BMW (OTC: BAMXF) isn't content to let others pass it by when it comes to providing electric vehicles (EVs) with a small carbon footprint. The company claims that "[t]he greenest electric car in the world will be a BMW -- sustainable from the initial idea to recycling after its use phase."
The company announced today that it received a grant decision from the German government related to funding that will support battery technology development. Notably, BMW stated that it's doing intensive research on solid-state batteries. Looking at the road ahead, BMW said it expects to provide a demonstration vehicle with a solid-state battery by 2025, while EVs with such batteries will be rolling off the assembly line by 2030.
The question of whether carmakers can successfully incorporate solid-state batteries into their EVs is a controversial one. Shares of QuantumScape (NYSE: QS), a company dedicated to bringing solid-state batteries to market, plunged more than 12% last Thursday after a critical report from Scorpion Capital raised numerous concerns related to the reliability and accuracy of the company's claims. Moreover, EV start-up Fisker announced last month that it was forsaking plans to develop solid-state batteries.
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The interest in developing solid-state batteries reflects the company's Neue Klasse, which BMW characterizes as a "new generation of vehicles, which will be launched by the middle of this decade, [that] will be uncompromisingly electric, digital, circular -- and clearly focused on all-electric drivetrains."
Like other automakers, BMW has articulated a concerted effort to provide consumers with more EV options. For example, the company expects to have 12 all-electric vehicles driving on the world's roads as soon as 2023. And by 2030, BMY projects that at least 50% of its global sales will consist of all-electric vehicles.
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