Despite a 1.5% decline in overall sales during the first quarter, the BMW Group saw a significant surge in demand for its electric vehicles, with over 64,000 units sold – an astonishing 80% increase from the previous year. BMW’s electric vehicle (EV) sales surged by 112.3% in the first quarter, with no signs of slowing down, solidifying its position as the primary growth driver for the company throughout the year.
BMW’s electric vehicle (EV) sales more than doubled in the first quarter of the year as the company continues to invest in its electrified lineup. The German automaker saw a significant surge in demand for its fully electric models, driven by growing consumer interest and increasing government incentives for eco-friendly transportation. With new developments on the horizon, including the highly anticipated i4 electric gran coupe, BMW is poised to maintain its momentum in the competitive EV market.
The BMW Group and its subsidiary MINI reported a significant increase in electric vehicle deliveries during Q1, with 64,647 units sold, representing an impressive 83.2% year-on-year growth as the company gains traction.
MINI’s overall sales dipped around 10% as global market conditions wavered, but the brand remains upbeat about demand for its electric MINI Cooper SE, a model that continues to resonate with environmentally conscious consumers. Looking ahead, BMW remains committed to its electrification strategy, building on the success of the MINI Cooper SE Convertible launched earlier this year, as it prepares to transition its entire model range to fully electric vehicles by 2030.
Meanwhile, BMW’s electric vehicle (EV) sales skyrocketed to 55,979 units in the first quarter, a whopping 112.3% increase, defying the industry trend as many other EV manufacturers struggled through the first three months of 2023?
Pieter Nota, a member of the board of administration at BMW AG, emphasizes the transformative impact electric vehicles (EVs) are having on the company, citing:
The global appetite for our electric vehicles has reached unprecedented levels, driving up demand and fueling growth. We successfully maintained momentum in our electrification efforts throughout the first quarter, effectively driving forward our mobility strategy.
Upper electrical gross sales have surged due to strong demand for the BMW iX, iX3, i4, and the flagship i7, a full-sized luxurious sedan unveiled last November as the brand’s first fully electric 7-series model and largest in its lineup to date.
As BMW prepares to unveil its first full electric BMW i5 model later this year, followed by the BMW iX2 and an all-electric 5 Series Touring, the company has announced plans to offer at least one fully electric model across every major segment. Due to these factors, a steep development trajectory is anticipated over the next few years.
By 2026, BMW aims to equip approximately one-third of its new vehicles with fully electric powertrains, as it seeks to stay ahead in the rapidly evolving automotive industry.
As BMW prepares to unveil its inaugural ultra-luxury electric grand tourer, the Rolls-Royce Spectre, in the fourth quarter, the iconic brand’s status model is set to make a seismic shift towards an all-electric fleet by the end of the decade.
Notably, Note said that absolutely electric vehicles, including premium models like the i7, will be the “primary driving force” behind their fundamental development in 2023, and they remain confident that they will continue to grow this year.
Electrek’s Take
Despite ambitions for a 50% electric vehicle market share by 2030, BMW’s current pace could force it to transition to an all-electric lineup well ahead of schedule.
It appears that consumer demand is driving sales, as evidenced by the substantial revenue figures. As the luxury car landscape shifts towards electric powertrains, industry leaders are making bold commitments to electrify their lineups. Mini and Rolls Royce have pledged to go all-electric by 2030, while other notable brands like Mercedes, Jaguar, Volvo, Cadillac, and Alfa Romeo are also joining the charge. But amidst this sea of change, BMW is taking a more measured approach – aiming for a 50% electric vehicle sales share by 2030 rather than an all-out electrification strategy.
