German auto manufacturer BMW AG will soon offer all-electric versions of the upcoming models of the BMW X3 compact sports utility vehicle and electric Mini. With this announcement, BMW is officially throwing its hat into the emerging luxury electric vehicle market.

In a rather unprecedented decision, top BMW executives decided to skip the 2016 Paris Motor Show in order to go over ongoing arguments regarding the company's strategy towards the electric vehicle market. Moreover, reports also claim that BMW executives will also iron out a new roadmap regarding the company's drive towards the electric car market which will include the possibility of an electric Mini model.

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According to Reuters, the first electric Mini models will hit the streets within the next three years. BMW has yet to confirm the exact plan, but many in the motoring community are excited about this latest development.

As for its take on the electric car market, BMW is facing stiff competition from Daimler and Volkswagen, as well as Tesla Motors. Leading the pack in the electric car market is Tesla Motors which have taken the aggressive stance in wooing wealthy consumers, as well as getting a thumbs up from several regulatory boards.

BMW is widely considered as one of the earliest pioneers of electric cars with the launch of the battery-powered BMW i3 in 2013. Unfortunately, the i3, along with its hybrid counterpart the i8, have performed below what was expected of them. On the other hand, Tesla recently announced its target sales figure of 80,000 or more electric car units before the end of the year.

TagsBMW, bmw electric car, Electric Car, BMW X3, electric bmw x3, mini, electric mini