In a recent report, BMW of North America announced a mixed performance in its sales for the fourth quarter of 2024. The company recorded a total of 117,506 vehicle sales, reflecting an 8.9% increase compared to the same period in 2023. However, this was accompanied by a notable 18% drop in MINI sales, which totaled 8,748 vehicles. [2f51187d]
For the full year of 2024, BMW's overall sales increased by 2.5%, reaching 371,346 vehicles sold. This growth was bolstered by a record-breaking performance in electric vehicle (EV) sales, with the company surpassing 50,000 units sold for the first time. In Q4 2024 alone, BMW sold 13,876 battery electric vehicles (BEVs), although this represented a 3.5% decrease from Q4 2023. [2f51187d]
Sebastian Mackensen, the President & CEO of BMW of North America, highlighted that total electrified vehicle sales for the year reached 70,379, making up 19% of the company's total sales. This indicates a strong commitment to expanding their electric vehicle offerings amidst a competitive market. [2f51187d]
In the broader automotive landscape, Tesla has faced challenges with a 1.1% decline in sales for 2024, marking its first annual decrease since 2011. Meanwhile, BYD Co Ltd achieved record EV sales of 4.3 million, further intensifying competition in the electric vehicle sector. [c123302d][2ff7d23d]
As the market evolves, traditional automakers like BMW are adapting to changing consumer preferences and increasing demand for electric vehicles, while also navigating challenges such as supply chain issues and market competition. [f37e91e0]