BMW has reached a turning point in its transition from gas-powered to electric vehicles, with its CFO, Walter Mertl, predicting that EVs will make up most of the company’s growth in the future.
The German automaker noted it doesn’t foresee an EV sales slowdown, which nearly doubled by 74% last year to over 375,000 electric models sold.
For example, the automaker delivered 129,316 EVs in the fourth quarter. Additionally, BMW observed an increase in demand, representing a 47.7% year-over-year (YoY) increase in EV sales. As a result, BMW’s EV sales in 2023 reached 15% of overall sales, fulfilling its total sales goal.
Moreover, roughly 330,500 BMW brand EVs were delivered last year, indicating a robust demand. The best-selling BMW models were the iX1 and i4. However, BMW now offers an all-electric choice in each of its primary segments thanks to the introduction of the i5.
While the automaker is planning to sell more than half a million fully electric vehicles in 2024, the company will also invest $711 million to prepare its Munich, Germany, plant for EVs by the end of 2027.
Mertl said that last year marked the tipping point for combustion engines. Additionally, he stated that BMW has a well-filled order book and aims to sell 500,000 electric vehicles (EVs) this year. Mertl believes that the automaker’s primary source of future growth will be battery electric vehicles (BEVs).
Last September, BMW’s next-generation EV, Neue Klasse, was revealed and gave the industry a glimpse into the brand’s future technology. The Neue Klasse will debut in 2025 with 30% more range, 30% faster charging, and an overall improvement of 25%.