1) That batteries would remain really expensive. Lithium batteries have been falling in price for a long time and EV demand was only going to drive new innovations and economies of scale, so even at the time that seemed like a poor bet. BMW wasn't entirely wrong since battery prices stayed quite high during the model lifespan, but it didn't really matter because bet 1) lead to bet 2) 2) Carbon Fibre construction. BMW bet that EVs would need to be light to extract range from small batteries, so they made a CFRP monocoque and made a wager they could find ways to manufacture CFRP at scale more cheaply. They were pretty wrong (though it has led to an explosion of carbon fibre trim options on M models that is nearly pure profit)
i3 had such a small battery, but it still had the huge EV cost penalty that made early EVs very niche. That proved pretty fatal, though the few that got one did tend to really like them.
That double failure scared BMW pretty badly and they retreated to shared platforms, so every EV they sell can't take advantage of the packaging benefits being an EV allows. There are huge spaces for engines up front that is nearly all wasted.
Despite that deficiency BMW has invested a ton into their EV powertrains, so they actually have some of the best efficiency out there.