Bayerische Motoren Werke AG, the world’s largest luxury-vehicle maker, will offer 700 ActiveE electric cars for lease this year in the New York area and other U.S. markets as it introduces more fuel-efficient vehicles.

The ActiveE, based on the 1-Series Coupe, uses lithium-ion batteries and has a range of about 100 miles, Munich-based BMW said in a statement. The car will be offered through a 24-month lease for $499 per month with a $2,250 down payment, BMW said. The company will start taking reservations in August.

The automaker today also showed its Z4 sDrive28i Roadster, the first BMW with a four-cylinder engine to be sold in the U.S. in more than a decade, the company said. The roadster will arrive in U.S. showrooms this fall.