Luxury automaker BMW has announced that it will be launching a new sub-brand, BMW i, in order to market its upcoming slate of electric and hybrid vehicles.

Unlike other BMW-owned brands like Mini Cooper and Rolls Royce, BMW i will fully acknowledge the BMW name in advertising and marketing. However, BMW executive Ian Robertson says that the new venture will be "an independent brand, but committed to the BMW brand promise of joy through pure driving pleasure."

Initially, BMW i will feature two models, set to be launched in 2013. The i3 is a four-seat battery-powered car aimed at city dwellers. It seems as if nearly every manufacturer with a toe in eco-friendly technology is introducing some variant of these subcompacts, much in the style of the Chevrolet Volt or Nissan Leaf.

However, the new i8 promises to be something that hasn't been seen yet. This hybrid sports car will reportedly be able to go from zero to 60 in just five seconds, while still offering drivers all the fuel efficiency that comes with most subcompact vehicles. The company plans to add additional models over the next decade.

Those interested in a BMW, hybrid or any other vehicle may want to head to New Jersey State Auto Auction, which features a wide variety of new and used cars for sale.