BMW Group Q2 2024 Sales: A Mixed Bag with a Swift Rise in EVs Amid Market Challenges
The BMW Group has reported mixed results for the second quarter of 2024. The iconic automotive conglomerate, which includes BMW, Mini, and Rolls-Royce, sold 618,826 vehicles globally during the period. This figure represents a slight decline of 1.3% year-over-year, emphasizing what the company described as "a challenging market environment." The first half of the year also reflected this downturn, with sales dipping by a marginal 0.1%.
Surge in Battery Electric Vehicle Sales
In contrast, BMW Group’s battery electric vehicle (BEV) segment saw notable growth. The second quarter saw BEV sales rise by 22% year-over-year, reaching 107,933 units. The share of electric vehicles in the group’s total sales climbed to 17.4%, a considerable increase from 14% the previous year. Despite this positive trend, the growth pace is showing signs of slowing down each quarter since Q2 2023, indicating potential upcoming challenges.
Plug-In Hybrid Segment Continues to Decline
The downward trend continues for the plug-in hybrid vehicle (PHEV) segment, which has been experiencing a decline for six consecutive quarters. In Q2 2024, PHEV sales dropped by 17% year-over-year, totaling 38,550 units. Overall, the BMW Group sold 146,483 rechargeable cars in Q2 2024, marking a 9% year-over-year increase and accounting for 23.7% of the total volume, up from 21.5% the previous year.
BMW Group Global Plug-In Car Sales in Q2 2024 (Year-Over-Year Change):
- BEVs: 107,933 (up 22%) and 17.4% market share
- PHEVs: 38,550 (down 17%) and 6.2% market share
- Total: 146,483 (up 9%) and 23.7% market share
Year-to-Date Performance
In the first half of 2024, BMW Group sold over 269,000 plug-in cars, including over 190,000 all-electric vehicles. This performance showcases a 25% growth in BEV sales year-over-year and positions electric vehicles at a 15.7% market share. In contrast, PHEV sales decreased by 15%, accounting for 78,443 units or 6.5% of the market share.
BMW Group Global Plug-In Car Sales in H1 2024 (Year-Over-Year Change):
- BEVs: 190,622 (up 25%) and 15.7% market share
- PHEVs: 78,443 (down 15%) and 6.5% market share
- Total: 269,065 (up 10%) and 22.2% market share
For context, in 2023, BMW Group sold over 566,000 plug-in cars, including more than 376,000 all-electric models, achieving a year-over-year growth of 74%. Electric vehicles represented 14.7% of the overall volume, nearly aligning with the 15% target.
Brand Breakdown: BMW Brand Leads EV Sales
Most of the BMW Group’s EV sales are driven by the BMW brand itself. During the first half of 2024, BMW sold nearly 180,000 all-electric vehicles, marking a significant 34% increase from the previous year. Mini and Rolls-Royce contributed to the total with 11,065 units, including Mini Cooper SE and Rolls-Royce Spectre models.
BEV Sales in H1 2024 (Year-Over-Year Change):
- BMW: 179,557 (up 34.1%)
- Mini and Rolls-Royce: 11,065
Conclusion and Outlook
While overall vehicle sales for BMW Group declined slightly amid a challenging market landscape, the company saw robust growth in its electric vehicle segment. However, the slowing growth rate of BEVs and the ongoing decline in PHEV sales point to potential hurdles ahead. The BMW brand continues to drive the group’s success in the EV market, indicating a strategic focus on electrification. As the automotive industry evolves, BMW Group’s ability to adapt and excel in the electric segment will be crucial to navigating market challenges and sustaining growth.
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