Tesla should be on their toes as they've got another competition in producing electric cars, this time famous luxury car maker BMW. BMW promised to release autonomous electric car called iNext in 2021.

This was announced by BMW during their 96th annual meeting. The company is about to celebrate their 100th year in the business. During the event, BMW expressed their intent to produce electric vehicles which they say will be autonomous, sustainable and at the same time remain luxurious as the brand name implies.

"It provides a glimpse of 'Sheer Driving Pleasure' in the years beyond 2030 - sustainable, connected, and highly-automated. This vehicle embodies our philosophy perfectly: We are naturally proud of our tradition - but our sights are set firmly on the road ahead" said Harald Krüger, Chairman of the Board of Management of BMW AG in a press statement.

The company said that the creation of the vehicle exemplifies their ability to adapt to the future trends in transport without sacrificing the luxury they are known for. And they wanted to develop the most advanced autonomous car in the market. Tesla has earned a great competition with BMW.

The Verge reported the iNext will be BMW's 'innovation driver' for their next 100 years. BMW said that they are preparing to introduce the new generation of 'electro-mobility'.

But before the world witness the iNext, BMW will release the Vision Next 100 concept car, and in addition to that, the company is also set to release new futuristic car models in the coming years.

According to Mashable the Vision Next 100 concept is the 'shape-shifting' and 'danger-sensing' car of the future; it was announced to celebrate BMW's upcoming 100th year celebration. With the futuristic concept, features and materials used for Vision Next 100, it wouldn't be a surprise if the iNext would be as advanced as it sounds.

Details are scare about the features of the iNext, but everyone is expecting the car to be one of the most futuristic electric cars to hit the market.