Munich. The BMW Group increased its sales in Europe and the US in the first nine months of the year, although business in China remained challenging. In Europe, deliveries rose by around +4.5%, while in the US, the company recorded growth of +3.4%. In the first nine months of the year, the BMW Group delivered more than
1.7 million vehicles to customers worldwide, representing a slight decline in sales (-4.9%).

“In difficult market conditions, we were able to hold our own in Europe and the US. The continued strength in new orders for our fully electric vehicles, in particular, confirms our course. The BMW iX3* is providing positive impetus for growth in the market, and we are also seeing strong customer interest in the new BMW 3 Series and BMW X5,” said Jochen Goller, member of the Board of Management of BMW AG responsible for Customer, Brands, Sales. “The product momentum generated by our Neue Klasse models and Neue Klasse technologies strengthens our position for the challenges ahead.”

Between July and the end of September 2026, the BMW Group delivered 110,257 fully electric vehicles worldwide (+7.2%). In Europe, one in three BMW Group vehicles delivered to customers during this period was fully electric (34.7%). BEV sales increased here disproportionately to 81,941 units (+37.5%). This also applies to Germany, where the BMW Group’s fully electric models recorded exceptionally high growth (+38.5%).

The BMW brand delivered around 1.5 million vehicles to customers between January and the end of September (-6.4%). In Europe, the BMW brand reported growth of +1.4%. In the US, the BMW brand also increased its sales +4.3%, achieving growth in an overall declining market, driven by higher sales of BMW X models.

In China, the BMW brand’s decline in sales (-21.2% YTD September) reflects the performance of the automotive market as a whole. The rollout of the China version of the new BMW iX3 will get underway there in November. BMW M GmbH delivered 148,510 vehicles (-6.1%) worldwide in the first nine months of 2026, with sales remaining stable in the declining Chinese market.

Since the start of the year, MINI has sold a total of 220,247 vehicles, increasing its deliveries by 6.8%. 37.2% of those vehicles were fully electric. This positive trend was partly driven by the John Cooper Works models and the MINI Paul Smith Edition*. Further impetus is expected from the new MINI Countryman Untamed Edition.

The Rolls-Royce brand delivered 3,592 vehicles to customers between January and September (-12.4%). In the first nine months of the year, BMW Motorrad sold 149,452 motorcycles and scooters to customers (-6.1%).

BMW Group sales in Q3/YTD September 2026 at a glance

¹ BEVs and PHEVs                                                                                   

BMW & MINI sales in the regions/markets

² Provisional registration figures

³ Asia-Pacific, Eastern Europe, Middle East, Africa

The delivery figures reported in this press release are provisional and may change up until the BMW Group Report 2026 is published. Notes on how delivery figures are prepared can be found in the BMW Group Report 2025 on p. 427.

Questions and answers:

How many cars did the BMW Group deliver to customers in the first nine months of 2026?

The BMW Group delivered a total of 1,707,799 vehicles between January and the end of September.

How did BMW Group sales perform in the first nine months of 2026?

Despite the challenging market conditions, the BMW Group achieved growth in Europe and the US. From January to September, deliveries increased by 4.5% in Europe and 3.4% in the US.

Why are you already declaring the new BMW iX3 a success?
The new BMW iX3 has reached more than 100,000 new orders in Europe within just one year. This makes it the most successful market launch of a BMW Group model to date and underscores its role as a driver of electromobility.

How successful are the BMW Group’s electric cars?

In the third quarter of 2026, the BMW Group delivered 110,257 fully electric vehicles worldwide (+7.2% year-on-year). In Europe, BEV sales climbed 37.5% to 81,941 units. That means that one in three BMW Group vehicles delivered to customers was fully electric (34.7%).

BMW Group Corporate Communications

Michaela Martinus, Communications Sales

Telephone: +49 160 96313773

Email: michaela.martinus@bmwgroup.com

Max-Morten Borgmann, Head of Communications BMW Group, Finance, Sales

Telephone: +49 89 382-24118

Email: max-morten.borgmann@bmwgroup.com

Media website: https://newsroom.bmwgroup.com/global/en

Email: unternehmenskommunikation@bmwgroup.com

The BMW Group

With its four brands, BMW, MINI, Rolls-Royce and BMW Motorrad, the BMW Group is the world’s leading premium manufacturer of automobiles and motorcycles and also provides premium financial services. The BMW Group production network comprises over 30 production sites worldwide; the company has a global sales network in more than 140 countries.

