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BMW hits record China sales on EV Demand

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 pandemic.

The German automaker sold more than 846,000 BMW and Mini cars in 2021 with its Chinese partners, up 9% from the previous year,  said in a statement Thursday, as sales of new-energy vehicles surged 70% to around 48,000 units.

According to China Passenger Car Association data released showed that,  total sales rose 4.5% in comparison with last year, as deliveries of electric cars, surged 169% to 2.99 million units, since the market started to record the EV trend in 2018

Globally, BMW beat their rival Mercedes-Benz to the luxury-car sales crown for the first time since 2015, delivering 2.2 million vehicles last year.

BMW aims to bring seven new EV models to the Chinese market this year, including the locally produced iX and iX3.

Meanwhile, Volkswagen AG’s Porsche, Bentley, and Lamborghini marques all set annual sales records in China last year.

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.