Benzinga | Dec 28, 2020 01:31AM EST

BMW Raises 2023 EV Manufacturing Target By 250,000 Units

German automaker Bayerische Motoren Werke ADR (OTC:BMWYY) is gearing up to increase its presence in the electric vehicles segment in the next two years. The luxury carmaker is planning to increase its 2023 forecasted output by about 250,000 units.

What Happened According to Reuters, the update about the production targets cropped up during BWM CEO Oliver Zipse's interview with the German newspaper Augsburger Allgemeine.

"We are significantly increasing the number of electric vehicles," Zipse reportedly said. "Between 2021 and 2023, we will build a quarter of a million more electric cars than originally planned."

The BMW CEO highlighted the need for improvement in EV charging infrastructure. "15,000 private and about 1,300 public charging points would have to be put into operation every week as of today. Unfortunately, we are a long way from that," he said.

Why Does It Matter Compared to the 8% output in the current year, the revised forecast would propel BMW's EV production to 20% by 2023.

Armed with federal subsidies of close to $10,900 per electric vehicle, EV sales in Germany are already close to double the size of Norway's market, as well as on track to outpace the EV market in California, according to a Bloomberg report earlier this month.

Tesla Inc (NASDAQ:TSLA) was the only automaker to book growing sales figures in Germany as of last month, according to government data. In November, around 1,680 new Tesla vehicles were registered by the German authority for Motor Transport, a 37% hike on a year-over-year basis.

Price Action BMWYY stock closed 0.233% higher at $29.25 last Thursday.

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