The automaker has teamed with Intel and Mobileye to bring autonomous technology to market.

BMW has confirmed plans to launch a fully autonomous vehicle by 2021.

The company already announced plans to co-develop an autonomous drive system with Intel and Mobileye. The latest announcement clarifies that it will be a Level 5 system, representing the top echelon.

SAE defines Level 5 as capable of performing all driving tasks under all roadway and environmental conditions. Such vehicles have been conceptualized as mobile lounges, where the driver can kick back and watch a movie or chat with passengers -- with no need to monitor the road or remain ready to take the wheel in an instant if the autonomous system encounters a problem.

"We are on the way to deliver a car in 2021 with level 3, 4 and 5," said BMW's senior VP of autonomous driving, Elmar Frickenstein, as quoted by Reuters.

The comment suggests the vehicle will be equipped with human controls and will allow drivers to choose the level of autonomy for any given driving scenario.

The announcement follows Intel's move to acquire Mobileye for $15 billion. The chip maker views the autonomous vehicle market as a $70 billion opportunity in for vehicle systems and data services by 2030.