BMW EV Sales Increase 41% Year-Over-Year in Q1

In the first quarter of the year, BMW’s sales of fully electric vehicles significantly increased compared to the year-ago quarter.

BMW reported a 41% increase in the delivery of battery-powered models, including the i4, iX1, and i7, in the three months leading to March, against the backdrop of a 28% rise in the group’s overall EV sales.

This growth starkly contrasts with the general slowdown in EV demand, particularly highlighted in Europe where the market share of battery-powered cars has plateaued following the withdrawal of governmental purchase incentives.

Volkswagen has not mirrored BMW’s success, seeing a 3% drop in EV deliveries during the same period, heavily affected by a 24% decline in Europe, reports Bloomberg.

Similarly, Mercedes-Benz saw an 8% fall in EV wholesales, attributing the downturn to supply chain disruptions, the discontinuation of specific models, and a lackluster market in Germany post-subsidy removals. Tesla also saw its Q1 sales decline year-over-year for the first time since 2020.

BMW’s optimistic stance on its EV market share is supported by a portfolio of 15 fully electric models, including the high-volume i4 sedan and the newly introduced iX2 crossover. Despite the competitive pressures, especially from a subdued Chinese market and Tesla’s aggressive pricing strategy, BMW is aiming for EVs to make up 20% of its total deliveries this year, along with a goal of 500,000 EV sales in 2024.

But challenges persist, notably in China, BMW’s largest market, where economic downturns and competitive pricing are affecting sales, despite gains in Europe and the US.