Despite overall sales slipping 1.5% in the first quarter, the BMW Group sold over 64,000 fully electric vehicles, up over 80% from last year. In an impressive showing, BMW brand EV sales more than doubled (+112.3%) in Q1 and will remain the “main growth driver” this year.
BMW EV sales double in Q1 with further growth expected
Overall MINI brand sales fell nearly 10%, but the automaker says demand for the electric MINI Cooper SE remains high. Looking ahead, BMW remains confident in the brand, following the launch of the MINI Cooper SE Convertible earlier this year, as it transitions to a fully electric brand by 2030.
Meanwhile, BMW brand EV sales climbed to 55,979 units in Q1, more than doubling (+112.3%) once again, while many EV makers have struggled through the first three months of 2023.
Pieter Nota, a member of the board of management of BMW AG, explained the significant growth that EVs are bringing to the company, stating:
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.
The higher electric sales were due to demand for the BMW iX, iX3, i4, and the i7 full-sized luxury sedan launched this past November, its first fully electric 7-series model (and the largest in its lineup thus far).
With the launch of its first full electric BMW i5 later this year, followed by the BMW iX2 and all-electric 5 Series Touring, the automaker says it will offer at least one fully electric model in every major segment. As a result, it anticipates a “steep growth trajectory” in the next few years.
By 2026, BMW plans for about one in every three new vehicles to have a fully electric drivetrain as it looks to keep pace in the rapidly evolving auto industry.
BMW Group is preparing to launch its first ultra-luxury electric super coupe, the Rolls Royce Spectre, in the fourth quarter as the prestige brand also transitions to an all-electric lineup by the end of the decade.
Nota says fully electric vehicles, including premium models such as the i7, will be the “main growth driver” in 2023 and remains confident it will continue its expansion this year.
Despite plans for a 50% EV sales share by 2030, if the automaker continues at this pace, BMW will have no choice but to become an all-electric brand well ahead of its target.
Evidently, from the sales numbers, this is what buyers are demanding. MINI and Rolls Royce are going all-electric by 2030, along with Mercedes, Jaguar, Volvo, Cadillac, Alfa Romeo, and more, so why is the BMW brand only aiming for a 50% EV sales share by then?