BMW Q1 Deliveries Dip 1.5%, Says Confident About 2023 Despite Challenging Business Environment

• BMW (Bayerische Motoren Werke ADR) (OTC: BMWYY) said it recorded 588,138 vehicle deliveries in the first quarter, a 1.5% decrease year-on-year.

• The aftereffects of China's receding coronavirus wave and its impact on the economic environment are still clearly being felt across all industries, said the company.

• The group's global sales of fully-electric vehicles jumped 83.2% Y/Y to 64,647 vehicles.

• Sales in China fell 6.6%, Europe slipped 1.9%, and in the U.S., sales increased 11.4%.

• The BMW brand was able to more than double its sales of fully-electric vehicles in Q1, with 55,979 units delivered to customers.

• Also Read: BMW Plans To Cut Battery Costs Via Recycling, Efficient Design

• Outlook: BMW Group expects slight growth in deliveries to customers worldwide in the Automotive Segment in 2023.

• With the prospect of profitable growth in a challenging business environment and with a very dynamic increase in sales of electric vehicles, the BMW Group is confident about the year 2023.

• "The BMW Group is on track for slight sales growth in the full year 2023. The main growth drivers in 2023 will be fully-electric vehicles and models from the high-end premium segment – like the new BMW i7*, the new BMW 7 Series, the BMW XM* and the updated BMW X7," said Pieter Nota, member of the Board of Management of BMW AG, responsible for Customer, Brands, Sales.

• Price Action: BMWYY shares closed higher by 0.25% at $35.99 on Monday.

• Photo Via Company

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