BMW plans a small battery-powered car called the i2 as the first model based on a new electric platform developed with Mercedes-Benz maker Daimler, a report said.

The i2 It will cost less than 30,000 euros ($34,000) and could go on sale in 2024, Germany business publication Manager Magazin reported.

The i2 will be similar in size to the i3, a compact full-electric car BMW launched in 2014, but without its immensely expensive carbon fiber body, Manager Magazin said.

The i2 will have a 300 km (186 mile) range.

The joint sales target for the i2 and Daimler's version would be 500,000 cars a year, the magazine said.

BMW initially wants to develop only one electric model with Daimler, Manager Magazin said.

BMW and Daimler are in talks to cooperate in developing vehicle platforms for electric cars to reduce development costs, reports said in March.