New reports straight from Germany have now revealed that BMW may soon be introducing a relatively low-cost fully electric sedan based on its popular 3-series line. The new electric 3-series will reportedly be priced competitively to take on Tesla’s upcoming Model 3 sedan. A lot of companies have slowly transitioned to offering fully electric vehicles in the past couple of months, likely as a response to the overwhelming demand for affordable mass-market electric automobiles.

Taking on Tesla

BMW already has its own line of electric and hybrid vehicles, namely through its “I” line-up.

However, the line-up is unfortunately now within reach for most buyers. The company's highly praised BMW i8 plug-in hybrid, for example, costs more than $100,000, making it impractical for most consumers.

According to a report from a German new outlet called Handelsblatt Global, BMW may be positioning its upcoming new fully electric car to go against the $35,000 Tesla Model 3. The company’s current high volume sales model petrol 3-Series start at around $33,450 for the base model BMW 320i.

The electric version, on the other hand, is expected to be slightly more expensive, but at a price that will make it competitive and in the price range of the Model 3. The electric variant will reportedly have a range of 248 miles on a single charge.

Electric Revolution

Since Tesla wowed the world with its luxurious and insanely fast Tesla Model S, the company has been experiencing massive growth in its shares. Interest in the company also skyrocketed when it announced that it was going to be releasing an affordable electric model for the masses.

The company’s CEO, Elon Musk, even revealed that the first year of the car’s production has already been sold out and that there are more than 400,000 pre-orders for the Model 3 already.

Adapting to change

Tesla’s rise in value is likely very difficult to ignore for large automotive manufacturers, which is why most of them have already laid out their own plans to introduce fully-electric vehicles in the coming years.

If BMW wants to stay relevant and continue to make money off their mid to high-end offerings, moving to electric or at least offering an electric model may be a sound business move. For a lot of brands, a vast majority of their bottom line does come from their mass market models. This also rings true for BMW, which earns a lot of its revenue from its lower tier models as opposed to its more expensive offerings.

According to local publications, BMW will likely be unveiling the new electric 3-series at the IAA Auto Show that will be held in Frankfurt, Germany in September.