BMW unveils its electric i3; Tesla shares close at $134.62

BWM officially introduced its all-new BMW i3 electric car Monday. The vehicle will go on sale in the United States in the second quarter of 2014 with a base price of $41,350, or $45,200 for the version with the reserve gas engine.

“The BMW i3 is the first product of the new BMW i sub-brand, and is a truly purpose built electric car,” said the company in a press release. “It’s a new era for electro mobility at BMW.”

The small car, designed for city driving, has a stated range of 80 to 100 miles and a 22-KWh lithium-ion battery which weighs 450 pounds.

Many observers, including the Wall Street Journal, say the i3 is taking aim at Tesla’s dominance in the luxury electric vehicle market. But Tesla’s Model S sedan has a much longer, 265-mile range.

At the TESLIVE event earlier this month, CEO Elon Musk said he welcomed competition from other automakers.

Tesla’s stock was on the rise Monday, and closed at $134.62.








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