BERLIN (Reuters) – BMW posted a drop in its 2024 sales volume on Monday, joining its German peers in reporting waning demand in their core markets of China and Germany as even wealthier consumers pull back on major purchases in an uncertain economy.
Still, the Munich-based carmaker did better than rivals, selling just 2.3% fewer vehicles at its core BMW brand compared to a 3% drop at Mercedes-Benz Cars and 12% at Volkswagen’s Audi.
Its battery-electric sales volume was up 13.5% to around 430,000 vehicles, compared to an 8% drop at Audi and 23% drop at Mercedes-Benz.
The entire BMW Group, which includes the Mini brand, sold 2.45 million cars in 2024, a 4% decline on the previous year.
Its sales plunged in the second half in part because of problems with a braking system supplied by Continental, which forced the carmaker to cut its outlook.
In China and Germany, year-on-year sales dropped by 13.4% and 5.3%, respectively.
(Reporting by Victoria Waldersee and Andrey Sychev, Editing by Friederike Heine and Ludwig Burger)
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