Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

German automaker BMW has increased its electric vehicle (EV) production target for the next three years by 250,000 units.


According to media reports, BMW’s chief executive officer, Oliver Zipse, said in an interview that by 2023, every fifth car sold by the company would be an EV. Currently, EVs make up only 8pc of total sales for the car manufacturer. 


The company is already working on converting all its major factories in Europe including those in Munich and Dingolfing to produce EVs. The German government has incentivized sales of EVs with funding of about €3bn ($3.68bn), leading BMW to accelerate its shift towards electric cars. 

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