German car manufacturer BMW makes the same profit from its electric vehicles as from its petrol and diesel vehicles, Oliver Zipse, the automaker's boss, said on Saturday as he presented the new generation of electric cars called "Neue Klasse" ("new class" in German). "The assumption that combustion engines are always more profitable than electric cars is completely wrong," Zipse said at the event at the IAA auto show in Munich. Although producing electric cars is more expensive, the costs are offset by the higher prices that customers are willing to pay. "We make money with every electric car today, and that will be even more the case with the Neue Klasse," Zipse said. "It will be very profitable." Taking on electric rivals BMW's new models will enter a competitive segment where trailblazer Tesla has started a price war.  BMW has not yet announced prices for the Neue Klasse, but Zipse promised "a very competitive offer." "We will not price ourselves out of this market," he said. BMW unveiled a prototype for its upcoming "Neue Klasse" electric vehicle (EV) at the Munich auto show on Saturday. The EV, which is roughly the size of the current 3-series, is part of BMW's multibillion-euro effort to catch up to Tesla and other EV makers BMW has begun overhauling its Main assembly plant in Munich, adjacent to the company's headquarters, to build Neue Klasse vehicles, which are to be launched from the end of 2025. "Neue Klasse is by far the biggest investment in our history. Because the technology we are using all over BMW is all new in all areas, without exception," Frank Weber, BMW's chief technology officer, said without revealing total investment figures.

India on Saturday supplied another 40,000 MT consignment of diesel to Sri Lanka to help ease the fuel shortage in the country, which is reeling under a severe economic and energy crisis. The High Commission of India in Sri Lanka took to its Twitter handle to make the announcement of the consignment. "Pumping diesel into #SriLanka!!! Another 40,000 MT consignment of diesel under the credit line from #India reached #Colombo today," tweeted India High Commission in Sri Lanka. Meanwhile, a consignment carrying rice, milk powder and medicines worth more than LKR 2 billion from India is scheduled to reach Colombo on Sunday. The consignment was flagged off from Chennai by Chief Minister of Tamil Nadu, M K Stalin on Wednesday. "The Hon'ble Chief Minister @mkstalin flagged off 9000 metric tons of rice, 200 metric tons of spirit powder and 24 metric tons of essential medicines in a cargo ship to Sri Lanka to help the people of Sri Lanka," Chief Minister Office tweeted. Indian High Commission also tweeted: "People of #India, standing by their bretheren in #SriLanka. Rice, milk powder and medicines worth more than SLR 2billion is scheduled to reach #Colombo on Sunday. The consignment was flagged off from #Chennai by CM of Tamil Nadu @mkstalin on Wednesday." Moreover, India has promised to provide over USD 3 billion to the debt-ridden island country in loans, credit swaps, and also credit lines since the beginning of the year. India has also expressed its desire to work with the new Sri Lankan government. Sri Lanka is facing its worst economic crisis since independence with food and fuel shortages, soaring prices and power cuts affecting a large number of the people, resulting in massive protests over the government's handling of the situation. India is becoming a stronger and more mutually beneficial partner to Sri Lanka. Apart from assistance during the pandemic and fertilizer chaos, in which India delivered nano fertilizer to save Sri Lankan farmers, now New Delhi has pledged nearly USD 3 billion to cash-strapped Colombo through currency swaps, credit lines for essential goods and repayment of loans since January 2022 to help Sri Lanka amid one of the worst economic crises in history. Source: ANI