+++ Looking ahead after extraordinary challenges in Q3. +++ Significant BEV growth, with a sales share of 19.1% in Q3. +++ BMW brand increases sales volume in Europe as of September: +7.6%, leading position expanded. +++ BMW sales and market share stable in the US. +++ Significant inventory reduction planned in Q4 – forecast auto free cash flow confirmed. +++ Zipse: “Securing short-term earnings and long-term success” +++
Munich. The BMW Group expects sequentially increasing deliveries in the final quarter of 2024. This follows a third quarter in which technical actions linked to the Integrated Braking System (IBS) presented extraordinary challenges. As stated in the ad hoc announcement on September 10, the technical actions – together with weak demand in China – dampened the sales and revenue situation in the reporting period from July to September. Moreover, additional IBS-related provisions for warranty obligations in the high three-digit million-euro range impacted the third quarter. As a result, the BMW Group adjusted its 2024 financial guidance.
Nevertheless, the ramp-up in e-mobility remained strong and made a positive contribution in Q3. BMW Group BEV deliveries grew significantly by +10.1% compared to the previous year, and the share of sales of fully electric vehicles rose to 19.1% percent.
+++ BMW Group: Deliveries of fully-electric vehicles climb +19.1% in first nine months +++ BMW Group delivers total of 1,754,158 units worldwide in YTD September (-4.5%) – largely due to IBS delivery stops in Q3 and ongoing weak demand in China +++ BMW brand achieves strong sales growth in Europe, gains market share +++ MINI brand reports higher Q3 sales of fully-electric models +++
Munich. In a globally challenging market, the BMW Group increased its sales of fully-electric vehicles by +19,1% in the first nine months of 2024, with a total of 294,054 BEVs delivered to customers. During this period, BMW brand sales of fully-electric models rose by +22.6% to 266,151 vehicles. The MINI brand also grew its fully-electric vehicle sales by +54.3% in the third quarter, delivering 16,536 BEVs to customers.
“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,” said Jochen Goller, member of the Board of Management of BMW AG responsible for Customer, Brands, Sales. “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. The BMW brand captured market share in Europe and significantly outperformed the region's total market,” Goller continued.
+++ Trigger: Delivery stops and technical actions linked to Integrated Braking System (IBS). +++ Technical actions impact over 1.5 million vehicles. +++ Additional warranty costs in high three-digit million amount. +++
Munich. The Board of Management of BMW AG adjusted the guidance for the 2024 financial year today.
This was triggered in part by additional headwinds in the Automotive Segment resulting from delivery stops and technical actions linked to the Integrated Braking System (IBS) that is provided by a supplier.
The delivery stops for vehicles that are not already in customers hands will have a negative worldwide sales effect in the second half of the year. The IBS-related technical actions impact over 1.5 million vehicles and result in additional warranty costs in a high three-digit million amount in the third quarter.
The fascination of the BMW Group lies not just in our products and technologies but in our history too, which has been written by inventors, pioneers and engineers.
Today, the BMW Group is the world’s leading manufacturer of premium cars and motorcycles and a provider of premium financial and mobility services. We operate over 30 production sites around the world and a global sales network.
At the BMW Group, we know we have a responsibility to society and the world. That’s why we have fixed targets and values that govern the way we do business. With the help of our strategic focus, we want to make a meaningful contribution to a more sustainable world and combine top-flight mobility with innovative technologies.
The BMW Group is the world’s leading provider of premium cars and motorcycles and the home of the BMW, MINI, Rolls-Royce and BMW Motorrad brands. Our vehicles and products are tailored to the needs of our customers and constantly enhanced – with a clear focus on sustainability and the conservation of resources.
As a multinational, the BMW Group operates in a wide variety of fields and offers a broad portfolio of products and services. To ensure full transparency and compliance, we regularly publish reports and compile our KPIs – from headcount and exact annual revenues to investments and R&D quotas. That way, our customers, partners and investors are always up to date with what’s going on in our organisation.
Fascination. At the BMW Group, it’s a global phenomenon. Formed by our products and technologies, but also by our innovativeness, pioneering spirit and visionary thinking, we have positioned ourselves as the market leader. We see the challenges we face as a privilege – because to us, driving technological transformation and developing new solutions for personal mobility are an opportunity: they are a chance to maintain a long-term focus on sustainability and enhance our culture of appreciation and equality. After all, it’s our people and their passion and commitment that will lead our organisation into the future.
With employees from over 110 nations, the BMW Group unites people around the world. What’s more, we know that the diversity and individuality of our team open up unique perspectives for our organisation. That’s why, to us, inclusion and equal opportunities are fundamental values that we uphold without compromise and will continue promoting and enhancing through our active commitment to diversity.
At the BMW Group, following and delivering on environmental standards is paramount. We have a range of measures in place to ensure regulations are adhered to across the board – by our suppliers as well as every one of our production sites worldwide. The conservation of natural resources and recycling are among our top priorities, and we work constantly to deliver on them by redefining our environmental standards and multistage due diligence processes.
Human rights are something we should not just uphold but also champion and increasingly focus on through projects and initiatives. With our various campaigns across the globe, we are committed to acting in line with our social standards. We also work with our partners to support the development and promotion of projects and ensure human rights are rigorously safeguarded along the global supply and value chains.
When it comes to future mobility, new and innovative perspectives are needed as we work together to come up with personal solutions. We work with various stakeholders and concepts to create space for exchanges within the BMW Group, with in-house and external experts, progressive personalities and unique points of view. Because that way, we can turn different ways of thinking and ideas into new solutions.
