BMW Group Electric Car Sales Increased By 28% In Q1 2024 – GWC Mag

The BMW Group reports 594,671 global vehicle sales during the first quarter of 2024 (up 1.1% year-over-year). The small overall growth was accompanied by a healthy increase in all-electric car sales.

In Q1, BMW Group’s (BMW, Mini and Rolls-Royce) battery electric vehicle (EV) sales amounted to 82,700 units (up 28% year-over-year). The share of EVs out of the group’s total volume increased to 13.9%, compared to 11% a year ago.

BMW electric car sales increase

In 2023, the BMW Group sold more than 376,000 all-electric cars, 74% more than in 2022. This year, the company intends to increase EV sales to over 500,000 and achieve a 20% EV share.

The German manufacturer also celebrates the milestone of one million fully electric vehicles on the roads (since the market launch of the BMW i3 over a decade ago).

Meanwhile, plug-in hybrid car sales continued to decrease with only 39,916 sales in Q1 (down 13% year-over-year) and a 6.7% share.

Overall, the BMW Group sold 122,616 rechargeable cars last quarter (up 11% year-over-year), which was 20.6% of the total volume (compared to 18.8% a year earlier).

BMW Group global plug-in car sales in Q1’2024 (YOY change):

• BEVs: 82,700 (up 28%) and 13.9% market share
• PHEVs: 39,916 (down 13%) and 6.7% market share
• Total: 122,616 (up 11%) and 20.6% market share

BEV sales accelerate:

PHEV sales have been on a downward trend for a few years now:

For reference, in 2023, the BMW Group sold over 566,000 plug-in cars, including over 376,000 all-electric cars (up 74.4% year-over-year). EVs represented 14.7% of the total volume—almost in line with the 15% target.

BMW Group global plug-in car sales in Q1-Q4’2023 (YOY change):

• BEVs: 376,183 (up 74%) and 14.7% market share
• PHEVs: 190,303 (down 13%) and 7.4% market share
• Total: 566,486 (up 31%) and 22.2% market share

In 2024, the target is to sell over 500,000 EVs and increase the EV share in the total volume to 20%:

• 2024: BEVs share – at least one in five (20%) and over 500,000 fully-electric cars
• 2025: BEVs share – at least one in four (25%)
• 2026: BEVs share – at least one in three (33%)

According to previous reports, the group plans to have 18 all-electric models on the market in 2024.

EV sales by brand

Most of the BMW Group’s EV sales fall on the BMW brand, which noted a solid 40.6% year-over-year increase to 78,691 units. Unfortunately, the official report does not include EV sales numbers for the Mini and Rolls-Royce brands. Together the two brands noted over 4,000 units.

BEV sales in Q1 2024 (YOY change):

• BMW: 78,691 (up 40.6%)
• Mini and Rolls-Royce: 4,009
  Mini Cooper SE and Rolls-Royce Spectre models
  

This year, the company will launch the new Mini Countryman (EV and ICE), plus the next-generation Mini Cooper (EV and ICE). The EV-only Mini Aceman—a compact five-seater crossover—will celebrate its world premiere in April.