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BMW Sets U.S. Record-Breaking EV Sales in 2024, But Challenges Loom

Three-quarter side view of a 2024 white BMW i4
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Summary:

  • BMW set a new US sales record in 2024, selling over 50,000 EVs. The i4 and i5 led the charge, with the i4 surpassing 3 Series sales.
  • Competition from Hyundai, Kia, Lucid, and Rivian is intensifying
  • EV sales slipped 3.5% in Q4 2024, while competitors surged ahead
  • The success of BMW’s “Neue Klasse” platform will be critical for its future in the EV market
  • Maintaining its premium brand image while remaining competitive in a price-sensitive market is a key challenge

2024 was a peculiar year for the automotive industry because of so many contrasts. From small startups filing for bankruptcy, like Fisker, to big conglomerates struggling to survive, like Volkswagen Group and Stellantis, last year proved challenging for many brands. Although the EV bubble burst and the demand for battery-powered vehicles dipped, forcing several automakers to recalibrate their EV goals for 2030, many brands experienced better sales than in 2023, including BMW.

Although in China, one of the biggest auto markets, demand for legacy brands continues to decline each year, and sales of local brands continue to rise; on the other side of the pond, BMW had a stellar 2024 in its electric car sales in the U.S. despite a small decline in the last quarter of the year. Now the question is whether the Bavarian manufacturer will be able to keep up with the fierce competition in the EV sector. With its Neue Klasse platform coming out in late 2025, the outlook for the German automaker is difficult to predict.

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Day 204 — 14 vessels transited the Strait of Hormuz on Saturday and Sunday, down from 36 the previous weekend: 11 exited, three entered, seven departures took the Iranian route and some crossed with transponders off (preliminary Kpler data, via The National, Sep 21). Saudi crude exports recovered to more than 4M bpd so far in September from 2.4M bpd in August, the lowest since at least 2013, after Aramco concentrated loadings at Ras Tanura and Juaymah and moved barrels through the strait it had been bypassing (Kpler provisional data, via Reuters); JPMorgan put Saudi volumes through Hormuz at 2.9M b/d over six days against 700,000 b/d in August. Houthi forces said they struck sites in Riyadh and an Aramco facility at Yanbu with missiles and drones on Saturday; the Saudi-led coalition said the attack was intercepted with no casualties or damage. Crude fell more than 2% to a two-week low. AAA's national diesel average set an eighteenth consecutive record at $6.5107, while California diesel eased for the first day in the run. On the water, straits.live counts 493 vessels holding position away from berth, up 150 on the figure seven days earlier.
Day 204: weekend transits through the strait halved to 14 from 36 on preliminary Kpler data, while Saudi exports recovered above 4M bpd by rerouting through Hormuz itself.
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