BMW charges up, outperforms Tesla and Mercedes in Q1 EV Sales

BMW AG’s sales of fully electric vehicles at its core brand surged in the first quarter, outperforming rivals Tesla and Mercedes Benz, which have stru
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BMW iX electric SUV
EVs made up roughly 15 per cent of BMW’s total deliveries last year and are expected to rise to 20 per cent this year.
BMW iX electric SUV
EVs made up roughly 15 per cent of BMW’s total deliveries last year and are expected to rise to 20 per cent this year.

BMW AG’s sales of fully electric vehicles at its core brand surged in the first quarter, outperforming rivals Tesla and Mercedes Benz, which have struggled to cope with faltering demand.

Deliveries of battery-powered models such as BMW’s i4, iX1 and i7 jumped 41 per cent in the three months through March compared to the same period last year, the company said Wednesday. The results helped group EV sales rise by 28 per cent.

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BMW’s results contrasted with the broader slowdown in demand for EVs, particularly in Europe, where battery-powered cars have flattened as a share of overall sales after governments withdrew incentives for EV purchases. Mercedes-Benz Group AG said Wednesday its EV sales fell 8 per cent in the first quarter, after Tesla Inc. earlier this month reported its first year-on-year sales drop since 2020.

EVs made up roughly 15 per cent of BMW’s total deliveries last year and are expected to rise to 20 per cent this year. The company aims to boost that share further this year with half a million EV sales, drawing on 15 fully electric models across its brands.

BMW is, however, facing stiff competition in China, its biggest market, where a subdued economy and price war led by Tesla is weighing on the industry. Sales of BMW and Mini brand vehicles in China declined 3.8 per cent in the first quarter, while deliveries increased 5.5 per cent in Europe and 1.2 per cent in the US during the same period.

Mercedes Benz saw overall sales decline to 463,000 cars during the first quarter because of significant supply chain issues and model changes in Asia, where deliveries dropped 15 per cent.

First Published Date: 10 Apr 2024, 17:59 PM IST
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