The world of motoring is evolving really fast. To the superficial observer, this might be apparent but it's happening.
Take for instance the 2021 BMW i4. This brilliant car is sporty, sleek and fast. This goes a long way to show you what the Bavarian automaker has been doing with electric vehicles. There's no doubt that this is the future of cars.
BMW i4 is an indication that the company is waking up to Tesla. Tesla has been having a great time eating the lunch of its Deutschland rivals in the luxury car market. We saw a report from CNN Business on the 4th of October saying that Tesla Model 3 is the best-selling luxury car in the United States.
We know that the baby Model S was supposed to be a mass-market vehicle. The $35,000 sticker price would attract suburbanites looking for a second car, and the EV-curious.
However, at that price point, the company was not going to produce a car. This is based on the 400,000-unit waiting list. This meant that Tesla could pick and choose what vehicles it wanted to make first. No surprises. It's obvious that it chose to work on the most expensive and spec'd out cars.
This yielded sales of up-to 55,840 Model 3s in the third quarter at an average selling price of $59,000. The next best-selling luxury car in the U.S. is the Audi Q5. The SUV sold 21,000 units in the third quarter. Model 3s are outselling Cadillacs and Buicks, Acuras, Lincolns and Lexus', BMWs and Mercedes.
The idea here is that Tesla got it right by making an electric vehicle without compromises. Yes, the cars are environmentally friendly, but they are also incredibly quick and fun to drive. Elon Musk, chief executive officer, says he wanted to build cars that made people happy. He succeeded.
As we speak, we know that Tesla ranks first in customer satisfaction. This is based on a survey that was conducted by Consumer Reports. Considering the Model 3's fantastic acceleration, and minimalist interior, the car feels like something from the future.
Prior to Teslas, EVs were sensible but underpowered. The Toyota Prius and BMW's i3 are vehicles built to appeal to hard-core conservationists. The focused so much on the utility and neglected the fun aspect.
This has dealt a huge blow to the German carmakers. They are learning about Tesla's success. They are now building vehicles without compromises, and more in tune with their history of performance.
From a visual perspective, the i4 is a stunner. Consisting of a big double kidney grille and muscular lines that harken back to the glory days of BMW performance coupes. It is also Low and sleek, it looks fast.
BMW will pack an electric motor on each axle. However, executives have promised that the car will redefine what is possible today in terms of acceleration.
Investors are learning that the EVs are not just a niche market. If they narrow their perspective to that level, they'll miss the point. The fact is, as the battery prices drop, most vehicles are headed toward electric propulsion. The thing is, EVs are more efficient than internal combustion engines. They're easier to service, offer better performance and ultimately are more fun to drive.
We've already heard that Ford and Volkswagen made an announcement on Oct. 31 that they were in exploratory talks to jointly develop EVs. These companies are collaborating with BMW and Mercedes to develop a network of European fast-charging stations.
Back in September, Volkswagen launched an electric car platform and promised to make 10 million EVs by 2025.