(Benzinga) – Bayerische Motoren Werke ADR (OTC: BMWYY) announced Monday it will lift the veil on the final design of its BMW iNext, an electric vehicle that is set to challenge EV pioneer Tesla Inc’s (NASDAQ: TSLA) lineup.
What Happened: The German manufacturer of luxury vehicles said the unveiling of iNext will happen at 8 a.m. Nov. 11 as part of its NEXTGEN virtual event.
BMW has one full electric vehicle — the i3 — in its lineup, and it was launched in 2014. The company has also planned to launch electric versions of its existing models, including the iX3.
BMW said it will also hold world premieres of the BMW Motorrad Nov. 11 and the Mini on Nov. 17.
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Why It’s Important: The iNext is being projected as BMW’s answer to Tesla’s Model 3.
Tesla may find it difficult to produce the Model 3 at volume at $35,000, and therefore the iNext would be a real competitor in the segment, Electrek reported, citing BMW’s head of sales and marketing, Ian Robertson.
The Model Y, Tesla’s latest EV model, is likely to be a closer competitor to the iNext, with the pictures of prototypes showing the latter as crossover or small SUV, Electrek said.