AUTO

BMW EV Sales Exploded in Q1 2024, While Rivals Faltered

April 15, 2024

The BMW Group’s EV sales rose by an incredible 28% in the first quarter of 2024.
Rivals Tesla and Volkswagen struggled with weaker demand during the same period.
BMW EV deliveries of its i4, iX1, and i7 jumped 41% in Q1 of 2024.

The car-buying public has been wondering if EV industry leader Tesla’s first quarter of 2024 sales slump is indicative of a general slowdown in EV sales throughout the industry. While sales of rivals like Tesla and others slowed, a substantial increase in BMW EV sales came in Q1. The company’s sales of fully electric vehicles surged in the first quarter of 2024, outperforming rivals like Tesla and Volkswagen, both of which struggled to cope with lower demand during the same period.

The company said that “the increase in sales of fully-electric BMW vehicles benefitted from a balanced performance across all major regions of the world.”

BMW EV deliveries of its i4, iX1 and i7 jumped 41% in Q1, compared to the same period last year, according to the company. The stunning sales results of these BMW electric cars allowed the company’s entire EV sales to rise by 28%. The BMW 7 Series enjoyed double-digit growth worldwide in Q1 2024, compared to the previous year. The BMW brand enjoyed a global sales increase for all models of 2.5% in Q1.

In Europe, battery-powered cars have flattened as a share of overall sales in Q1. Experts believe the reason for this is that governments withdrew incentives for EV purchases.

Volkswagen AG reported its EV deliveries fell 3% in the first quarter. Mercedes-Benz Group AG reported that its wholesales of EVs fell 8% in Q1 2024. In April 2024, Tesla reported its first year-on-year global decrease in sales since 2020, bringing its stock price down by nearly one-third, as one of the lowest performers in the S&P 500 so far in 2024.

BMW Group Delivers Its Historic One Millionth All-Electric Vehicle

In April 2024, the BMW Group reached a significant milestone with the delivery of its one-millionth all-electric vehicle since the debut of the BMW i3 in 2011. The small i3 was produced from 2013 to 2022. The i3 was BMW’s first mass-produced zero emissions vehicle, as part of BMW’s electric vehicle BMW i sub-brand.

“The BMW Group is continuing on its BEV growth path. With the delivery of its one-millionth fully-electric vehicle since the market launch of the BMW i3, we have reached an important milestone that confirms the attractiveness of our product portfolio,” said Jochen Goller, member of the Board of Management of BMW AG responsible for Customers, Brands, and Sales.

Alongside fully electric models, vehicles with combustion engines and plug-in hybrid technology remain components of BMW Group’s portfolio.

“By providing a choice of drivetrain technologies and thanks to our high level of flexibility, the BMW Group is well-positioned to meet changing customer requirements. This strategy is now proving particularly effective in a dynamic market environment,” continued Goller.

BMW Rolls Out a Significant Number of New Battery Models, Including the i4 Sedan and the iX2 Crossover

According to the company, demand is high across its all-electric model series, reflected by strong EV sales for the BMW brand.

“Among the brand’s fully-electric vehicles, the BMW i4, BMW iX3, BMW iX1, BMW iX and BMW i7 were particularly in demand. The BMW Group is also receiving positive customer feedback on the new BMW iX2, which was released onto the market in March. The newly introduced BMW 5 Series, with four drive train variants, including the fully-electric BMW i5, is proving especially popular,” said BMW in a press release.

BMW’s New MINI Family Continues at Full Steam

According to the BMW Group, the United Kingdom, Spain, Portugal, China, South Africa, South Korea, and Latin America were among the countries reporting sales growth for its MINI. The new MINI Countryman was launched in February and will be available with an internal combustion engine version, as well as an electric model.

The company stated that the MINI Cooper will also be released onto the market as a fully electric model along with an ICE version.

And in April 2024, a new crossover model, the MINI Aceman, will celebrate its world premiere.

BMW Group’s Elite Rolls-Royce Motor Cars Sales Dip Slightly

More than 1,500 (a decrease of 7%) Rolls-Royce cars were delivered globally in the first quarter. Q1 witnessed spectacular and elaborate Rolls-Royce creations, including the delivery of the Arcadia, the third coachbuilt Rolls-Royce Droptail.

BMW’s Strong Sales Are Evidence of Growing EV Revolution

While Tesla sales faltered in Q1 2024, BMW EV sales grew. It’s clear that whatever the reasons for Tesla’s sales slump, EV sales remain strong for BMW. The brand has picked up steam and will continue to be an important leader in the global move from polluting ICE vehicles to clean, green EVs.

The global EV revolution is moving more quickly than anyone ever imagined.