Jul 29, 2013 09:54 AM EDT
BMW Unveils i3 Electric Car in NY, Beijing, London (LIVE STREAM)

The BMW Group debuted its first mass production electric vehicle, the BMW i3, simultaneously in New York, Beijing, and London earlier today, July 29.

"Innovation drives change. The i3 is more than just a car. It's a revolutionary step towards sustainable mobility. It is purpose-built around an electric power train to serve the needs of our megacity customers," said Chairman of the Board of Management of BMW AG, Norbert Reithofer, at the world premiere in New York.

The BMW i3 is capable of achieving a range of 80 to 100 miles according to a company press release. The average distance driven across the world is no more than 39.8 miles.

The vehicle comes equipped with a 170 hp electric engine according to BMW.

The new electric vehicle is also available with a range-extender, which "maintains the charge of the lithium-ion battery at a constant level en route, as soon as it falls below a specified value" according to BMW. This is achieved by a two-cylinder gasoline engine with 34 hp, mounted together to the electric motor above the rear axle.

The range extender "increases" the i3's maximum range in day-to-day driving to approximately 300 kilometers.

The i3 can go 0 to 60 in just 7 seconds according to BMW. With a fast charger, the vehicle can recharge completely in about a half hour. A 220-volt charger is capable of charging it in about three hours.

"The BMW i3 sets a new benchmark for sustainable mobility in all stages of development and production, as well as aftersales," said Friedrich Eichiner, Member of the Board of Management of BMW AG, Finance, at the unveiling of the BMW i3 in Beijing.

The base price for the i3 has yet to be released but it will most likely be sold for around $41,350 or $45,200 in the U.S., plus destination fees.

The new vehicle will be released in Germany and other European locations in November. The USA, China, and Japan launch will take place sometime during the first half of 2014.

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