The leading car manufacturer BMW has achieved a significant increase in electric car sales in the first half of 2023, resulting in a sales growth rate of 11.3% compared to the same period in the previous year.
This substantial increase in sales, coupled with strong demand in China, contributed to a seven percent rise in total revenues, reaching 37.2 billion euros in the second quarter of the year.
BMW steps into the world of electric cars
Despite this success, the net profit for the second quarter was slightly lower than that achieved in the same period of the previous year, reaching approximately three billion euros.
According to BMW, this is mainly attributed to non-recurring effects related to the integration of its Chinese joint venture, BMW Brilliance, into the group.
BMW’s CEO, Oliver Zipse, announced, stating:
“The sales of highly efficient internal combustion engine cars form the solid foundation of our success, while strong growth comes from the significant increase in demand for our fully electric vehicles,” said Oliver Zipse, CEO of BMW.
Electric cars from BMW witnessed a 133% increase in sales during the first six months of the year compared to the same period last year. Additionally, sales for all brands within the group rose by 101.5%.
In China, the third most crucial market for BMW, sales increased by 3.6%. However, BMW is facing significant challenges due to intensifying competition from local manufacturers, particularly in the electric vehicle sector.
You can also learn more about the prices of new and used BMW cars in Germany.
Ferdinand Dudenhoeffer, an automotive expert from the Center for Automotive Research, praised BMW’s performance during the first half of the year. However, he emphasized that both Tesla and the Chinese electric car manufacturer BYD are still leading the way, stating, “It is unlikely that BMW will surpass BYD in the future.”
Earlier this week, BMW raised its profit expectations for the year 2023. The company now anticipates an earnings before interest and taxes (EBIT) margin between 9% and 10.5%, up from the previous forecast of 8% to 10%.
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