In 2025, the BMW Group sold 2.46 million passenger vehicles and more than 202,500 motorcycles worldwide. The profit before tax in the financial year 2025 was € 10.2 billion on revenues amounting to € 133.5 billion. As of 31 December 2025, the BMW Group had a workforce of 154,540 employees.

The economic success of the BMW Group has always been based on long-term thinking and responsible action. Sustainability is a key element of the BMW Group’s corporate strategy and covers all products – from the supply chain through production to the end of their useful life. 

LinkedIn: http://www.linkedin.com/company/bmw-group/

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BMW iX3 50 xDrive: energy consumption combined: 19.4-16.1 kWh/100 km; CO₂ emissions combined: 0 g/km; CO₂ class(es): A; electric range: 666-806 km

MINI Cooper SE: energy consumption combined: 14.7 kWh/100 km; CO₂ emissions combined: 0 g/km; CO₂ class: A; electric range: 385-400 km

Munich. The BMW Group provided a first glimpse of its future plans at its Capital Market Day 2026. The aim is to strengthen the company’s resilience and enhance the competitiveness of its structures. In this way, the BMW Group is preparing to face increasingly challenging market conditions in the years ahead. To achieve this, the company is relying on its strategic strengths: technology openness, potential for technological innovation, a global presence and a clear premium brand strategy.

In recent months, the BMW Group has made far-reaching decisions and begun implementing initial measures to significantly increase speed and efficiency across the company. A large number of additional topics are currently being evaluated, with decisions expected by spring 2027. Based on these measures, the company aims to be back within its long-term target range of eight to ten percent for EBIT margin in the Automotive Segment by the start of the next decade. Free cash flow in the Automotive Segment should then increase to at least seven billion euros. As an initial interim step in 2028, the EBIT margin is expected to be within the range of three to five percent.

“The BMW Group has always been at the forefront of the automotive industry – and that is where it belongs in the future as well. Under increasingly challenging conditions, we have defined initial measures to reposition ourselves and will implement them with strong momentum,” said Milan Nedeljković, Chairman of the Board of Management of BMW AG, on Wednesday. “The BMW Group has the critical expertise to successfully pursue this path. The strengths of our corporate culture are also crucial to this: Courage and pragmatism will be just as important as having an entrepreneurial mindset and the determination to succeed,” Nedeljković continued.

Walter Mertl, member of the Board of Management of BMW AG responsible for Finance, added: “The BMW Group remains committed to maintaining its consistent focus on value creation and sustainable profitability. At the same time, we will continue to ensure that our shareholders also share in the company’s long-term success.”

Regional and focused: Product portfolio revised to enhance profitability

As the first step in this process, the BMW Group’s model line-up will be aligned even more systematically with diverse regional customer preferences. This includes targeted expansion and strengthening of the product range, as well as significant adjustments to its drive train portfolio, focusing on models that can deliver the greatest value for customers and the highest contribution margins over the long term in each market. At the high end of the portfolio, the BMW, BMW M and Rolls-Royce brands will be refined to leverage their respective strengths and unlock additional earnings potential.

In this context, the BMW Group will bring the first model of the BMW ALPINA brand to market in the coming year. Inspired by the BMW 7 Series, the company is strategically expanding its range of products in the segment between BMW and Rolls-Royce with this new offering and tapping into additional potential at the top end of the market.

At the same time, the number of variants across the entire portfolio will be reviewed and reduced to optimise profitability. For example, there will be no successor to models such as the BMW 2 Series Active Tourer.

More local production in China – expansion of exports under review

A particular focus of the portfolio streamlining is on China, where local production in the high-volume segments will be expanded with the launch of the Neue Klasse, while imports will be limited to the models with the highest margins.

Local development activities will also be expanded and technological features designed to meet Chinese customers’ needs more closely. The aim is to increase the share of locally manufactured vehicles developed specifically to suit Chinese customer preferences to at least 95 percent by 2030.

As part of the further development of its production network, the company is also considering expanding exports of vehicles manufactured in China to Southeast Asian markets.

Top-end addition for the US – more regionalised SAV production

Specifically for the highly successful Sports Activity Vehicle (SAV) segment in the US, the BMW Group is considering introducing an additional offering above the current top-end model, the BMW X7, that would be closely tailored to the needs of the US market.

