BMW Group is a growing force for electric vehicle adoption
A lot of praise is given to the leading organisations in the electric vehicle (EV) space, but the corporate and sustainability strategy of a legacy OEM has proven beneficial in the race to electrify.
BMW Group’s journey towards more sustainable transportation began in 2013 with the release of its i3 model. Ten years later and the company has experienced a significant shift in strategy and a growing adoption of EVs.
As reported in its global sales figures for Q1 2023, the company experienced +83.2% growth in EV adoption, resulting in the sale of 64,647 all-electric BMW and MINI EVs. Looking closer at these figures, much of its success is attributed to the BMW brand, which sold 55,979 of those units—meaning an increase in sales by +112.3%.
“Our strong product lineup continues to inspire our customers worldwide. 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,” says Pieter Nota, member of the Board of Management of BMW AG, responsible for Customer, Brands, Sales.
“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,” Nota continued.
Overall automotive decline despite growing EV demand
Responsible for the sale of BMWs, MINIs, and the Rolls-Royce luxury car brands, BMW Group accounts for all car sales from the first quarter, which saw a 1.5% decrease to 588,138 vehicles.
The company has also recognised the coronavirus’ continued impacts on the overall industry across the globe, suggesting that the Chinese market is where some of the targets were not met, however, the US remains a strong prospect for automotive sales moving forward.
Up next in BMW’s chain of electrification events is the rollout of the BMW i5, which is another fully electric car model to be sold in all major automotive sectors. Following the growing interest in its electrified models, BMW anticipates more sales growth in the EV realm as a result of the i5’s launch.
Having sold 68,541 MINI vehicles in Q1, BMW Group sees high demand for the MINI Cooper SE—a fully electric counterpart—and is also working on a direct sales model in China as of March 2023.
While the output of its luxury car brand Rolls Royce is much different to its sister premium brands, growth in sales has increased by a steady 1% over the past few months. The brand has also taken a major leap in its electrification journey as the first few customers have received the Rolls Royce Spectre—the first ever fully electric luxury car launched by the company.
For full sales details, BMW Group provides these in its latest release.
