Despite strong competition and volatile conditions, the Munich-based BMW Group maintained its profitable growth and defended its leading position in the global premium segment for financial year 2023.
Group revenues reported an increase in the full year and climbed to Euros 155,498 million. Revenues were primarily driven by higher sales volumes and positive product mix effects. Higher interest rates and tailwinds from loan financing also contributed to the growth in revenues – which were impacted by currency headwinds from the Chinese renminbi and the US dollar, the company shared in a statement.
BMW delivered 2,554,183 premium vehicles in the year to the end of December (2022: 2,399,632 units / +6.4 percent), including 717,620 units in the fourth quarter (Q4 2022: 651,794 units / +10.1 percent). Deliveries for the full year had a solid increase, resulting in a market share of 3.3 percent, BMW said.
Throughout 2023, the company’s range of fully-electric vehicles was a key growth driver. The BMW Group delivered a total of 375,716 fully-electric cars (2022: 215.752 units / +74.1 percent) to customers, achieving a share of around 15 percent of total sales, as planned. Including the PHEVs delivered, the BMW Group sold a total of 565,875 electrified vehicles (2022:433,792 units / +30.5 percent) and thus achieved a sales share of 22 percent.
The automaker said electrification of the vehicle portfolio contributes significantly to CO2 emissions reduction in the Group and also to the continued reduction of CO2 fleet emissions.
“The year 2023 underlined how we are implementing our strategy consistently and successfully. We posted strong growth and substantially increased our percentage of fully-electric vehicles, while improving our operational profitability. A lot of people talk about ‘transformation’. For us, it’s more a question of continuous progress,” said Oliver Zipse, Chairman of the Board of Management of BMW AG.
He added, “We are advancing forward with our course – offering our customers the newest innovations and the latest technology, regardless of the vehicle’s powertrain. In this way, we aim to continue to deliver strong products for strong demand.”