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BMW i3 will come with unusual 'OwnersChoice' non-lease option

In case you were interested in driving a BMW i3 but were afraid of getting into a traditional lease, there's some good new for you. We think. BMW recently announced that it would offer something called "OwnersChoice" and "OwnersChoice with Flex" to make the elegant city EV an easier purchase. Or temporary purchase, anyway. Something called "OwnersChoice with Flex" is not listed on the federal government's consumer information page on vehicle financing and we couldn't get a better explanation out of BMW than the official announcement, but the gist appears to be that an i3 buyer can make a gigantic balloon payment at the end of the contract term in order to pay less in monthly costs along the way. The way Automotive News describes it, the typical balloon note chains the buyer to the car in such a way that, while you can get lower monthly payments, you're still on the hook for the amount of the financing even if you return the car. With OwnersChoice, if you give the i3 back after the contract is done (usually after three years), you're in the clear. With OwnersChoice with Flex, you need to pay up no matter if you keep the car or not, but you can take the $7,500 federal tax incentive and increase your balloon payment by - let's see here, what's the amount? ah, yes - up to $7,500, which would knock $208 (7,500 divided by 36) off your payment every month. BMW Group Financial Services (GFS) came up with this new lease/payment hybrid thing, and Fred Isele, BMW GFS vp of sales and marketing, says it lets owners get, "a comfortable payment for one of the highest technological and efficient premium electric vehicles available to date." BMW GROUP FINANCIAL SERVICES OFFERS 'OWNERSCHOICE WITH FLEX' FINANCING PRODUCT WITH PURCHASE OF NEW i3 -- PROVIDES END-OF-TERM OPTIONS SIMILAR TO LEASING, YET BENEFITS OF OWNERSHIP WOODCLIFF LAKE, NJ – February 25, 2014 – With the launch of the BMW i3, the brand's first premium electric vehicle, BMW Group Financial Services becomes one of the first in the industry to create a financial solution to ownership that provides eligible customers with the options to lower their monthly payment and return the vehicle at the end of their contract term. The financing product called 'OwnersChoice with Flex,' provides eligible BMW i3 customers the option to increase their final OwnerChoice balloon payment due at the end of their contract term by up to $7,500.

BMW and Jaguar Land Rover to jointly develop electric car tech

FRANKFURT – BMW and Jaguar Land Rover on Wednesday said they will jointly develop electric motors, transmissions and power electronics, unveiling yet another industry alliance designed to lower the costs of developing electric cars. Both carmakers are under pressure to roll out zero-emission vehicles to meet stringent anti-pollution rules, but have struggled to maintain profit margins faced with the rising costs of making electric, connected and autonomous cars. "Together, we have the opportunity to cater more effectively for customer needs by shortening development time and bringing vehicles and state-of-the-art technologies more rapidly to market," said BMW board member Klaus Froehlich. BMW and Jaguar Land Rover said they will save costs through shared development, production planning and joint purchasing of electric car components. Both companies will produce electric drivetrains in their own manufacturing facilities, BMW said. The BMW Jaguar Land Rover pact comes as rivals FiatChrysler and Renault explore a $35 billion tie-up of the Italian-American and French carmaking groups. Nick Rogers, Jaguar Land Rover's engineering director said, "We've proven we can build world beating electric cars but now we need to scale the technology to support the next generation of Jaguar and Land Rover products." BMW was in talks with rival Daimler about developing electric car components but was also in discussions with Jaguar Land Rover, a company it once owned, to explore an alliance on engines. BMW already has a deal to supply an 8 cylinder engine to Jaguar Land Rover. Carmakers are increasingly open to sharing electric car parts because the technology is expensive and because customers no longer buy a car based on what engine a vehicle has. "Carmakers are much less precious about sharing electric car technology because it is much harder to create product differentiation with electric car tech. They all accelerate fast, and everybody can do quality and ride and handling," according to Carl-Peter Forster a former chief executive of Tata Motors and a former BMW executive. Jaguar Land Rover is still run by former BMW managers, including Ralf Speth the company's chief executive who spent 20 years at BMW prior to joining JLR, and Wolfgang Ziebart, the engineer who oversaw Jaguar's I-Pace electric car program, who is a former head of research and development at BMW.

BMW details Concept X5 eDrive ahead of New York debut

Already weighing more than most other types of vehicles and with the space to accommodate the extra equipment, crossovers and SUVs arguably make for one of the more ideal platforms to transform into a hybrid. And there have been a handful of them - like the Audi Q5, Infiniti QX60/Nissan Pathfinder, Porsche Cayenne/Volkswagen Touareg, Lexus RX450h/Toyota Highlander and Cadillac Escalade/Chevy Tahoe/GMC Yukon - but by and large the majority of hybrids on the market are sedans and hatchbacks. BMW, however, looks poised to join the minority with the X5.
The Bavarian automaker showcased the X5 eDrive concept at Frankfurt last year, and as promised, has now revealed the followup it will present at the New York Auto Show in just a few days. The new Concept X5 eDrive, as BMW has now revealed, pairs a 2.0-liter turbo four good for 245 horsepower to a 95-hp electric motor to deliver a combined 340 horsepower. Its lithium-ion battery can power it for up to 20 miles and at speeds up to 75 miles per hour before the gasoline engine needs to kick in. All that without sacrificing the vehicle's utility, maintaining an almost perfectly flat loading floor with 40:20:40 split-folding rear seats, and without sacrificing much on performance, either: with a 0-62 time of seven seconds flat, the X5 eDrive concept is quicker off the line than the production X5 with the 2.5-liter turbodiesel and just a tenth off of the 3.0-liter turbodiesel.
With the full technical details now released (you can delve into it all in the press release below), the only question remains when BMW will actually put the X5 eDrive into production. Given its appearance in New York, though, we gather that whenever it does reach showrooms, it'll reach American ones as well.