BMW Unveils Tesla Challenger Electric SUV iX

German automaker Bayerische Motoren Werke ADR (OTC: BMWYY) unveiled its electric SUV, the iX, on Wednesday. Reuters reported that BMW is planning a U.S. launch for the iX in 2022. The iX competes with Tesla Inc’s (NASDAQ: TSLA) SUV models.

BMW had announced last week that it would showcase the iNext in the NEXTGEN virtual event.

What Happened: The iX can go up to 300 miles in a single charge, and a ten-minute recharge at a fast-charging station could add another 75 miles to the luxury electric SUV -- Reuters.

Still, the iX falls short compared to Tesla’s Model S Long Range Plus, which is the highest in the EV segment, with a range of 402 miles per charge.

The 500HP all-wheel-drive model uses dual motors and two electrically powered axles that can go from zero to 100 km/h in less than 5 seconds.

BMW said the iX is comparable to the current BMW X5 SUV in size.

Why Does It Matter: The iX addresses the charging concerns of EV enthusiasts. The company claims that a 40-minute charge using a 150-kW DC outlet could revive the battery from 10% to 80%.

The energy consumption levels are estimated at 21kWh for 62 miles, based on the Worldwide Harmonized Light Vehicles Test Procedure (WLTP) test cycles.

Other features of a BMW iX includes 500-HP engine power and a weight-optimized body built with a combination of lightweight aluminum, steel, and carbon.

Price Action: BMWYY ADRs closed 0.95% higher to $27.60 on Wednesday.