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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.

Recharge Wrap-up: Jason Hughes builds 1,000-hp EV, BMW considers Thai battery factory

Tesla hacker Jason Hughes is building his own 1,000-horsepower electric vehicle. To propel the insane DIY EV, Hughes is using two Tesla performance drive units powered by two Chevrolet Volt battery packs and six Tesla battery modules. Controlling them with a custom control board, Hughes expects to be able to wring out 500 hp from each motor – one at the front and one in the rear. He also predicts a driving range of 120 to 150 miles between charges. It also appears that Hughes, also known as wk057, has set up a website dedicated to the project. Read more at Electrek, and watch Hughes' first test video above. BMW might build a battery factory in Thailand. According to Thai Industry Minister Atchaka Sibunruang, the German automaker is considering building the plant for about $57 million, with construction beginning in the middle of 2017. Thailand is discussing possible tax incentives for BMW, says Atchaka, with the hopes of making the country friendlier to plug-in hybrids. "Hybrid vehicles are still expensive now but once there is a factory established and batteries are available this will make it affordable for consumers." Read more from Automotive News Europe. Samsung is investing $449 million in BYD. Shanghai Samsung Semiconductor bought 52.3 million shares of BYD, which will use the funds to expand its battery production and for research and development of alternatively powered vehicles. Samsung is leveraging its recent investments in the auto industry to make up for slowdowns in other electronics hardware. Samsung says its investment in BYD will help grow its semiconductor business. The purchase by Samsung and other investors dilutes BYD Founder, Chairman, and CEO Wang Chuanfu's stake by almost two percent, down to 18.8 percent. Read more from Automotive News. Related Gallery BYD Electric Buses News Source: Electrek, YouTube: Jason Hughes, Automotive News Europe, Automotive News Earnings/Financials Green Plants/Manufacturing BMW Automakers Tesla Green Automakers Electric recharge wrapup

China probing German automakers over spare parts

The Chinese market has proven to be a boon to German luxury automakers. However, the way that the companies have allegedly been controlling their supply of spare parts has begun to draw the ire of the nation's government. According to insiders speaking to Bloomberg, officials from the country's economic planning organization have opened a probe into Audi, BMW, Mercedes-Benz and some Japanese carmakers over claimed price inflation and limiting supply.
Specifically, the investigation centers around two aspects of how the companies do business, according to Bloomberg. Investigators want to know whether the original equipment component makers are able to sell spare parts only to automaker-authorized dealers or if they are also available to independent shops. There is also the issue of whether the price markup on replacement pieces is too high. The tight controls could be partially explained by China's reputation for producing counterfeit parts.
Evidently, the investigators haven't checked parts prices at car dealers elsewhere in the world. At least in the US, paying more at the dealer for factory components just goes along with owning a vehicle. If evidence of price fixing is found, the companies could face fines the equivalent of millions of dollars, according to Bloomberg.