German automaker BMW Group fell short of its overall sales target in Q1 2023 by 1.5% to 588,138 units globally. Nonetheless, it has sold more than 64,000 all-electric vehicles, indicating a year-on-year growth of over 80%, per the press release.
Most notably, sales of electric vehicles under the BMW brand more than doubled (+112.3%) in the first quarter and will continue to be the “main growth driver” in 2023.
BMW EV sales significantly grew in Q1, and further growth anticipated
The BMW Group, which includes the MINI brand, reported deliveries of 64,647 battery-electric vehicles in Q1 2023. That figure indicates a YoY growth of a whopping 83.2%.
However, the automaker asserted that the sales of its MINI brand declined almost 10% in the same period this year. Nonetheless, BMW assured that there is still strong demand for the electric MINI Cooper SE. That said, BMW is still optimistic about the brand, with plans to debut the Cooper SE Convertible this year. Notably, the launch is part of the company’s strategy to become an all-electric brand by 2030.
On the other hand, sales of the BMW brand surged to 55,979 units in Q1. It represents an increase of over double (+112.3%). This performance is remarkable, given that numerous electric automakers had a hard time through the first three months of the year.
“Our fully-electric vehicles, in particular, are benefiting from high demand around the globe. We were therefore able to maintain the dynamic pace of our electromobility ramp-up in the first quarter.”
Pieter Nota, BMW AG’s member of the board of management
The automaker further stated that the high EV sales were attributed to BMW iX, iX3, i4, and the i7 luxury sedan released in November 2022.
BMW to expand its EV portfolio
BMW announced plans to launch at least one all-electric model in each major industry segment.
The automaker plans to launch the all-electric BMW i5 this year. Moreover, the debut of the BMW iX2 and BEV 5 Series Touring will soon follow.
With all these planned EVs, the company expects a “steep growth trajectory” in the following years.
For instance, BMW aims to produce 1 EV in every three new vehicles it will offer by 2026. This move is critical for the company to stay competitive in the rapidly growing industry.
Apart from all these, BMW Group also plans to launch the Rolls Royce Spectre, the company’s first ultra-luxury super coupe EV, in Q4 2023. It is also part of the brand’s effort to have an all-electric portfolio by the decade’s end.
Finally, Pieter Nota claims that the automaker’s BEVs are expected to be the “main growth driver” this year and continue to do so in the following years.
“The BMW Group is on track for slight sales growth in the full year 2023. The main growth drivers in 2023 will be fully-electric vehicles and models from the high-end premium segment – like the new BMW i7*, the new BMW 7 Series, the BMW XM* and the updated BMW X7.”
Pieter Nota, BMW AG’s member of the board of management
Well, that would not be surprising. If BMW maintains this pace, it will achieve its target of becoming an all-electric brand ahead of the timeline.