Demand for BMW’s globally highly successful premium SAV models is already so high that Plant Spartanburg, the “home of X”, is currently operating at full capacity. In this situation, the BMW Group is also striving for greater regionalisation so it can expand global production of these models. This would enable the company to meet growing customer demand in all sales regions more comprehensively and more directly.

Compact BEV with Neue Klasse technology for Europe

In 2028, with a focus on Europe, the BMW Group will strengthen its presence in the high-volume entry segment with another fully-electric model from the Neue Klasse. Having initially rolled out the technologies of the Neue Klasse at the core of the BMW brand and with the BMW X5 and BMW 7 Series now also available in the upper segments, the next step will be for compact models to also benefit from these innovations.

In this way, the company – in combination with its fully-electric MINI model range – is further strengthening its successful line-up of emotionally appealing compact models with innovative Neue Klasse technologies, which continues to drive the reduction of its fleet-wide CO₂ emissions in the EU.

Artificial intelligence as key lever for agility and efficiency

The wide-scale rollout and systematic use of artificial intelligence across the company is a key driver of increased speed and agility, faster decision-making and greater efficiency – from development and purchasing through to sales and marketing and aftersales.

“Consistent use of agentic AI applications across all areas of the company will be a game-changer for more agile and efficient development, leaner structures and faster decision-making,” says CFO Mertl.

AI-based innovations for significantly faster development

A particular focus is on optimisation and further development of the entire value chain. The BMW Group will continue to set new technology benchmarks with brand-defining innovations such as the sixth-generation e-drive, the “Heart of Joy” – the dynamic heart of the Neue Klasse, and the BMW Panoramic iDrive. More than 100,000 new orders for the BMW iX3* in Europe and the strong customer interest in the new BMW i3 and the new BMW X5 confirm the BMW Group's consistently high innovative potential.

On the manufacturing side, artificial intelligence is already an integral part of the BMW Group’s production system and a core element of the BMW iFACTORY. Relying on a standardised IT and data model, intelligent systems are being used at nearly every stage of production – from virtual factories with digital twins and AI-supported quality inspections to intralogistics with autonomous transport solutions. Going forward, digital AI agents will increasingly perform challenging tasks autonomously in a continuous learning process. In combination with self-learning robots, this gives rise to Physical AI – as the basis for flexible, efficient and competitive production.

To further accelerate development of these kinds of brand-defining innovations, the role of artificial intelligence will also be significantly expanded throughout the entire value chain.

The BMW Group will transfer AI from individual applications to core vehicle development processes. In the future, agentic AI is expected to provide end-to-end support, from the initial technical requirements to testing and release. To achieve this, the company is connecting specialised digital agents with a foundation of development data and existing IT systems built up over decades. This allows complex information to be analysed more quickly, routine tasks to be automated and processes to be designed more efficiently. The results are consistently monitored, reviewed and finally approved by the developers.

One example of this is the collaboration between the BMW Group and AI company Mistral on crash simulations. By combining the BMW Group's engineering datasets with Mistral AI’s training capabilities, this combination enables the creation of specialised AI model, that enhance the quality, speed and efficiency of vehicle development. To scale this approach, the BMW Group is relying on Large Industry Models (LIMs) – a new generation of AI systems trained on industry-specific engineering and simulation data, which make industry expertise directly usable.

At the same time, to substantially reduce the effort involved across development, purchasing and production, high-quality "Industry Best Offer" solutions – representing an optimal combination of innovation and scalability – will also be more widely used in the future. This will allow the BMW Group to focus its expertise and capacity more on the areas that most strongly differentiate its own brands from the competition.

From software-defined vehicle to AI-defined vehicle

With the first models of the Neue Klasse, BMW has laid the foundation for the next generation of digital vehicles. The new zonal electrical and electronics infrastructure will be used across all vehicle segments. This will reduce complexity, leverage economies of scale and make new functions available to customers faster. The Neue Klasse already demonstrates how intelligent software and artificial intelligence optimise the customer experience. They create the ideal basis for the next phase of development: the AI -defined vehicle. Here, the focus is no longer on individual functions, but on the intuitive interaction of the whole vehicle across all vehicle domains. From driver assistance to infotainment to basic and comfort functions, all systems work together seamlessly and intelligently, according to the situation.

