provide propulsion — the range on the i3 is almost doubled. And the best part? The i3 has a base MSRP of $41,350, making this car a serious threat to Chevy’s Volt.
More charging stations, please
Even with these impressive specs, the i3, as an EV, faces what all EVs face: range anxiety. No one wants to be stranded in the middle of nowhere, and with charging stations few and far between, that’s a real possibility. Luckily, BAYERISCHE MOTERENWE (OTCMKTS:BAMXF) is aware of this problem, and to help offset it, it’s buying an estimated 2% equity stake in Chargemaster. The exact details of the deal haven’t yet been released, but what is known is that the deal involves having both companies team up for a five-year period, to build fast-charge ChargeNow stations across the U.K., for BMW’s i-Series.