BMW Group’s sales slipped by 1.5% in Q1 2023. However, the company sold over 64,000 fully electric vehicles in the same period, up over 80% from last year. BMW brand EV sales more than doubled (+112.3%) in Q1 2023. BMW Group remains confident in the brand, following the launch of the MINI Cooper SE Convertible earlier this year. BMW brand EV sales will remain the “main growth driver” in 2023. BMW Group aims to transition to a fully electric brand by 2030.
Pieter Nota, a member of the board of management of BMW AG, discussed the significant growth that electric vehicles (EVs) are bringing to the company. Nota stated that BMW’s fully-electric vehicles are benefitting from high demand around the world, allowing the company to maintain a dynamic pace of their electromobility ramp-up in Q1.
BMW’s higher electric sales were due to demand for BMW’s iX, iX3, i4, and i7 models, including the i7 full-sized luxury sedan launched in November 2022, which is the company’s first fully electric 7-series model and the largest in its lineup thus far.
BMW plans to launch its first full electric BMW i5 later in 2023, followed by the BMW iX2 and all-electric 5 Series Touring, ensuring that it will offer at least one fully electric model in every major segment. BMW anticipates a “steep growth trajectory” in the next few years due to its expanding electric vehicle lineup.
BMW plans for one in every three new vehicles to have a fully electric drivetrain by 2026. The Rolls Royce Spectre, BMW’s first ultra-luxury electric super coupe, is set to launch in Q4 2023.
BMW’s premium electric models such as the i7 will be the main growth driver in 2023. Despite aiming for a 50% EV sales share by 2030, BMW may become an all-electric brand ahead of schedule if it continues at its current pace.
BMW is responding to increasing demand for electric vehicles, with other brands such as MINI, Mercedes, Jaguar, and Volvo also transitioning to all-electric lineups by 2030. As the automotive industry continues to shift towards electric vehicles, BMW is positioning itself as a leading player in the electrification movement.