At the IAA Mobility car show in Munich, Germany, two auto powerhouses, BMW and Mercedes, showcased their latest electric vehicles (EV) and plans for the future. They're stepping up their game in the electric car world, aiming to tackle competition from China and catch up to Tesla, the U.S. electric car leader.
European car brands have been seen as trailing behind Chinese firms, like the Warren Buffett-supported BYD, and Elon Musk's Tesla. With Tesla holding a strong 20% of the global electric vehicle market and BYD not far behind with 15%, European giants are eager to make a mark.
Mercedes-Benz revealed its Concept CLA Class. The company boasts it can travel up to 750 kilometers (466 miles) on a full charge, and, impressively, can get 400 kilometers of range with just a 15-minute charge.
Not to be outdone, BMW introduced its electric vision with the “Vision Neue Klasse.” This unveiling showcases BMW's big plans for EVs. The company aims to sell twice as many electric cars this year, and by the end of 2023, electric sales are projected to make up 15% of BMW’s worldwide car sales.
What does this mean for me?
Both Mercedes and BMW are shifting gears. Instead of turning traditional or hybrid cars into EVs, they're creating vehicles built especially for electric driving.
The two German giants are making strong moves into a tough market, mainly led by Tesla and a host of Chinese competitors. But with these new moves, they're showing they're ready for the challenge.