BMW Records Impressive Sales For Its Electric Cars But It Is Still Far Behind Elon Musk’s Tesla

Electric cars are finding a place in today’s world. Apart from the fact that they save fuel costs, they are also environment-friendly and are just what we need in the time we live in. They, therefore, fit into a time when the world is trying to decrease the negative effect that transportation has on the environment.

Automaker Bayerische Motoren Werke AG, commonly referred to as BMW has recorded some impressive numbers in the sale of its electric vehicle. In the first nine months of 2021, between January and September, the company’s sale of electric vehicles rose by 121.4 percent at a total of 59,688 units sold. Today, the company which is proud of its achievement says that the sale of its electric cars is “becoming an increasingly vital growth driver and success factor” for the company.

BMW is a German multinational corporate manufacturer of luxury vehicles and motorcycles. The company has its headquarters in Munich, Germany and is one of the globally recognized automakers. Between January and September, the total number of all-electric and plug-in hybrid vehicles sold stood at a total of 231,575, a 98.9 percent increase. Although this is an impressive number, the company is still far behind Tesla, one of the biggest electric vehicle makers in the world. In the third quarter alone, the Elon Musk-owned company delivered 241,300 vehicles.

BMW recorded an impressive third quarter with earnings that beat the expectations of analysts. The company saw an increase of 42.4 percent in its net profit. The net profit realized for the quarter stood at 2.58 billion euros, the equivalent of $2.99 billion. This is an impressive figure considering the challenges that automakers have faced these past few months. The company said that “in the third quarter of 2021, operations were increasingly impacted by supply bottlenecks for semiconductor components. Although this resulted in production volume shortfalls and lower sales volumes during the period from July to September 2021, the impact was more than offset by positive price effects for new and pre-owned vehicles”.

BMW is pushing its electrification strategy, just like other automakers. The company hopes that electric vehicles would represent at least 50 percent of its deliveries by 2030.