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BMW iX3 (NA5) battery electric compact luxury. (Photo by Sjoerd van der Wal\/Getty Images)<\/p>\n
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The new BMW iX3<\/a> \u201cNeue Klasse\u201d SUV electric vehicle has to be on the money because it carries a huge responsibility, not only for the future of its own iconic brand, but as a lead dog for the survival of the European premium sector, under mortal threat from the Chinese. Early reports are favorable.<\/p>\n This Middle Kingdom challenge was underlined by global consultancy AlixPartners<\/a> Thursday when it forecast Chinese market share in Europe will reach 16% by 2030, up from about 10% currently. The European auto market is currently stagnating at around 12 million a year, almost 4 million less than pre-Covid. Not much growth is expected by 2030. <\/p>\n So the arithmetic looks deadly for European auto manufacturers. The Chinese will account for 16% by 2030 and all of this will come from the current European, Japanese and Korean participants. That explains the current bad news of share prices crashing<\/a> and huge job losses at the likes of Volkswagen and its mass-market and premium subsidiaries Audi and Porsche. On Friday, Reuters reported Volkswagen<\/a> aims to cut up to 100,000 jobs worldwide over the next few years and perhaps close four factories in Germany.<\/p>\n Meanwhile the iX3 sales effort is accelerating, and BMW isn\u2019t sparing the hyperbole. <\/p>\n \u201cThe Neue Klasse is our biggest future-focused project and marks a huge leap forward in terms of technologies, driving experience and design,\u201d said Oliver Zipse, former CEO of BMW<\/a> earlier this year. Zipse retired and was replace by Milan Nedeljkovi\u0107 in May. <\/p>\n A Zeekr 9X and 7X (Photo by Adek BERRY \/ AFP via Getty Images)<\/p>\n AFP via Getty Images<\/p>\n \u201cPractically everything about it is new, yet it is also more BMW than ever. Our whole product range will benefit from the innovations brought by the Neue Klasse \u2013 whichever drive system technology is employed. What started as a bold vision has now become reality: the BMW iX3 is the first Neue Klasse model to go into series production. We are not only bringing the next generation of one of our most successful fully electric vehicles onto the road, we are launching a new era for BMW,\u201d Zipse said.<\/p>\n Neue Klasse underpins over 40 new models<\/p>\n BMW\u2019s Neue Klasse is a multi-billion-euro technological overhaul designed to reshape the entire vehicle portfolio. Focused on electrification and digitalization, <\/strong>the program underpins over 40 upcoming models, starting with the electric iX3 SUV and i3 sedan.<\/p>\n Investment researcher Bernstein likes what it sees.<\/p>\n \u201cNeue Klasse represents the largest leap BMW has ever taken in investment and technology, and we believe it will be transformational in positioning the group at the forefront of the industry,\u201d Bernstein said in a report. <\/p>\n First media impressions of the iX3 suggest the claim for 500 miles of range are unlikely to be met, although not meeting official battery range claims is par for the course for EVs. The iX3\u2019s high-speed autoroute performance, with range losses of around 1\/3, is similar to most European competitors. This is an area of weakness for Chinese competitors, where high-speed losses can range from 50 to 60%. <\/p>\n The scale of the upcoming threat from the Chinese<\/a> looks formidable in theory. For the iX3, the European, Japanese and Korea competitive lineup looks familiar with the Audi A6 e-tron quattro, Mercedes GLC, Polestar 3, Porsche Macan, (made in Germany usually) Tesla Model Y, Hyundai\u2019s Genesis GV60, Volvo EX60, and Lexus. But the Chinese threat now includes the XPeng G9, Zeekr 7X, NIO EL8, and BYD Tang. These names won\u2019t be familiar to many Europeans, yet. <\/p>\n Peter Richardson, Research Director at Hong Kong-based Counterpoint Technology<\/a>, said BMW is one of the more credible legacy EV players in Europe with its electrified vehicles now accounting for 40% of its European sales.<\/p>\n Heart of Joy<\/p>\n Richardson said in an email exchange, Neue Klasse vehicle\u2019s Gen6 \u201cedrive\u201d provides improved efficiency, 800 volt electrical architecture to support faster charging, and cylindrical cells providing improved packaging as well as using the battery pack as a structural component. <\/p>\n \u201cThe Heart of Joy control unit, jointly made with Qualcomm<\/a>, claims to provide superior driving dynamics and stability system for more precise handling and advanced autonomy via Level 2+ semi-automated systems,\u201d Richardson said. <\/p>\n BMW describes its in-house developed central “super-brain” computer debuting in the iX3 as the Heart of Joy. The system replaces fragmented control units by uniting the drivetrain, braking, energy recuperation, and stability systems. <\/p>\n He said BMW\u2019s brand power remains undiminished in Europe. <\/p>\n \u201cHowever, in China, it has lost market share to Chinese competition that moves faster and prices lower, and has seen BMW’s margins and profitability fall, putting a pressure on its overall business,\u201d Richardson said.<\/p>\n In Europe, BMW remains ahead of the Chinese competition, which often positions itself as premium, with long-range claims and fast-charging, and it prices aggressively. But this will come under threat.<\/p>\n Heart of Joy<\/p>\n \u201cThe way BMW is staying ahead is to leverage its brand equity and provide a high-quality cabin, with renowned ride-handling balance which can help with superior residual values. However, the Chinese are quick to learn and have fast iterative cycles \u2013 they are constantly working to close any gaps and perceived deficiencies in their products, so any lead BMW has now may not last long,\u201d Richardson said.<\/p>\n Felipe Munoz, an industry expert who runs the research platform Car Industry Analysis<\/a>, said BMW\u2019s Neue Klasse models are the equal of any of the global competition. <\/p>\n \u201cThis is why I think BMW is one of the best positioned, non-Chinese carmakers in the EV world right now,\u201d Munoz said in an email exchange. <\/p>\n Munoz said the Chinese have an advantage because of their speed to market. And however strong the European threat becomes, China is certain to play a big part, he said.<\/p>\n