BMW has announced that in 2023, 15% of its global sales were contributed by electric vehicles (EVs). In a recent report by Reuters, BMW also reveals that its petrol car sales have passed a ‘tipping point’ in 2023, hinting at an upcoming decline in the coming years.
Globally BMW sold 376,183 EVs in 2023, showing a 74.4% growth from the previous year. EVs were the main sales growth contributor for BMW last year and the company believes that it can maintain this trajectory in 2024. BMW expects EVs to contribute to 20% of sales in 2024 followed by 25% in 2025 and 33% in 2026.
While EVs are seeing positive growth for BMW, the company CFO states that the brand’s petrol cars have passed a ‘tipping point’. BMW CFO Walter Mertle said in a media roundtable, “The tipping point for the combustion engine is already there [2023].” He predicts that “The current sales plateau for combustion cars will continue and then fall slightly.”
Most regions will be banning petrol cars by the middle of the next decade and car companies are under pressure to comply. To cater to that, BMW is targeting 50% EV sales by 2030 (and has successfully hit 15% EV sales in 2023). In the coming years, the company will be introducing its new range of 6 “Neue Klasse” EVs.
RELATED: BMW M’s manual gearbox to live on thanks to sufficient demand, at least for now
BMW’s performance division is also seeing a positive trend with electrification. In 2023, the best-selling model from BMW M was once again the BMW i4 M50. In the same year, BMW M introduced both the BMW i5 M60 xDrive as well as the BMW i7 M70 xDrive.
BMW has also announced that it will stop producing petrol cars in Munich starting in 2027 to make way for the production of the Neue Klasse EVs.
RELATED: BMW Munich plant to stop making ICE cars in 2027, Neue Klasse EVs production starting 2026
