BMW of North America set a new quarterly milestone in the third quarter by selling 4,337 battery-electric vehicles. The automaker is bolstering its electric vehicle (EV) lineup, expecting a significant boost in sales as it prepares to launch the BMW i7 in the fourth quarter, which will arrive at US dealerships shortly.
BMW delivers strong Q3 results with electric vehicle demand driving growth?
During the third quarter, BMW reported a 3.2% increase in total gross sales, driven by strong demand for its fully electric models and ongoing consumer enthusiasm for luxury vehicles.
BMW’s Chief Financial Officer, Nicholas Peter, recently remarked that the company experienced a “challenging 12-month period” worldwide, marked by lockdowns in China, persistent supply chain disruptions, and escalating energy costs stemming from the conflict in Ukraine.
Peter stated that the fuel issue’s immediate impact will be negligible for the next 12 months, despite BMW anticipating ongoing pressure due to increasing costs throughout the year.
In the United States, BMW faces a unique challenge in promoting electric vehicles (EVs), as its primary obstacle lies not in generating interest but rather in meeting customer demand. Notwithstanding this, the automaker anticipates a significant surge in 2023 due to sustained demand for electric vehicles. As CEO of BMW North America, Sebastian Mackensen asserts:
The appetite for BMW’s electric vehicles has been palpable since their inception.
Following the retirement of the BMW i3, the flagship model of BMW’s “i-series,” in January 2022 after a successful nine-year run, the company reinvigorated its electric vehicle lineup with a new strategic approach. BMW currently offers two fully electric models in North America: the BMW iX xUV and the BMW i4.
Strong demand for electric vehicles drove a significant increase in sales during the third quarter, with BMW delivering 4,337 pure EVs and 1,727 iX models. The automotive manufacturer anticipates a continued surge in US electric vehicle (EV) gross sales, as Mackensen notes.
With the support of our sales partners, we expect this growth trajectory to accelerate by the fourth quarter, resulting in a strong finish to the year.
BMW is set to debut its inaugural fully electric 7-series model, the i7, which will hit US showroom floors in the fourth quarter. This luxurious electric vehicle’s advanced features elevate driving to new heights, boasting supple massaging Merino leather seats, a panoramic Sky Lounge LED roof, and many more indulgent amenities.
While the i7’s arrival timing is uncertain, it will likely impact BMW’s Q4 sales; however, its true significance lies in 2023, as the company anticipates a substantial year for electric vehicle deliveries.
