Despite ongoing supply chain disruptions affecting the global automotive trade, the BMW Group recorded a historic profit in Q3 as strong sales and demand for its electric vehicles continue to drive the German luxury automaker’s growth.
BMW’s electric vehicle sales surge as demand accelerates globally.
“As the automotive industry navigates challenging times, compelling merchandise can prove to be an effective response,” says Oliver Zipse, as the company moves forward in the face of adversity.
BMW reported a significant surge in electric vehicle deliveries, with 128,195 units handed over to customers during the period, representing a remarkable increase of 114.8% compared to the same period last year? According to the automaker, a surge in demand and orders has been observed for their BMW i3, iX, i4, and Mini Cooper SE models.
The BMW i3, a 100% electric member of the 3-series family, has recently been introduced to the Chinese market, where electric vehicle (EV) sales continue to gain traction despite intensifying competition.
BMW reported a quarterly revenue of €37,176 billion, approximately $36.3 billion, driven by rising automotive expenses.
As part of its continued innovation, BMW is set to debut its inaugural all-electric seven-series model, the BMW i7, in November, followed by the introduction of the i5 in 2023. The BMW Group revealed its fully electric Rolls-Royce Spectre in October, with a planned launch for next year as well.
Despite any potential Q3 successes, BMW maintains a prudent approach by reaffirming its guidance for full-year 2022 financial results. The automaker anticipates a surge in gross sales for its electric vehicles, with momentum expected to double once again this year.
As the posh automaker continues progressing towards its 50% EV gross sales share aim, BMW says it should spend closely on R&D prices. Prices for analysis and growth surged 12%, driven by BMW’s strategic investment in new electric designs, particularly its forthcoming NEUE KLASSE dedicated EV platform, slated to launch in 2025.
BMW is committing a significant investment of $1.7 billion to boost its electric vehicle (EV) production capacity in the United States, expanding its manufacturing footprint for electric and battery components.
Electrek’s Take
As highly-anticipated electric vehicle models prepare to hit the market in the coming months, BMW anticipates that its electric vehicle sales will continue to gain momentum.
As the United States and Europe recently announced plans to phase out combustion engine vehicles, it’s savvy of BMW to expand its electric offerings across all segments. BMW anticipates a substantial surge in electric vehicle sales for the second consecutive year, while 2023 promises to be another robust year as premium models like the Rolls-Royce Spectre and BMW i7 are slated to hit the market.
