What slowdown? BMW pips Mercedes and Audi, sells 1.1 million cars in H1 2024

BMW leads in premium car sales in Germany with 2.3 per cent rise in total sales and a boost in battery-electric deliveries, while other German brands
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BMW Vision Neue Klasse
While other German carmakers struggled in sales with low demand, BMW reported the strongest sales and was the only brand to boost its battery-electric deliveries.
BMW Vision Neue Klasse
While other German carmakers struggled in sales with low demand, BMW reported the strongest sales and was the only brand to boost its battery-electric deliveries.

BMW on Tuesday reported the strongest sales among Germany's top three premium carmakers and was the only brand to significantly boost battery-electric deliveries, as Mercedes-Benz and Porsche struggled with low demand. BMW saw a 2.3 per cent rise in total sales in the first half of the year to almost 1.1 million vehicles, with battery-electric sales surging 34 per cent to a total of nearly 180,000 cars.

Mercedes-Benz sold roughly half as many battery-electric cars at 93,400, a 17 per cent drop from a year ago. Total sales byMercedes-Benz core brand dropped six per cent to 960,000.

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"The ramp-up of electric vehicles slowed in key markets, while the company focused on healthy growth in a market environment characterised by heavy discounting," Mercedes said in a statement.

Carmakers have been slashing prices of electric vehicles particularly in China in an attempt to boost sales amid dampened demand and rising competition as carmakers broaden their electric lineups.

German carmakers hope to make up lost ground

Both Porsche and Mercedes-Benz, as well as Volkswagen's premium brand Audi, have said upcoming model launches would help make up lost ground and boost sales. Audi sales fell in the first six months of the year by eight per cent to 833,000 vehicles, with battery-electric sales up by just 1.3 per cent.

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Porsche, which sells a lower volume of higher-priced cars, saw sales drop seven per cent to just 155,900 vehicles with a particularly steep drop of a third in China.

Analysts said after a pre-close call with Porsche AG executives on Tuesday that revenue should improve in the second quarter from higher availability of top-end models, resulting in a margin in line with forecasts of 15 per cent to 17 per cent. "We continue to like the stock," analyst Tim Rokossa of Deutsche Bank said in a note.

First Published Date: 11 Jul 2024, 08:32 AM IST
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