BMW AG (ETR:BMW) sold a total of 103,440 fully battery electric vehicles (BEVs) in the third quarter, representing a 10.1% uptick from the previous year’s third quarter.
It marks a significant slowdown in BEV demand for the German carmaker, considering that BEV sales growth soared nearly 80% in the third quarter of 2023.
Sales across BMW’s combined BEV and hybrid category effectively stalled at just 0.1% in the latest third quarter, compared to more than 40% in 2023.
Group-wide sales were even more concerning, with sales across all car models falling by 13%.
BMW cited “ongoing weak demand in China” where group-wide sales plummeted by nearly 30%.
Jochen Goller, BMW’s board member responsible for customer, brands and sales, remained positive: “Our fully-electric vehicles are winning over customers worldwide – as shown by the significant double-digit growth in our BEV sales during the first nine months of the year. We also grew our sales in the Europe region.
“Our attractive model line-up, which is designed for technology openness, gained traction in the marketplace, despite the challenging conditions overall.”