BMW shareholders worry about Tesla’s competitive advantage

Tesla’s electric vehicle lead is worrisome to some competitors and laughable to others, but BMW shareholders are now putting some pressure on the automaker.

German shareholder association Vice President Daniela Bergdolt said in a speech at BMW’s recent annual shareholder’s meeting (via Auto News Europe):

“Where is this model offensive? Sure, you’ve got the iNEXT, but I was expecting something that blows Tesla out of the water.”

The comment was reportedly received by loud applause from BMW shareholders.

On top of it, BMW’s board is reportedly considering replacing CEO Harald Krüger due to his role in the company’s slow rollout of more electric vehicle options.

At the company’s Annual General Meeting in Munich earlier this month, Krüger reiterated the automaker’s commitment to e-mobility, but he still focuses on plug-in hybrids.

BMW hasn’t released a new all-electric car since the BMW i3 in 2013, but the German automaker now says that it’s finally launching new fully-electric models.

They have the BMW iX3, an all-electric SUV, which is due to go on sale next year and the BMW i4, an all-electric sedan, and the BMW iNEXT, an all-electric crossover, are being brought to market in 2021.

The automaker previously presented the iNEXT as their answer to the Tesla Model 3, which is what the leader of the shareholder association was referencing

Earlier this year, BMW revealed the latest iX3, i4, and iNext electric vehicle prototypes during winter testing.

Electrek’s Take

I have to agree that the iNEXT is certainly not “blowing Tesla out of the water.”

BMW has been claiming an insane 435-mile range, which would beat Model 3 by a wide margin, but it’s unclear if it’s based on a realistic driving cycle.

Either way, it’s coming in another 2 years and we expect Model 3 to improve during that time too.

Any way you look at it, BMW is falling behind in my opinion. 7 years between launching new all-electric models is not acceptable.

To be fair, they are not alone in that boat. Other legacy automakers with significant early leads in all-electric vehicles, like Nissan, are also slow to launch new models.

I like to see shareholders now putting pressure on them as Tesla is building on its lead.