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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