BMW has reached a crucial milestone, surpassing the tipping point as it pivots away from traditional gasoline-powered vehicles and towards a future dominated by electric vehicles (EVs). According to BMW’s Chief Financial Officer, the company plans to shift the majority of its future development efforts towards electric vehicles, effective immediately.
Following a remarkable 74% surge in electric vehicle (EV) gross sales last year, exceeding 375,000 units sold, BMW is confident that this momentum will continue unabated.
By the fourth quarter, BMW observed a notable surge in demand, with 129,316 electric vehicles (EVs) delivered, representing a significant 47.7% year-over-year increase. BMW’s electric vehicles accounted for 15 percent of total group sales in the past year, thereby achieving its targeted objective.
BMW’s electric vehicle models have seen remarkable demand, with a staggering 330,500 units sold globally within the past year alone. The BMW iX1 and BMW i4 have emerged as the top-performing sales models. Meanwhile, with the introduction of the iX3 and the i4 last year, BMW now offers an all-electric option in every one of its key market segments.
The fully electric BMW i4 M50 retained its position as the best-selling BMW M vehicle for the second consecutive year.
BMW’s Jochen Goller, a board member, forecasts that the company’s electric model will drive the sale of more than 500,000 fully-electric vehicles in 2024.
The automotive manufacturer has committed €650 million ($711 million) to electrify its primary production facility in Munich, with plans to transition it fully electric by the end of 2027. Will become BMW’s first existing plant to be reconfigured for the production of solely electric models.
As BMW’s sales data suggests, the industry has indeed shifted its focus towards electric vehicles.
“According to BMW’s Chief Financial Officer Walter Mertl, speaking to the media on Monday, the tipping point for combustion engines occurred last year.”
In accordance with the company’s monetary chief, BMW’s order books are well-stocked as part of its efforts to deliver 500,000 electric vehicles (EVs) this year.
“Forthcoming advancements are expected to primarily emanate from the production of electric vehicles powered by batteries,” Mertl noted. Despite the efforts of multiple automakers, including Ford and GM, to ramp up their electric vehicle (EV) investments, Mertl predicts that “the current sales plateau of internal combustion engines will persist before eventually declining slightly.”
By 2026, BMW aims to achieve one-third of its overall automobile sales through electric vehicles. The automaker unveiled its next-generation Neue Klass electric vehicles in September, offering a first look at the models’ cutting-edge technology features.
BMW’s new-class vehicles will boast “a 30% increase in variability, 30% faster charging times, and a 25% boost in efficiency.” They are slated for release in 2025.
BMW CEO Oliver Zipse revealed the company’s plan to introduce six electrified Neue Klasse models within a 24-month period, stating that “from sleek SUVs to stylish sedans, we have a model to cater to every buyer’s preference.”
BMW has released a sneak peek of its upcoming electric SUV through a tantalizing video preview. Despite its innovative camouflage, the EV’s sleek aerodynamics and distinct BMW styling cues are unmistakable.
The forthcoming electric SUV is expected to follow in the footsteps of the production-spec Model 3-inspired Imaginative and prescient Neue Klasse, which made its debut at the IAA. By 2025, BMW intends to commence mass production of its newly developed electric vehicles.
