BMW AG (BMWYY) shares jumped higher in Frankfurt Thursday after the luxury carmaker said it would offer a range of 25 electric cars by 2025, some of which will have a range of more than 430 miles, in one of the biggest challenges to Tesla Motor's (TM) - Get Report clean energy dominance.
Chairman Harald Kreuger unveiled the group's ambition ahead of next week's Frankfurt motor show, where he said the industry was facing "fundamental change" and indicated that the electric offerings will including both the Rolls Royce and BMW M brands.
"Our market share for electric drives in Europe is already three times higher than our market share for combustion-powered cars," Kreuger said in a statement published on the group's website. "This year, we will deliver over 100,000 BEVs and PHEVs to customers. By 2025, our customers will have 25 all-electric or partially electric vehicles to choose from."
BMW shares were marked 1.6% higher in Frankfurt trading by 14:15 local time, changing hands at €83.07 trimming their three-month loss to around 1.17%.
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