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.
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.
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This article BMW Q1 Deliveries Dip 1.5%, Says Confident About 2023 Despite Challenging Business Environment originally appeared on Benzinga.com
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