BMW is Investing More Money in EVs Than was Originally Intended.


In terms of sales, BMW continues to lag well behind Tesla in the electric-vehicle market, but the German automaker is undoubtedly making progress.

BMW informed investors on Thursday that EVs accounted for 12.6% of total deliveries in the first half of 2023, up from 10% in the entire year of 2022. BMW intends to reach 15% of battery-electric sales by the end of 2023.

As demand for battery-powered vehicles grows, BMW’s chief financial officer stated that the company is “investing more than originally planned in the global ramp-up of e-mobility,” according to Bloomberg. BMW’s earnings for the second quarter of 2023 reflect this trend; the company said it increased its R&D spending by about 19% from Q2 2022 to around $2 billion in Q2 2023.

BMW has yet to indicate when it will stop selling gas-guzzling vehicles. During the company’s earnings call, CEO Oliver Zipse refused to establish a deadline, claiming that there is “no indication that the world is renouncing combustion engine vehicles.”

This approach contrasts with that of automakers such as Mercedes-Benz, Ford, and General Motors, all of whom have announced intentions to phase out combustion-engine sales by 2040.

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