German automaker BMW (OTC:BAMXF) (OTC:BMWYY) unveiled a new battery-electric SUV on Wednesday, revealing that it will go on sale in the U.S. in 2022 to compete directly with Tesla (NASDAQ:TSLA) and upcoming electric models from other global automakers.
BMW expects its new electric SUV, called the iX, to have a range of at least 300 miles under the strict U.S. Environmental Protection Agency (EPA) standard. That falls short of the Tesla Model X's 371-mile EPA range, though it should be ample for most customers.
The iX will have fast-charging capability compatible with DC Fast chargers up to 200 kilowatts. A 200-kilowatt charger can add 75 miles of range to an iX in 10 minutes, BMW said.
The iX is a mid-size model, about the size of BMW's current internal-combustion-powered X5 SUV. It will come standard with dual electric motors, providing all-wheel drive and what BMW promises will be brisk acceleration: The iX reportedly will be able to accelerate from 0 to 100 kilometers per hour (62 miles per hour) in under 5 seconds.
While the performance specifications aren't groundbreaking, BMW executives said that the iX's "technology toolkit" will allow for advanced automated-driving and digital services in time.
"The iX has more computing power for data processing and more powerful sensor technology than the newest vehicles in our current line-up," said Frank Weber, BMW's product-development chief. "[The iX] is 5G-capable, will be given new and improved automated driving and parking functions and uses the high-performing fifth generation of our electric drive system."
Production of the iX will begin in Europe in late 2021, BMW said. The first U.S. deliveries will happen in 2022.