The BMW Group has set a new sales record in 2023, with its brands BMW, Rolls-Royce, and BMW Motorrad all reporting record-breaking sales. The group’s sales in Q4 increased by 10.3% from the previous year, reaching 718,778 units. This strong performance is credited to effective collaboration with retail partners and the commendable efforts of the company’s associates.
Gasoline-Powered Luxury Cars Reach Peak Demand
Demand for BMW AG’s gasoline-powered luxury cars peaked last year, signaling a turning point for the company. All-electric models are expected to drive future growth,with a target of half a million vehicle sales for battery cars this year, representing approximately a fifth of total deliveries. BMW’s EV sales saw a significant 75% increase last year, led by models such as the i4 sedan.
Transitioning to Electric Future
The company is transitioning to a new vehicle platform, ‘Neue Klasse,’ aimed at halving battery costs compared to the current generation. This move is expected to improve EV margins by the end of the decade. BMW has reached a critical juncture where it now generates most sales growth from electric cars, achieving a 15% all-electric sales share last year. The company plans to increase this to 33% by 2026 and aims to sell 3 million vehicles by 2030 with an 8-10% margin in its automotive segment.
Record Sales in India and New Zealand
In 2023, BMW Group India reported its highest-ever sales of 14,172 cars, including the BMW and Mini brands. BMW sold 13,303 units and Mini 869 units, witnessing an 18% growth over 2022 sales. The BMW iX was the largest-selling luxury electric vehicle in India, and the 3 Series was the highest-selling sedan. Similarly, BMW Group New Zealand achieved a new sales record in 2023, with combined registrations of the BMW and Mini brands totaling 2,812, almost 12% up on 2022. The BMW X5 Sports Activity Vehicle (SAV) saw a 21% growth, while the BMW 7 Series flagship sedan registered a 22% increase.
Source: bnnbreaking