BMW’s ‘timely shift’ to electric cars could make its stock compete with the likes of Tesla, according to its chief executive.
The German carmaker’s CEO Oliver Zipse said the firm is challenging perceptions that it is behind on electronification.
“There is a perception that we took a break, but we actually didn’t take a break,” Zipse told Reuters.
“We waited for the moment when electromobility is really getting into higher volumes.”
Carmakers are racing to develop electric vehicles amid tightening CO2 emission standards in Europe. BMW expects half of its sales to be fully electric models by 2030.
Zipse’s comments came on a day where BMW signed a $335m contract with US-based lithium provider Livent, which will supply the carmaker with a key ingredient in battery cells from 2022.
Asked if BMW could become a “story stock” like Tesla, which is valued at more than $500bn, Zipse said: “Of course we can. We have a great future, we will grow.”