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BMW Performance in First Quarter 2024: Higher BEV sales driving faster growth

Author: Abhijeet Pratap | Published: April 21, 2024
BMW Q1 2024 sales

Following an excellent 2023, BMW group is on course to faster growth in 2024. The company experienced significant sales growth in the first quarter of 2024 and achieved an important milestone in terms of battery electric vehicle (BEV) sales.

In terms of BEV sales, the company has experienced balanced sales performance across all regions in the world. It sold 82,700 fully electric BMW, MINI and RollsRoyce vehicles to customers globally over the first three months of 2024. This represents a BEV sales growth of above 27.9% yoy in the first quarter of 2024.

In 2023, the BMW group had reported its highest ever operating result and expects to continue its profitable growth momentum in the current financial year. The company expected BEVs and the upper premium segment to remain the primary growth drivers in 2024. It sold its one millionth electric vehicle in the 2024 first quarter. Since the launch of BMW i3, the company has sold more than one million BEVs proving the attractiveness of its electric vehicle portfolio. BMW also experienced an impressive increase in sales of its upper premium segment cars just as it expected in the first quarter of 2023.

The BMW group delivered a total of 594,671 vehicles in the first quarter of 2023, which was 1.1% higher compared to the same period of the previous year. It recorded strong growth in the European region where it delivered 227,784 units of BMW and MINI vehicles to the customers. Its higher end premium segment models registered sales growth of 21.6% in the first quarter of 2024. BMW 7 series particularly experienced double digit growth in the first three months of 2024 compared to the same period in the prior year. Overall, the company expects BEVs and its higher end premium models to register double digit growth in 2024.

BMW Brand Segment Sales Improved

The BMW brand segment has experienced more than 40% growth in the sales of fully electric vehicles during the first quarter of 2024. The company sold a total of 531,039 BMW brand vehicles in the first quarter of 2024, which was 2,.5% higher compared to the same period of the last year. Sales remained particularly strong in the battery electric vehicles segment. The company delivered a total of 78,691 fully electric BMW brand vehicles in the first quarter of 2024 or 40.6% higher compared to the same period of the prior year.

The models that are enjoying the highest demand in the fully electric segment include BMW i4, BMW iX3, BMW iX1, BMW iX and BMW i7. BMW iX2, released onto the market in March has also received positive customer response.

BMW M posts Best Sales ever

BMW M models are among its most expensive models. However, the M models continue to enjoy robust demand and are driving impressive growth for the automobile business.

In the previous year’s first quarter, BMW M had posted its best sales ever. Again in the first quarter of 2024, BMW M has posted its highest sales in history. BMW M sales grew 3.6% in the period from January to March in 2024.

BMW M sold a total of 48,110 vehicles or 3.6 higher compared to the same period in the previous year. Most of the growth was driven by growth in sales of BMW M2, M3 Sedan, M3 Touring and the BMW XM as well as BMW X1 M35i, M760e, i7 M70 and i5 M60.

BMW is confident about the rest of 2024 as its position in the higher end premium segment and electromobility has continued to strengthen.

Mini and RollsRoyce

While MINI sales declined compared to the previous year, the company still sold 62,107 MINI vehicles in the first quarter of 2024. While MINI Sales were 9.4% lower in the first quarter of 2024 compared to the same period in the last year, the company still experienced sales growth in some regions including the United Kingdom, Spain, Portugal, China, South Africa, South Korea and Latin America. BMW group is introducing MINI Aceman (crossover model) in April 2024. It has released a new MINI Countryman in late February 2024 which comes in both electric and internal combustion engine models.

Demand for Rolls Royce remained solid across the globe despite a decline of 7% in vehicle deliveries. The company delivered a total of 1,525 Rolls Royce Motor cars to customers globally.

March 2024 was BMW Motorrad’s Best Month Ever

In March 2024 alone, BMW Motorrad sold more than 24,000 bikes and scooters, which was the highest monthly sales in its history. In the first quarter of 2024, BMW Motorrad recorded a total of 46,434 deliveries which was 3.1% less compared to the previous year.

BMW Motorrad is confident about the coming months and is set to launch more new attractive models. New releases like F 900 GS are winning customers globally.

BMW & MINI Sales by Region

# Region Unit Sales Change %
1 US 90,844 1.2%
2 Europe 227,784 5.5%
3 Germany 61,976 7.6%
4 China 187,452 (3.8)%

BMW Group sales in Q1/YTD March 2024 at a glance

# Segment Unit Sales Change %
1 BMW Group Automotive 594,671 1.1%
2 BMW 531,039 2.5%
3 - BMW M Gmbh 48,110 3.6%
4 MINI 62,107 (9.4)%
5 BMW Group Electrified 122,616 11%
6 BMW Group BEV 82,700 27.9%
7 RollsRoyce 1,525 (7)%
8 BMW Motorrad 46,434 (3.1)%

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