The BMW Group continues to set the pace in the automotive industry, achieving remarkable success in the first quarter of 2024. With a steadfast focus on electric mobility and financial resilience, the company delivered impressive results that underscore its commitment to innovation and profitability.
In the dynamic landscape of electric vehicles (EVs), the BMW Group recorded significant milestones, delivering approximately 83,000 all-electric vehicles across its BMW, MINI, and Rolls-Royce brands. This marked a substantial increase of around 28% in BEV sales, reaffirming the company’s position as a leader in sustainable mobility. Notably, more than 60% of the 1.1 million electrified vehicles delivered over the past two years were purely electric BEV models, with the BEV share continuing to rise as planned.
Despite challenges such as the corona pandemic and semiconductor shortages, the BMW Group maintained its strategic course, consistently achieving its target EBIT margin of 8-10% since Q1 2022. In the first quarter of 2024, the Automotive segment’s EBIT margin stood at 8.8%, demonstrating resilience and effective management amidst evolving market conditions.
Oliver Zipse, Chairman of the Board of Management of BMW AG, emphasized the company’s commitment to continuous progress, stating, “We are dynamically expanding the share of electric vehicles while maintaining our high level of profitability. Some call this transformation — for us, it is continuous progress.”
The BMW Group’s global market position remains strong, with a slight growth of 1.1% in customer deliveries, totaling 594,533 automobiles in the first quarter. The BMW brand saw a notable increase of 2.5% in sales, driven by robust demand in key markets such as the USA and Europe. Furthermore, the popularity of fully-electric BMW models surged, with a remarkable growth of +40.6% in BEV sales.
Looking ahead, the BMW Group anticipates further momentum from upcoming electric models such as the BMW iX2 and BMW i5, along with the comprehensive model changeover underway for the MINI brand. The introduction of electrified options, including the new MINI Countryman and MINI Cooper, is expected to fuel growth in the premium small car segment.
The Rolls-Royce brand also made a remarkable e-mobility debut with the Rolls-Royce Spectre, delivering 579 fully-electric super coupés in the first quarter. This underscores the company’s commitment to electrification across its entire portfolio, catering to diverse customer preferences.
Financially, the BMW Group reported stable revenues of €36,614 million and a robust EBT margin of 11.4%, exceeding the strategic target of >10%. Investments in future innovations, including R&D expenses and capital expenditure, reached record levels, reflecting the company’s dedication to advancing its product range and digital capabilities.
With a clear focus on sustainability, innovation, and financial strength, the BMW Group remains poised for continued success in navigating the evolving automotive landscape. As it continues to push boundaries in electric mobility and beyond, the company reaffirms its commitment to shaping the future of mobility while delivering value to its customers and stakeholders worldwide.
