BMW Group's Electric Car Sales Are Growing, But Slowing Down A Bit
PHEV sales continued to decline in Q2 for the sixth consecutive quarter.
The BMW Group reports 618,826 global vehicle sales during the second quarter of 2024 (down 1.3% year-over-year). The first half of the year was also negative at -0.1%, as the company mentions "a challenging market environment."
Meanwhile, BMW Group's (BMW, Mini and Rolls-Royce) battery electric vehicle (EV) sales in Q2 amounted to 107,933 units (up 22% year-over-year). The share of EVs out of the group's total volume increased to a near-record 17.4%, compared to 14% a year ago. However, the growth rate is gradually decreasing.
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Challenges ahead?
BMW Group's EV sales increased year-over-year, slower and slower with each quarter since Q2 2023. It might be an indicator that some challenging time is ahead.
Plug-in hybrid car sales have been on a downward spiral for six quarters now. Q2 was no exception, as the volume decreased by 17% year-over-year to 38,550.
The BMW Group sold 146,483 rechargeable cars last quarter (up 9% year-over-year), which was 23.7% of the total volume compared to 21.5% a year earlier.
BMW Group global plug-in car sales in Q2'2024 (YOY 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
BMW Group Plug-In Car Sales – Q2 2024
EV sales accelerate:
PHEV sales have been on a downward trend for a few years now:
During the first half of the year, BMW Group sold more than 269,000 plug-in cars, including over 190,000 all-electric.
BMW Group global plug-in car sales in Q1-Q2'2024 (YOY 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 reference, in 2023, the BMW Group sold over 566,000 plug-in cars, including over 376,000 all-electric cars, up 74% year-over-year. EVs represented 14.7% of the total volume—almost in line with the 15% target.
EV sales by brand
Most of the BMW Group's EV sales are through the BMW brand, which sold almost 180,000 all-electric cars in the first half of the year, 34% more than a year ago.
BEV sales in H1 2024 (YOY change):
- BMW: 179,557 (up 34.1%)
- Mini and Rolls-Royce: 11,065
Mini Cooper SE and Rolls-Royce Spectre models
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