BMW sales rose slightly in the first quarter thanks to a surge in electric vehicle demand, fueling optimistic expectations for the remainder of the year.
The German automaker sold 594,671 units during the January through March period, up 1.1% from last year. While the company’s overall sales growth was modest, electric vehicle sales saw a near-30% increase over Q1 2023, hitting 82,700 units to comprise roughly 14% of total volume. The first quarter also marked BMW’s one millionth EV sale, placing the brand ahead of most other premium automakers in the electrified segment.
Thanks to the performance of its EV lineup, BMW expects sales to continue rising throughout 2024, beating last year’s amount by a thin margin. Luxury sales, which have remained stable throughout the last 12 months despite market fluctuations, are also projected to rise, further contributing to this increase.
BMW’s emphasis on EVs comes amidst a global cooling in electrified sales. Ford and General Motors, disillusioned with the market, have delayed or postponed projects that would have rapidly expanded battery-powered car production. But, while EV sales have been disappointing, the segment has continued its growth trajectory unabated and may be due for an even greater expansion in 2024 thanks to falling prices. Recurrent expects EVs to reach price parity with gas-powered models this year, overcoming a major obstacle to consumer adoption.
