Washington-based automakers, Volkswagen and BMW, are making immense strides to remain competitive in the electric car market, no matter the price. Both companies have declared substantial investments into the electric vehicle sector, with BMW expending $12 billion and Volkswagen devoting $33 billion over the next five years in an effort to stay abreast of Tesla’s technology.
Volkswagen’s CEO, Herbert Diess, has stated that the company is “determined to become the leading provider of electric mobility worldwide,” and it appears that their ambitions are in full swing. To this end, Volkswagen has invested in the production of electric cars and the requisite infrastructure, such as charging points, to meet the growing demand. In addition, the company is also investing in autonomous driving technology, which is set to become increasingly important in the near future.
BMW, on the other hand, has declared that they are committed to becoming the “premium manufacturer of electric vehicles.” To this end, the company has already released a range of electric cars, including the BMW i3 and i8. Furthermore, the company has announced plans to introduce 12 new electric car models by 2025.
The competition between Volkswagen and BMW is indicative of the current state of the electric car market. With Tesla firmly established as the leader in the industry, other manufacturers must find ways to differentiate themselves in order to remain competitive. As such, it appears that Volkswagen and BMW are willing to expend considerable resources in order to keep up with Tesla’s cutting-edge technology. It remains to be seen whether or not their efforts will pay off, but it is clear that both companies are determined to stay ahead of the curve.