By Nathan Allen
BMW AG (BMW.XE) is speeding up plans to roll out some electric and semi-electric vehicles, the German premium auto maker said Tuesday, as competition heats up in the rapidly growing market.
The company said it expects to have 25 electrified models on the market by 2023, compared with a previous target of 2025. More than half of the vehicles will be fully electric, while the remainder will be hybrid models with a separate combustion engine, the company said.
"We expect to see a steep growth curve towards 2025: Sales of our electrified vehicles should increase by an average of 30 percent every year," BMW Chairman Harald Krueger said.
Auto makers have been investing heavily in electric models in recent years amid a regulatory clampdown on carbon-dioxide emissions and a shift away from private car ownership in favor of shared services, which rely more on electric vehicles.
Volkswagen AG has pledged to invest around 44 billion euros ($50.02 billion) between 2018 and 2023 on electric-vehicle technology, while rival Daimler AG committed to spending EUR20 billion on battery cells through to 2030.
In 2018, BMW sold 142,617 electrified vehicles, an increase of 38% on the prior year, though still a relatively small portion of the nearly 2.5 million vehicles it sold in total.
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