BMW’s Progress Towards Electric Mobility: A 2023 Mid-Year Review

BMW's Progress Towards Electric Mobility (2023 Mid-Year Review)

Overview

BMW’s Electric Vehicle Market Share Grows

BMW is gradually gaining ground in the electric vehicle (EV) market, still dominated by Tesla. The German automaker recently reported an increase in EV deliveries.

According to the latest stats, electric vehicles accounted for 12.5% of BMW’s total deliveries for the first half of this 2023. This is a significant rise compared to 10% for the entire 2022.The company aims to reach a 15% share of battery-electric sales by the end of 2023.

Increased Investments in EVs

BMW’s commitment to electric mobility is not just in words.

The company’s Chief Financial Officer confirmed that they are investing more funds than initially planned in promoting the global shift to electric vehicles.

This decision is reflected in their second-quarter earnings report for 2023. BMW announced a near 19% increase in research and development expenditures.

Bringing the total to approximately $2 billion for second half of 2023.

No Concrete Plans to Phase Out Gas-Powered Vehicles

Unlike competitors like Mercedes-Benz, Ford & GM, BMW is yet to announce a timeline for phasing out gas-guzzling vehicles. The company’s CEO, Oliver Zipse, during an earnings call, refused to provide an end date. He argued that the world is not showing signs of completely giving up combustion engine vehicles.

Other automakers have been more progressive in their approach, with many announcing plans to stop the production and sales of combustion-engine vehicles by 2040. This lack of commitment from BMW creates a stark contrast.

In the year 2023, BMW has marked by an increased focus on electric vehicles. Although they are making strides in electric mobility. Their reluctance to set a clear end date for combustion engine vehicles stands out as a notable difference from others.

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