Level2++ driver assistance solutions for China, the EU and the US to launch in 2027

The AI transformation is also speeding up development of driver assistance systems at the BMW Group. The new L2++ system developed in partnership with Momenta will be rolled out in China with the launch of the Chinese variant of the BMW iX3. As the only system on the market, it offers the brand-specific BMW Symbiotic Drive, which ensures intuitive interaction between the driver and assistance functions.

Next year, as a result of the development cooperation with Qualcomm, the BMW Group will be among the first manufacturers to offer navigation-guided driver assistance in Germany – on motorways, secondary roads and city streets – based on the new DCAS regulation (a Europe-wide legal framework for “Driver Control Assistance Systems”). Other countries, including the US, will follow in stages. All customers driving the new vehicle generation will be able to flexibly activate the additional features over the air.

By the end of the year, BMW will offer its proven Highway Assistant with hands-free assisted driving in 21 countries. BMW customers have already driven more than 250 million kilometres hands-free with the Highway Assistant. For the BMW iX3 and subsequent models, the Highway Assistant has been upgraded with BMW Symbiotic Drive. This functionality is specifically designed to ensure seamless interaction between assistance systems and human driving behaviour. With driver assistance active, the driver can accelerate, steer and brake as needed, without immediately triggering deactivation of longitudinal and lateral guidance. The operating logic and clear displays in the BMW Panoramic iDrive ensure that assisted driving is intuitive and controllable at all times – for safe use of the highest level of automation in SAE Level 2.

Critical raw materials: Greater resilience across global supply chains

To increase resilience in times of geopolitical volatility, the BMW Group is adopting new approaches to the procurement of critical raw materials and components. The company is focusing on new partnerships, alternative concepts and collaborations, as well as closer cooperation across competitors within the European Union to secure supplies of critical raw materials and components, including semiconductors. Alongside stakeholders in the automotive industry, policymakers are increasingly called upon to develop solutions and ensure greater resilience in the face of global competition.

BMW to introduce new sales model in Europe in 2027

Following the successful go-live of the genuine agency model for MINI sales in 24 European markets, the rollout for the core BMW brand is scheduled to get underway in mid-2027. This gives the company a consistent Europe-wide data basis spanning the complete customer journey, from test drive to aftersales. Here, artificial intelligence is not merely an additional tool, but the foundation of the entire sales system, enabling even more tailored solutions for every customer through both local retail partners and digital offerings.

Adjustments to personnel and management structures

Alongside adjustments to its model line-up and planned internal efficiency gains, the BMW Group is also increasingly examining its costs and operational processes.

“Our global business model remains the foundation of our success. At the same time, we are improving our structures and cost base so we can meet the increasingly fierce competition that will define this industry in the coming years. The workforce restructuring programme is an important lever for this,” said Nedeljković.

To continue aligning the company with lasting changes in the operating environment, the BMW Group already reached an agreement on a significant adjustment to personnel structures with the Works Council in July and is firmly committed to this course.

In addition to a voluntary severance programme, processes will be significantly streamlined and accelerated over the coming months. Through the efficient use of artificial intelligence, the company aims to align itself even more systematically for agility and effectiveness across all departments and corporate levels. This calls for significantly leaner management structures and a reorganisation of the divisions. By the middle of next year, the BMW Group will reduce the number of divisions and associated management roles by 20 percent, with a comparable reduction at the organisational levels below.

With a focused portfolio, regionalisation of the model line-up and AI-based innovations, the BMW Group is reinforcing its long-term strategic direction as a leading global premium manufacturer through the implemented measures. At the same time, technology openness and the Neue Klasse, with its exceptional product momentum, remain the firm cornerstones of the BMW Group and the foundation of its corporate strategy.

Overview of quotes:

Milan Nedeljković, Chairman of the Board of Management of BMW AG: “The BMW Group has always been at the forefront of the automotive industry – and that is where it belongs in the future as well. Under increasingly challenging conditions, we have defined measures to reposition ourselves and will implement them with strong momentum. The BMW Group has the critical expertise to successfully pursue this path. The strengths of our corporate culture are also crucial to this: Courage and pragmatism will be just as important as having an entrepreneurial mindset and the determination to succeed.”

“Our global business model remains the foundation of our success. At the same time, we are improving our structures and cost base so we can meet the increasingly fierce competition that will define this industry in the coming years. The workforce restructuring programme is an important lever for this.”

