BMW surges past European rivals as EV sales top 100,000 in Q3

BMW’s electric vehicles are “winning over customers worldwide,” with sales rising by double-digits in the third quarter. With over 100,000 EVs sold over the last three months, BMW is taking market share from European rivals.

“Our fully-electric vehicles are winning over customers worldwide,” Jochen Goller, BMW AG board member for customer, brand, and sales, said on Thursday.

BMW Group, including Mini, sold 103,440 EVs in the third quarter, an increase of 10% from Q3 2023. With over 294,000 EVs sold through the first nine months of 2024, BMW’s electric vehicle sales are up 19.1% compared to last year.

The BMW brand accounted for 266,151 (+22.6% YOY) of its total EV sales. BMW said it saw exceptionally high demand in Europe, including the UK, Italy, and France.

“The BMW brand captured market share in Europe and significantly outperformed the region’s total market,” Goller explained.

In Europe, the BMW brand delivered 121,844 EVs through the first nine months of 2024, up 35.8% compared to last year. BMW’s iX1 and i4 carried the growth.

BMW EV sales top 100,000 in Q3 2024

According to Jato Dynamics research, BMW’s EV sales in Europe topped Tesla’s for the first time in July 2024.

The growth was enough to outperform European rival Mercedes-Benz. Mercedes sold 46,900 EVs in Q3, down 8% from the second quarter and 31% from Q3 2023. Mercedes EV sales are down 22% through the first nine months of 2024, with 148,500 units sold.

Despite this, BMW Group’s overall sales fell 13% in Q3 (540,882) and were down 4.5% (1,754,158) through September.

Sales in China slipped nearly 30% in the third quarter (147,691), causing BMW to lower its full-year 2024 sales guidance.

Mercedes’ sales in China also slipped by double-digits from last year as an influx of new, lower-priced EVs continued driving out foreign brands. The company cited lower demand for luxury vehicles and an intensifying price war for the slowing sales.