BMW Hits Record Annual China Sales on Luxury Demand, EV Push
BMW Hits Record Annual China Sales on Luxury Demand, EV Push
(Bloomberg) -- BMW AG posted record annual sales in China as demand for luxury cars and the automaker’s push into electric vehicles helped overcome challenges posed by the global chip shortage and coronavirus outbreaks.
The German automaker delivered more than 846,000 BMW and Mini cars in 2021 with its Chinese partners, up 9% from the previous year, it said in a statement Thursday. Sales of new-energy vehicles surged 70% to around 48,000 units.
The figures are reflective of the broader auto market. While total sales rose 4.5% last year for the first annual gain since 2018, deliveries of new-energy vehicles, including electric cars, surged 169% to 2.99 million units, China Passenger Car Association data released Tuesday showed. The PCA forecast NEV sales will hit 5.5 million this year.
BMW aims to bring seven new energy models to the Chinese market this year, including the locally produced iX and iX3.
The company’s record deliveries shows how premium brands have been more resilient to the chip shortage and supply chain pressures. Volkswagen AG’s Porsche, Bentley, and Lamborghini marques all set annual sales records in China last year, while its main VW brand, including Jetta, posted a 15% decline.
BMW is set to increase its stake in its joint-venture with local partner Brilliance China Automotive Holdings Ltd. to 75% from 50% after the Chinese government removed the cap that has for decades restricted global brands’ access to the world’s largest car market.
Globally, BMW beat longtime rival Mercedes-Benz to the luxury-car sales crown for the first time since 2015, delivering 2.2 million vehicles last year after better navigating the semiconductor shortage.
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With assistance from Bloomberg