Walter Mertl, member of the Board of Management of BMW AG responsible for Finance: “The BMW Group remains committed to maintaining its consistent focus on value creation and sustainable profitability. At the same time, we will continue to ensure that our shareholders also share in the company’s long-term success.”

“Consistent use of agentic AI applications across all areas of the company will be a game-changer for more agile and efficient development, leaner structures and faster decision-making.”

Questions and answers:

What are the BMW Group's financial goals for the measures presented at the Capital Market Day?

The BMW Group aims to be back within its long-term target range of eight to ten percent for EBIT margin in the Automotive Segment by the start of the next decade. An EBIT margin of three to five percent is the interim target for 2028. This is based, for example, on a more focused and strongly regionalised product portfolio, efficiency gains throughout the value chain and leaner organisational structures.

Which concrete measures did the BMW Group present?

• Two new models: an SAV above the current BMW X7 top-end model and a fully-electric model in the entry segment, with a focus on Europe.
• There will be no successor to several models, such as the BMW 2 Series Active Tourer. 
• In China: more localized models, with the export of vehicles manufactured in China to Southeast Asian markets under review.
• Systematic use of artificial intelligence across the company, from development and purchasing through to production and aftersales.
• Implementation of the personnel restructuring programme, with a 20-percent reduction in the total number of divisions and associated management roles.

What role does artificial intelligence play in the BMW Group's strategy?

Going forward, the goal is for artificial intelligence to be used consistently across all core business processes: from development and purchasing, through production, sales and marketing, to aftersales. For example, in vehicle development, AI agents will support technical requirements, testing and release, analyse complex information faster and automate routine tasks. In production, AI-based systems are already used throughout many process steps.

If you have any questions, please contact:

BMW Group Corporate Communications

Martina Hatzel, Communications BMW Group

Telephone: +49 89 382-11966

Email: martina.hatzel@bmwgroup.com

Dr. Britta Ullrich, Communications Finance

Telephone: +49 89 382-18364

Email: britta.ullrich@bmwgroup.com

Lennart Wermke, Communications BMW Group Financial Services
Telephone: +49 151 601-980 96
Email: lennart.wermke@bmwgroup.com

Max-Morten Borgmann, head of Communications BMW Group, Finance, Sales

Telephone: +49 89 382-24118

Email: Max-Morten.Borgmann@bmwgroup.com

Media website: https://newsroom.bmwgroup.com/global/en

Email: presse@bmwgroup.com

The BMW Group

With its four brands, BMW, MINI, Rolls-Royce and BMW Motorrad, the BMW Group is the world’s leading premium manufacturer of automobiles and motorcycles and also provides premium financial services. The BMW Group production network comprises over 30 production sites worldwide; the company has a global sales network in more than 140 countries.

In 2025, the BMW Group sold 2.46 million passenger vehicles and more than 202,500 motorcycles worldwide. The profit before tax in the financial year 2025 was € 10.2 billion on revenues amounting to € 133.5 billion. As of 31 December 2025, the BMW Group had a workforce of 154,540 employees worldwide.

The economic success of the BMW Group has always been based on long-term thinking and responsible action. Sustainability is a key element of the BMW Group’s corporate strategy and covers all products – from the supply chain through production to the end of their useful life. 

www.bmwgroup.com

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BMW iX3 50 xDrive: energy consumption combined: 18.1-15.1 kWh/100 km (WLTP); CO₂ emissions combined: 0 g/km (WLTP); CO₂ class(es): A; electric range: 673-805 km (WLTP)

Good morning,

Ladies and Gentlemen.

Over the past several weeks, we have seen how quickly our business environment can change.

As Walter outlined, the Q2 results reflect our adjusted guidance. However, the figures in the first and second quarters are not satisfactory.

The rapid deterioration of the market in China was the main trigger that forced us to adjust our guidance in June. In addition, new competitors are also expanding into several markets across Asia-Pacific, Latin America and Europe. These market dynamics, however, are just one aspect of the fundamental changes in our industry.

In a little over a year, several other factors have converged and have had a significant impact on our business environment, including:

• headwinds from tariffs, trade barriers and currency exchange rates;
• increasing requirements in regulations, especially in Europe; and 
• the impact of the ongoing conflict in the Middle East.

To address these challenges we are taking immediate, decisive action to drive the necessary change.

This will ensure that we remain competitive and will return us to better results – for the short, medium and longer term.

