BMW announced its full-year 2023 results, showing that they delivered 2.554 million vehicles worldwide, which is a 6.4% increase. Their revenue also went up by 9% to 155.5 billion euros, with a 9.8% profit margin from their automotive business. Moreover, BMW reported a significant surge in electric vehicle (EV) sales, with a 74.2% increase to 375,000 units globally.
Frank Weber, BMW’s global chief technology officer, explained their successful EV strategy. He mentioned that BMW offers both traditional gas-powered and electric versions of vehicles, like the new 7-series, and they look identical. This allows customers to choose the vehicle that suits them best, whether it’s electric or gas-powered.
Weber emphasized that BMW maintains a clear structure, where a model like the 7-series remains the same regardless of the powertrain. This approach helps customers find the right car for their needs.
Weber shared an example of a European customer who initially considered a battery electric vehicle (BEV) but ultimately chose a diesel-powered car because it better suited their requirements, such as needing more range or lacking access to charging stations.
BMW’s diverse powertrain options contribute to the success of their EVs. In the first two months of 2024, BMW reported a significant double-digit increase in BEV sales compared to the same period last year, with particularly strong growth in the US, Europe, and China.
Weber also highlighted BMW’s success with plug-in hybrids, with approximately 1.1 million units sold globally. The BMW X5 xDrive50e Plug-In Hybrid SUV received recognition as a top choice by Consumer Reports in the US.
BMW introduced a glimpse of its electric SUV future with the BMW Vision Neue Klasse X concept, based on their bespoke EV platform called Neue Klasse. This platform will be separate from their current dual-platform strategy.
Despite using different platforms, BMW will continue to share technology products like infotainment and electronics across EV and gas-powered vehicles to lower costs and maintain consistency.
Weber acknowledged that while there has been a cooling off of EV sales in the whole market, he remains optimistic about the EV transition. He believes that the transition will continue but at a more natural growth rate over time, which he considers healthy for the industry.
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