BMW Group Electric Car Sales Hit A New Record In Q4 And 2023

The company plans to increase BEV sales to over 500,000 units and 20% share in 2024.

2024 BMW i5

Mark Kane

By: Mark Kane

Jan 9, 2024 at 4:00pm ET

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The BMW Group reports 718,778 global vehicle sales during the fourth quarter of 2023 (up 10% year-over-year) and a record number of 2,555,341 vehicles in 2023 (up 6.5% year-over-year).

More importantly, the company was able to expand its business while at the same time, it achieved electrification targets with record sales of all-electric cars.

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BMW electric car sales surges

In 2023, the BMW Group sold more than 376,000 all-electric cars, which is 74% more than in 2022 and almost 15% of the total volume. This year, the company intends to increase the BEV share to 20%.

Results last quarter and 2023:

BMW sales: 632,568 (up 12%) and 2,253,835 (up 7.3%)
Mini sales: 84,733 (up 1%) and 295,474 (up 0.9%)
BMW Group Automotive sales: 718,778 (up 10%) and 2,555,341 (up 6.5%)

In Q4, BMW Group battery electric vehicle (BEV) sales amounted to a new record of 129,316 units (up 48% year-over-year), which is the first six-digit quarterly result. The share of BEVs out of the group's total volume increased to a record of 18%.

Meanwhile, plug-in hybrid car sales continue to decrease with only 51,759 sales in Q4 (down 18% year-over-year) and a 7.2% share.

Overall, the BMW Group sold over 181,000 rechargeable cars last quarter (up 20% year-over-year), which is 25.2% of the total volume.

BMW Group global plug-in car sales in Q4'2023 (YOY change):

BEVs: 129,316 (up 48%) and 18% market share
PHEVs: 51,759 (down 18%) and 7.2% market share
Total: 181,075 (up 20%) and 25.2% market share

BMW Group Plug-In Car Sales – Q4 2023

BEV sales accelerate:

PHEV sales are in stagnation at best and show signs of fading (year-over-year):

In 2023, the BMW Group sold over 566,000 plug-in cars, including over 376,000 all-electric cars (up 74.4% year-over-year). BEVs represented 14.7% of the total volume—almost in line with the 15% target.

BMW Group global plug-in car sales in Q1-Q4'2023 (YOY change):

BEVs: 376,183 (up 74%) and 14.7% market share
PHEVs: 190,303 (down 13%) and 7.4% market share
Total: 566,486 (up 31%) and 22.2% market share

For reference, in 2022, the BMW Group sold 433,795 plug-in electric cars (18% of the total volume), including 215,755 BEVs (9% share).

Jochen Goller, member of the Board of Management of BMW AG, responsible for customer, brands, and sales said: “With our new, highly attractive and technologically outstanding vehicles, we were able to ramp up electromobility even more dynamically in 2023 and achieve the goal of 15% of total sales from fully-electric vehicles.”

The BMW Group intends to increase its all-electric car share to 20% in 2024 by selling more than 500,000 BEVs. Here are the targets:

2024: BEVs share - at least one in five (20%) and over 500,000 fully-electric cars
2025: BEVs share - at least one in four (25%)
2026: BEVs share - at least one in three (33%)

In 2024, the group plans to have 18 all-electric models on the market.

Plug-in car sales by brand

The BMW brand almost doubled its all-electric car sales in 2023, to 330,596 units. On top of that comes 45,261 Mini BEVs (up only 3.5%). The difference between the total BEV sales of BMW and Mini indicates that the company sold the first 326 Rolls-Royce Spectre.

BEV/PHEV sales in Q4 2023 (YOY change):

BMW:
BEVs: 113,458 (up 55.4%) and 330,596 YTD (up 92.2%)
PHEVs: N/A
Mini:
BEVs (fully-electric Cooper SE): 15,532 and 45,261 YTD (up 3.5%) and 15.3% share
PHEVs: N/A
Rolls-Royce:
BEVs (Spectre): 326 (22% share) and 326 YTD (new)

BMW notes that the BMW iX1 and the BMW i4 were the main sales drivers of the BMW brand BEV sales. The BMW i4 M50 was the best-selling BMW M car "and is a prime example of the systematic transformation of the brand towards electromobility," the company explains.

Meanwhile, the all-electric Mini Cooper SE (released in 2020) is the best-selling Mini model variant. It was recently reinforced by the Mini Cooper SE Convertible version with the "limited edition of 999 units sold out in most markets within a few weeks of the announcement."

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In the case of the Mini brand, BEVs represented 15.3% of the total sales in 2023. In 2024, the Mini family will be joined by the Mini Countryman SE and the Mini Countryman E, as well as the EV-only, yet-to-be-unveiled Mini Aceman—a compact five-seater crossover.

The Rolls-Royce Spectre is already selling well with 326 units delivered in Q4 (22% out of 1,477 total). Orders already stretching into 2025 the company says.