By BMW has posted remarkable growth in the electric vehicle (EV) market, surpassing rivals like Tesla and Volkswagen with a staggering 41% increase in EV sales during the first quarter of 2024. This achievement underscores BMW’s commitment to innovation and sustainability in the automotive industry. The surge in BMW’s EV sales can be attributed to the strong performance of its electric models, including the i4, iX1, and i7, which collectively experienced a 41% growth compared to the same period last year.
This growth stands in stark contrast to the challenges faced by other automakers, with both Tesla and Volkswagen grappling with declining demands for EVs. During the first quarter, Volkswagen witnessed a 3% decrease in EV sales, while Mercedes-Benz experienced an 8% decline, highlighting BMW’s exceptional performance in the EV market. The positive sales momentum also translated into a 1.3% increase in BMW’s share value, positioning the company slightly ahead of Mercedes-Benz in the stock market.
According to industry reports, EVs accounted for 15% of BMW’s total deliveries in the previous year, with projections indicating a rise to 20% by the end of 2024. To further bolster its EV portfolio, BMW plans to introduce 15 fully electric models across its brands, including BMW, MINI, and Rolls Royce. Harald Hendrikse, a CITI Analyst, highlighted BMW’s strategic advantage, noting its focus on volume-based sales and willingness to compete in challenging market conditions. However, he cautioned that future growth might be hindered by slowing expansion in the luxury segment and key markets like China
