The BMW Group has reported strong growth in its electric vehicle (EV) segment, achieving six-digit battery electric vehicle (BEV) deliveries for the second consecutive quarter in Q3 2024. Despite the broader challenges in the global automotive market, the Munich-based automaker delivered 103,440 BEVs between July and September, marking a 10.1% year-on-year increase. However, while the electric side of the business is flourishing, the company’s overall sales figures have taken a hit.
Electric Vehicle Growth Fuels Optimism
The 103,440 BEVs delivered in Q3 2024 represent the third-highest quarterly performance for BMW’s electric vehicle sales, coming in just below the 107,933 units delivered in Q2/2024. In the first nine months of 2024, BMW Group increased its BEV deliveries by 19.1%, bringing the total to 294,054 units. This growth underscores the brand’s ongoing commitment to electrification, with BMW leading the charge by delivering 266,151 fully electric cars—an impressive 22.6% increase compared to the same period last year.
Jochen Goller, BMW’s Board of Management member responsible for Customer, Brands, and Sales, expressed optimism about the company’s electric vehicle prospects. “Our fully-electric vehicles are winning over customers worldwide – as shown by the significant double-digit growth in our BEV sales during the first nine months of the year,” Goller said. He added that the company had gained market share in Europe despite challenging conditions, thanks to an attractive, technologically open model lineup.
Among the models contributing to this success, the BMW iX1 and i4 stand out, though specific sales figures for these vehicles were not disclosed in the company’s press release. Meanwhile, Mini, BMW’s sub-brand, also saw notable progress in the EV market. With the introduction of the electric Cooper and Countryman at the IAA 2023 auto show, Mini delivered 16,536 electric cars in Q3, representing a 54.3% year-on-year increase.
Plug-in Hybrids on the Decline
While the BMW Group’s BEV sales continue to rise, the company’s broader ‘electrified’ vehicle segment—which includes both BEVs and plug-in hybrids (PHEVs)—grew by a modest 0.1% in Q3 to a total of 140,065 units. This slower growth is largely due to the steep decline in PHEV sales, which fell by 20.4% in Q3. Over the first three quarters of 2024, the plug-in hybrid segment dropped by 17%, reflecting shifting consumer preferences towards fully electric models as the transition to electric mobility gains momentum.
The overall figures for electrified vehicles are telling. Of the 409,122 electrified vehicles delivered so far in 2024, BEVs accounted for 294,054, underscoring the company’s focus on ramping up its fully electric offerings while scaling back on plug-in hybrid models.
Combustion Engine Sales Drop Amid Global Challenges
In contrast to the positive trajectory of its electric vehicle sales, BMW’s overall automobile sales have declined sharply. The company delivered 540,882 units across its BMW, Mini, and Rolls-Royce brands in Q3 2024, a 13% year-on-year decrease. The flagship BMW brand saw an 11.4% drop in sales, with 487,062 units sold, while Mini sales plummeted by 25.2% to 52,669 units. Even Rolls-Royce, known for its luxury vehicles, experienced a 16.2% decline in Q3 sales. BMW Motorbikes also fell short of its Q3 2023 performance, with sales down 3.2%.
The company attributed part of this downward trend to delivery stoppages related to the Integrated Braking System (IBS) issue, which affected production in the third quarter. Additionally, BMW faced difficulties in the Chinese market, a critical region for the global automotive industry.
Outlook: Focus on Electrification
As the automotive industry faces an increasingly competitive and technologically driven landscape, BMW’s strong performance in the electric vehicle sector is a positive sign for the company’s future. However, the declining sales of combustion engine vehicles and plug-in hybrids suggest that the company is undergoing a pivotal transition, with electrification emerging as the clear path forward.
With challenges like inventory issues and market headwinds in key regions such as China, BMW will need to maintain its focus on innovation and adaptability. Nevertheless, its recent success in BEV sales provides a solid foundation as the company continues to invest in electric mobility.
