Cars 3, the premium car insurer, is reeling after selling an all-electric car in the U.S. for less than $7,000.BMW says it sold the all-wheel drive Z3 sedan for $3,731, about $1,000 cheaper than its $6,000 sticker price.
The BMW 3, which features electric motors and all-terrain capability, was launched in November at a price of $22,000 and launched with a limited run of 3,500 units, according to an analyst report.BMWs spokeswoman Andrea Boudreau said the company sold about 100 units in the first two weeks after its launch.
Boudreau declined to provide a sales number.BMZ is also offering a limited edition of the Z3 for $1.49 million.BMz is the only U.K.-based car insurer to sell the Z2 electric car.
Its chief executive, Andreas Stoltenberg, said the Z1 electric sedan sold more than half a million in the UK before the new model was released.BMX also sold the Z4 electric car for less money, with the company posting a loss of $1 million, but not enough to break even.BMx said the automaker had been making progress in its efforts to cut costs and boost revenue, but that the Z5 will not be a good long-term solution.BM3’s stock fell 1.4 percent after the company reported a $2.6 billion profit for the third quarter.
The loss was due to a $7.3 million charge for expenses related to its recall of 2.1 million Z5 cars.BM 3 also said it was cutting costs by more than $3 billion for next year and was reducing its workforce by 10 percent.