Unveiled design concept BMW iNEXT

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BMW's electric crossover - dubbed the "iNext" - will be shown off later this year. Called the BMW iNext, the initial design concept was unveiled at the company's annual general meeting by the Chairman of the Board of Management of BMW AG, Harald Kruger.

At BMW's annual shareholders' meeting in Germany on Thursday the company released a teaser image of its future iNext electric vehicle.

BMW Vision 100 Concept
Unveiled design concept BMW iNEXT

Last year, BMW's head of sales and marketing, Ian Robertson, casted doubts on Tesla's ability to produce Model 3 in volume at $35,000 and in the process, he said that the iNext will be the real competitor in the same segment.

In addition to being all-electric, BMW says the iNext will be capable of "highly automated driving".

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"For the first time, we are combining all key technologies for future mobility", Krueger said.

Krüger told the shareholders: "Today, we wanted to give our shareholders an exclusive first glimpse".

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BMW offered a glimpse of its futuristic self-driving iNext vehicle as the automaker seeks to gain momentum in the race to overtake rival Mercedes-Benz in luxury sales. The iNEXT will benefit the entire company and all its brands. The iNEXT is fully electric, fully connected, and enables safe, partially autonomous driving. Both models tie into BMW's grand plan of releasing 25 electrified models by 2025; 12 will be full EVs. "Now, the letter "i" is coming to our core BMW brand".

BMW originally announced in 2016 that it had joined the race to produce fully autonomous cars and has teamed up with tech firms Intel and Mobileye in a bid to offer its first fully self-driving auto in 2021. Going forward, all pure electric BMW models will sport the "i" badge and come equipped with fifth-generation battery technology.

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