The BMW i3 hybrid will cost from around £35,000, when it goes on sale at the end of this year, with customers also being offered a variety of leasing deals to attract them to the brand.
It's set to be sold as a range-extended hybrid vehicle or as a pure electric model, with the former likely to take the bulk of sales initially.
BMW's range-extender model features an electric motor that outputs 168bhp and 184lb ft, with power to charge the battery being generated by a 650cc two-cylinder petrol engine.
All-electric versions of the i3 use the same 168bhp electric motor. Both models are limited to 93mph but are capable of accelerating from 0-62mph in 7.2sec.
"The i3 will cost high-end BMW 3-series money initially," said BMW marketing boss Ian Robertson. "But we are also working on keen lease deals, as we expect that to be popular."
He continued: "Lease deals address many of the concerns about electric cars, and allow us to bundle up packages so customers can have, for instance, the option of BMW X5 loans on weekends, according to their needs."
The i3 will be joined in the range by the BMW i8 at the end of this year. Read our exclusive first ride report in the new BMW i3 and i8 here.
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Clever BMW
Good thinking by BMW to offer both a range extender and pure EV. Shame the cost of entry is so high. Nevertheless, you know when you look at something and you think you're seeing into the future. The i3 looks like that to me. Not certain the i8 is answering a question many people are currently asking, though. Will have to wait to see how it looks and drives first before passing further judgement. Interesting idea, nonetheless.
Behold the future
At last a car that makes sense in a world that is hostage to ever increasing fuel prices. An electric car with a small petrol engine to keep it going if you need to go distances longer than the battery allows.
Cars like this will ensure the future of the manufacturers after the new and much tighter European regulations hit us in '15.
good news!
I can't wait to experience the i3, looks brilliant! Bravo BMW