BMW Group – Good Q1 Earnings on Slight Sales Increase

The BMW Group said today in Munich that during Q1 of 2024 it delivered 594,533 automobiles. This means, the company posted a tiny increase of 1.1% compared to the previous year. Throughout the three-month period, the major automotive markets largely showed an upward trend based on pent up demand and increased sales in the mid-price volume segment. (AutoInformed on: Mercedes-Benz Q1 2024 Profit Drops 25% as Sales Slump)

“The past nine quarters underline BMW’s continuity and reliability: As planned, we are dynamically expanding the share of electric vehicles while maintaining our high level of profitability. Some call this transformation — for us, it is continuous progress,” said the Chairman of the Board of Management of BMW AG, Oliver Zipse.

The EBIT margin in the Automotive segment of 8.8% was within the target range of 8-105, according to the previous full-year guidance. At 11.4%, the EBIT margin at Group level was above the strategic target of >10 %. First-quarter Group revenues totaled €36,614 million less than the previous year’s record high (2023: € 36,853 million/-0.6%).

BMW Group claimed it benefited with relatively young product line-up: The BMW brand sold 530,933 units in Q1– an increase of +2.5% year-on-year. It achieved sales growth of 2.4% (84,475 units) in the USA and growth of 10.2% in Europe with 188,863 units delivered. In China, the volume segment developed dynamically in lower price ranges, while the premium segment declined slightly. The BMW brand sold 182,998 vehicles, in line with segment development (2023: 190,774 units/-4.1%). In Germany, deliveries grew by 4.6% to 49,509 vehicles.

Q1 By Major Market

• 4% growth (84,475 units) in the USA.
• 2% in Europe with 188,863 units delivered.
• China, the volume segment developed dynamically in lower price ranges, while the premium segment declined slightly. The BMW brand sold 182,998 vehicles, in line with segment development (2023: 190,774 units or -4.1%).
• In Germany, deliveries grew by 4.6% to 49,509.