In other words, premium and luxury cars pushed the boundaries and created desirable objects of art. European car makers – especially those from Munich and Stuttgart – were the state of the art in engineering, technology and design.

It seems that those times are over to some extent. And BMW’s latest concept car, the Concept XM, is a case in point. At a time when consumers and investors say clearly with their wallets what they want (hint: all-electric), BMW opted to show the Concept XM, a petrol/electric hybrid with an almost comical design. Another missed opportunity.

Luxury vs electric cars: how can Bentley, Porsche and BMW compete against Tesla?

While beauty is in the eye of the beholder, most new cars look either the same as all others, or they over exaggerate design elements to a point of being ridiculous.

The Concept XM is no exception. The BMW “kidney” grille is the only element of the exterior design that gives the car distinctiveness and its oversizing is just an attempt to grab attention. Everything else about the car resembles other designs and looks generic. Interior-wise, it could be Audi or Mercedes, which further indicates that BMW is losing its point of difference from brands perceived as its nearest competitors. The question is why?

Why would a brand that was once proud of being an innovation leader not innovate? Why would a brand that was once the pinnacle of elegance try to do a car that looks decidedly more low brow? Why would a brand that once was proud to be an early mover in electric vehicles, focus on old technology and miss the mark in sustainability?

Simply electric: Mercedes is bringing sexy back with the EQS

The answer sheds light on the efforts of many traditional car makers and the industry at large. While some brands have started to aggressively turn the page (Mercedes, Audi and Porsche seem to be among the most ambitious), some brands seem to have forgotten who they are and why people once desired them. And they forget to innovate.

Luxury is the ability to create extreme value. It is dependent, to a large extent, on the brand story and also on the ability to innovate, inspire and influence. Most importantly, it is critical to be authentic.

I can’t find any of this in BMW’s latest creation. There seems to be no story any more, just lost ambition. As a former customer of the brand, I hope it’s not too late for it to get its mojo back.

Why Bugatti’s sale marks the end of petrol cars

Apple is rumoured to want to enter the space soon with a fully autonomous car featuring immersive technology. And when Apple make their move, they will be playing to win. It will be a rough awakening for legacy brands if their throwback attitudes don’t change.