BMW AG has shown impressive growth in sales of fully electric vehicles at its core brand during the first quarter, surpassing competitors like Tesla and Volkswagen. In this period, customer deliveries of battery-powered models such as the i4, iX1, and i7 saw a significant 41% increase compared to the same period last year, contributing to a 28% rise in the group’s EV sales.
While BMW thrived, other automakers faced challenges in the EV market. Volkswagen saw a 3% decrease in EV deliveries in the first quarter, primarily due to a 24% decline in Europe. Similarly, Mercedes-Benz experienced an 8% drop in EV sales, citing supply chain issues and decreased demand in Germany.
Despite the challenges, BMW’s stock rose by 1.3% on Wednesday, outperforming Mercedes-Benz and maintaining a lead over the past 12 months. The company’s success can be attributed to its strategic focus on EV sales, with the introduction of new models such as the i4 and iX2 which have bolstered its EV lineup.
Looking ahead, BMW aims to increase the share of EVs in its total deliveries to 20% this year, up from 15% last year. The company plans to achieve half a million EV sales this year by leveraging its lineup of 15 fully electric models across its various brands.
However, BMW faces tough competition in China, its largest market, where a challenging economic environment and aggressive pricing from competitors like Tesla have impacted sales. Despite this, Volkswagen remains optimistic about EV demand in Europe, noting a substantial increase in orders for fully electric models in the first quarter.
In conclusion, BMW’s success in the EV market highlights the brand’s commitment to sustainable mobility and innovation. By focusing on expanding its EV lineup and enhancing its market presence, BMW is poised to further strengthen its position in the rapidly evolving automotive industry.
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