BMW was one of the few companies selling electric vehicles to report a surge of growth in the first quarter of 2024, even as rivals like Tesla and Volkswagen struggled.
The German automaker said Wednesday it delivered 82,700 fully-electric BMW, Mini, and Rolls-Royce units to customers from January through March. In other words, electric vehicle sales growth climbed almost 28% compared to the same time a year earlier. Sales of battery-powered models — including the i4, iXi, and i7 — made up the majority of EVs sold and surged more than 40%.
“The BMW Group is continuing on its [battery electric vehicle] growth path,” Jochen Goller, who oversees brands and sales for BMW’s board of management, said in a statement. “With the delivery of its one-millionth fully-electric vehicle since the market launch of the BMW i3, we have reached an important milestone that confirms the attractiveness of our product portfolio.”
The automaker said high-end models and EVs will be the primary drivers of growth in 2024, adding that it expects “significant double-digit growth.” High-end model sales jumped almost 22% in the first quarter.
BMW is cruising past the competition
BMW’s success stands in contrast to the overall slowed demand for EVs across the world — and especially in Europe.
Volkswagen on Wednesday said EV sales declined 3% to 136,400 units, largely led by a 24% drop in sales in Europe and a 16% decline in the U.S. That overall decline comes despite Volkswagen selling 41,000 electric cars in China, where it recorded a 91% sales increase despite an ongoing price war and growing competition.
However, the company is confidant that it will see strong EV sales growth in Europe later this year, citing its order bank of around 160,000 units in Europe.
Mercedes-Benz recorded an 8% decrease in EV sales as it winded down the smart fortwo compact car, although plug-in hybrid vehicle sales jumped 6%. The automaker also cited weakening consumer demand in Germany after the country ended a EV subsidy program. And Tesla on April 2 recorded its first year-over-year sales drop since 2020.
BMW isn’t the only EV maker reporting growth. Saudi-Arabia backed Lucid on Tuesday said deliveries climbed 40% compared to the same period last year. Fellow EV startup Rivian — best known for its electric trucks — recorded 70% year-over-year sales growth last quarter.