By Angela K. WangAssociated PressThe world’s largest automakers are set to unveil their first electric vehicles at the Frankfurt Motor Show in 2021, with BMW and Mercedes-Benz the leading players.
BMW and Volkswagen will reveal their first models at the show in 2021 as part of a $5 billion investment in the industry.
The announcements come as the world’s two largest automakers face competition from rival Chinese rivals.
VW is developing its own electric car and is testing electric trucks in Germany.
BMW will unveil its first electric vehicle at the end of 2021.
“We will announce at the very end of the year that we are launching an electric vehicle program,” said Volkswagen Group CEO Matthias Müller.
“We have decided to introduce a new model, a brand new concept vehicle, in 2021.
We are launching the electric vehicle first in Europe and will be the first to introduce the product globally.”
Audi, which plans to launch its first new electric vehicle in 2021 and is considering a possible partnership with BMW, is also planning a new electric SUV, as is Volvo.
Volkswagen will launch a plug-in hybrid vehicle next year.