German automaker BMW (BMWYY) will introduce an all-electric 3-Series sedan at an auto show in Munich this September, in a move to compete with electric carmaker Tesla (TSLA) , according to German publication Handelsblatt.
BMW’s decision to launch the line of fully electric vehicles is viewed as a direct counter to the success of Tesla’s Model 3.
Production of Tesla’s electric sedan is slated to begin in the next few days but the company already has some 400,000 pre-orders.
BMW has previously stated that it would shift its strategy to see all of its current models offered as an electric alternative.
BMW’s shares were up 2.1% to $31.82 by Wednesday’s close.
What’s Hot On TheStreet
The stock market may be overvalued: Now may be the time to pay extra attention to red-hot tech stocks such as Apple (AAPL) and Facebook (FB) . As TheStreet first reported Tuesday afternoon, asset valuations are somewhat “rich” by standard metrics, Federal Reserve Chair Janet Yellen said in London during a conversation about economic issues with British Academy President Lord Nicholas Stern. Yellen’s comments on equity valuation and bank strength closely mirrored Fed Vice Chairman Stanley Fischer’s from an IMF event held earlier in the day.
The iPhone has changed how you make money: TheStreet’s Scott Gamm is out with a piece that will really get you thinking. Apple’s iPhone will turn 10 years old on Thursday. The device not only turned Apple into one of the world’s most valuable companies, helping to boost its stock price more than 700%, it also changed the way we invest and trade stocks Gamm points out.
In fact, the original iPhone — and the current versions — have an internal stocks app, allowing users to check the broader market indexes and individual stock prices. Having this in your pocket was a big deal 10 years ago.
“I think it’s actually made the life for a typical investor much easier,” Angelo Zino, an analyst with CFRA Research, told TheStreet. “I think they’ve been able to tap news flows much quicker.”
Apple, Walgreens Boots Alliance and Facebook are holdings in Jim Cramer’s Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL, WBA and FB? Learn more now.
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