Germany's BMW Plans Electric Sedan As Direct Competitor To Tesla's Model 3: Handelsblatt

By Ciara Linnane Markets MarketWatch Pulse

Germany's BMW AG is planning to introduce an electric sedan model at Germany's biggest car show in Munich in September that is designed to compete directly with Telsa Inc.'s Model 3, German business paper Handelsblatt reported, citing unnamed company sources. The news comes as Tesla is set to start production of its Model 3, the car that will be aimed at the mass market. Demand for the vehicle has helped propel Tesla shares to repeated records this year, making it the biggest U.S. car maker by market capitalization, head of General Motors Co. and Ford Motor Co. . Tesla shares have gained 74% in 2017 so far, while the S&P 500 has gained 8%.

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