On Tuesday, BMW (BMWG.DE) said it expects slightly higher sales this year despite a first-quarter drop in demand, notably in China.
BMW delivered 588,138 vehicles in the first quarter, down 1.5% year-over-year, while EV sales jumped 83.2% to 64,647.
BMW sales only increased 11.4% to 89,750 in the US.
China sales dipped 6.6%, but the business expects the Chinese economy to stabilize this year.
European sales fell 1.9% due to a Russian export and production embargo, where Chinese brands are profiting from Western automakers’ withdrawal.
Volkswagen (VOWG p.DE) overall deliveries fell between January and February, but Asia and North America grew.
Despite a “difficult business climate,” BMW maintained its 2023 projection.
Pieter Nota, the management board member for customers, brands, and sales, said the BMW Group is on pace for a small sales increase in 2023.
“Fully-electric cars and high-end luxury models will drive growth in 2023,” he said.
BMW and its competitors push electrified vehicles to stay competitive and satisfy climate objectives before the EU’s 2035 CO2-emissions phase-out.
Q1 BMW core brand electric car sales increased to 55,979 units.
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