BMW Targets 25% Electric Vehicle Sales in India Within Two Years
BMW is set to significantly ramp up its electric vehicle (EV) sales in India, with plans to have one out of every four vehicles sold in the country be electric within the next two years. Presently, EVs account for 10% of BMW’s sales in India, a figure expected to increase to 15% in 2024 and further rise to 25% by 2025. The company, holding a dominant position in India’s luxury EV market with a market share exceeding 48%, aims to launch more EV models to strengthen its position.
BMW Group India’s President & CEO, Vikram Pawah, highlighted the robust demand for electric vehicles and mentioned the company’s extensive EV portfolio, featuring five distinct offerings. BMW’s leadership in the luxury EV market has been marked by the sale of 1000 EVs in the country. The company refrained from disclosing specific details about the new electric vehicles planned for launch in India. Globally, BMW is gearing up to introduce 12 full electric vehicles by 2025.
Despite a challenging market, BMW remains optimistic due to strong customer sentiments in the luxury vehicle segment. September saw the company achieve its best-ever monthly sales of 1,439 cars, indicating positive momentum. BMW’s growth in India is evident, with a 10% increase in sales to 9,580 vehicles in the first nine months of the current calendar year. Premium motorcycles sales also soared by 26%, reaching 6,778 units between January and September 2023.
Moreover, BMW India has expanded its market with new models like the X1, attracting first-time buyers and contributing to the growth of the luxury vehicle market. Luxury car manufacturers, including BMW, anticipate record sales in India for the year 2023. To tap into this potential, BMW India plans to introduce 19 vehicles and 3 motorcycles in the market this year.
