BMW has achieved a significant milestone by selling over 50,000 electric vehicles (EVs) in the US in 2024, marking the first time the company has reached this sales figure. However, despite this achievement, BMW’s success may not be as groundbreaking as it appears at first glance.
In the US market, BMW sold a total of 50,981 EVs in 2024, representing a 12% increase from the 45,417 units sold in 2023. It is worth noting that BMW experienced a slight decline in fourth-quarter EV sales, with a 3.5% drop from 5,274 units in Q4 2023 to 13,876 units in Q4 2024. This contrasts with other automakers like Ford and GM, which reported record Q4 and 2024 sales. GM, for example, sold over 114,400 electric cars in 2024, a 50% year-over-year increase, while Ford sold nearly 97,900 EVs, a 35% year-over-year growth.
In comparison to overseas automakers such as Hyundai and Kia, BMW’s EV sales performance falls short. Hyundai and Kia achieved record sales in the US in 2024, with the introduction of new EV models in key segments. Additionally, luxury EV manufacturers like Lucid and Rivian are gaining market share rapidly. Lucid reported four consecutive quarters of record deliveries in 2024, with a total of 10,241 EVs sold. Rivian also experienced a surge in deliveries, reaching nearly 51,600 vehicles in 2024.
The impact of these developments on BMW’s sales of the iX model is evident, with a 20% decline in the fourth quarter and an overall 11% decrease in sales for 2024. BMW offers three other electric models in the US, namely the i4, i5, and i7. The i4 was the top-selling model for BMW in 2024, with over 23,400 units sold, representing a modest 3% increase from the previous year.
Looking ahead to 2025, BMW faces stiff competition from new entrants in the EV market. With the introduction of luxury electric SUVs by Jeep, flagship three-row electric SUVs by Volvo, Kia, and Hyundai, and the launch of Lucid’s Gravity, BMW will need to innovate to stay competitive. The company’s Neue Klasse of EVs, set to debut in 2026, promises improvements in range, charging speed, and overall vehicle efficiency. With a lineup of six new models planned by 2028, BMW is gearing up for a new era in the EV market.
As the EV landscape evolves with more advanced models at competitive prices, consumers can expect a wider range of options in the near future. Stay tuned for further developments in the electric vehicle market.
