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BMW (BAMXF) Revs Up EV Game With All-Electric iX M60 SUV Debut

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BMW AG BAMXF virtually unveiled its upcoming, higher-performance version of the iX SUV – the M60 – at the CES 2022 yesterday.

This is the German automaker’s second electric vehicle (EV) to be released under its racing-inspired M branding after the i4 M50 hit the market last year.

This iX M60 is a 6000-pound beast, being the most powerful version of BMW’s iX platform, which combines the company’s flagship iX podium with the M-series nameplate’s focus on performance.

Scheduled to hit the markets in June 2022, the iX M60 is integrated with the same massive 111.5-kilowatt-hour battery pack and dual electric motor setup as the standard iX. Nonetheless, while the iXxDrive50 produces 516 horsepower and 564 pound-feet of torque, the iX M60 has some impressive specs to flaunt. It boasts 610 horsepower and 811 pound-feet of torque and a 0 to 60mph acceleration time of 3.6 seconds when in launch control. Under normal operating conditions, the iX M60 produces 532 horsepower and 749 pound-feet of torque. Further, BMW forecasts a 280-mile range on a single charge for the iX M60 when fitted with its smaller 21-inch wheels. Additionally, the vehicle requires a meager 35 minutes to charge 80% battery power on a commercial DC Fast Charger.

The interiors of the M60 are quite similar to other iX models. Still, the iXM60 promises to offer extra passenger comfort, thanks to air suspension and electronically controlled shock absorbers. The company also plans to rollout a whole new software package and advanced driver-assist features with the iX M60. A few features run by the vehicle’s new computing platform are partially autonomous driving and self-parking features.

Owing to the boosted power and additional features, the iX M60is priced at $106,095, including a $995 shipping charge, making it approximately $22,000 more expensive than the iX xDrive50.

Amid the heightening climate change concerns, automakers worldwide are changing gears to EVs. To keep up with the trending EV revolution, BMW is set for an electric transformation and has geared its manufacturing plants for e-mobility.

So far, the German automaker has sold more than one million EVs -- including fully electric and hybrid vehicles. It plans to attain two million sales of purely EVs by 2025. Moreover, the carmaker targets at least 50% of its global sales to be fully electric by 2030.To achieve this goal, the auto bigwig has a raft of new EVs coming out in the next few years. Later this year, the company plans to introduce an electric version of its luxury sedan 5 series and 7 series as well as its entry-level X1 SUV. It commenced the deliveries of the much-awaited i4 electric sedan in Germany last November, with deliveries in the United States are set to begin this year.

BMW M, which stands for “Motorsport,” was conceived in May 1972 to support the company’s racing efforts. The M division is also being integrated into BMW’s accelerated attempt to shift from internal combustion engines to green vehicles.

With the debut of the latest M series EV, this Zacks Rank #4 (Sell) company plans to take its electrification efforts a notch higher and poses serious competition to other established players in the EV space. This also brings the company one step closer to its carbon-neutrality goals.

3 Key Auto Picks

Investors interested in the auto space can consider powering their portfolios with the following stocks -- Fox Factory Holdings FOXF, Genuine Parts GPC and LKQ Corporation LKQ -- all of which carry a Zacks Rank of 2 (Buy) currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Fox Factory has an expected earnings growth rate of 16.67% for the fourth quarter of 2021. The Zacks Consensus Estimate for its fourth-quarter 2021 earnings has been revised upward by two cents in the past 90 days.

Fox Factory’s earnings beat the Zacks Consensus Estimate in the last four quarters. FOXF has a trailing four-quarter earnings surprise of 15.85%, on average. FOXF has surged 54% in the past year.

Genuine Parts has an expected earnings growth rate of 4.61% for the fourth quarter of 2021. The Zacks Consensus Estimate for its fourth-quarter 2021 earnings has been revised upward by 7 cents in the past 90 days.

Genuine Parts’ earnings beat the Zacks Consensus Estimate in the last four quarters. GPC has a trailing four-quarter earnings surprise of 15.97%, on average. GPC has surged 41.2% in the past year.

LKQ Corp has an expected earnings growth rate of 11.59% for fourth-quarter 2021. The Zacks Consensus Estimate for its fourth-quarter 2021 earnings has been revised upward by a penny in the last 90 days.

LKQ Corp’s earnings beat the Zacks Consensus Estimate in the last four quarters. LKQ has a trailing four-quarter earnings surprise of 34.37%, on average. LKQ has rallied 69% in the past year.


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Bayerische Motoren Werke AG (BAMXF) : Free Stock Analysis Report
 
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