In the short term, we are taking steps to accelerate ongoing cost reduction initiatives, focusing on structural and efficiency measures. These will deliver a sustained reduction of our overall fixed costs. The impact will be visible from 2027 onwards and will provide a new baseline for our strategic and operational measures going forward.

One important aspect is the dimension of the organization, which we will make leaner to increase speed and effectiveness. We have made very quick progress with the General Works Council to reach an agreement on a workforce restructuring program. This includes a voluntary severance program in indirect functions in Germany.

Now, we will move forward with the implementation of the agreed measures in order to realize the benefits in the near term.

As our industry continues to transform, we need to be prepared for the road ahead – by tackling both our structures and our processes.

To ensure that we are fit to deliver the necessary changes in the mid-term, we are closely examining the entire value chain and have begun to take action on four key areas internally:

Customer journey, our organizational structures, delivery and purchasing, and engineering.

To give you an idea of what we are looking at:

• On the customer side: our focus is on the continued implementation of a new sales model in Europe, which requires a shift in mindset from wholesalers to retailers.

At the same time, we are optimizing every touchpoint in our customer ecosystem and leveraging the data we have to generate additional business opportunities.

• On the organizational side: this means making greater use of AI to further automate processes and increase speed; as well as accelerating decision-making throughout the organization.

• On delivery and purchasing: we are looking at how value creation is distributed globally and identifying opportunities to expand our local-for-local approach.

• And on engineering: our focus is on increasing the speed of development through further standardization and communality in engineering solutions and components.

Across all these areas, we will fundamentally transform the company.

On the long-term perspective, we are constantly looking at the broader, strategic picture – covering technologies, products, markets and brands.

In all of these areas we are taking significant steps and picking up the pace. For example, we are re-evaluating which technologies,

model variants, and drivetrains we will need in the future. We are also further tailoring our approach to individual markets and their specific product and drivetrain requirements. And we are evaluating where we can pursue new partnerships where it makes economic and technological sense.

While we face a lot of headwinds at the moment, we also have a solid foundation to leverage. In Q2 we saw a strong performance in Europe and the US which could partly counterbalance the developments in China and Asia Pacific. And our performance in China to date in 2026 was at least in line with the overall market development.

We will also build on key changes that we have made in the last years, in particular the significant investment in Neue Klasse.

But this also includes the consolidation of the dealer network in China and, not least, the cost savings of 2.5 billion euros that we made in 2025.

As we look ahead, our strong portfolio of premium products and technologies, our drivetrain approach and our global footprint provide us with a strategic direction as we navigate the current market environment.

First: our products and technologies.

The rollout of the Neue Klasse is now well underway.

The BMW iX3* continues to see strong momentum:

We are on track to reach the next major milestone of 100,000 orders.

To support this incredible demand, we introduced a second shift at Plant Debrecen ahead of schedule. Since the start of series production, the plant has already produced 50,000 BMW iX3 – the fastest ramp-up of a new BMW Group plant.

We have also seen strong demand for the BMW i3 launch edition with initial orders, which we started earlier than planned in June. Regular ordering will open at the end of September.

Just a few weeks ago, we also celebrated the world premiere of the new, fifth-generation BMW X5. The new X5 shows the full potential of our technology-open approach – the second pillar of our strategic foundation.

Customer needs and expectations vary widely from market

to market – and even within individual markets. Our Q2 sales also reflect this reality and the strength of our technology-open approach. In Europe, sales were supported by BEV growth, which jumped by over a third in Q2. In the US, sales of ICE vehicles drove growth to double digits in the second quarter, as BEV demand in the overall market fell.

The positive response to the BMW iX3, i3, new 7 Series and X5 shows that we have made the right investments to bring the right product momentum to the markets. And there is much more to come, as our product roadmap remains firmly on track: by the end of next year, we will have launched 40 new and updated models.

This includes the first Neue Klasse models in China – the BMW iX3 and BMW i3 long-wheelbase. Produced at our manufacturing base in Shenyang, they have been developed specifically for Chinese customer preferences, and incorporate technologies from local tech players.

This illustrates the third key pillar of our strategy:

our global footprint with a local-for-local approach.

In major markets, it allows us to better address individual market needs, while serving demand through local production and supply chains. Particularly in challenging times, this set up offers us significant resilience and flexibility as developments vary from market to market.

Ladies and gentlemen,

We are operating in a dynamic and challenging environment.

We are taking a critical look at how we work, including re-visiting core processes and structures that previously were considered untouchable.

We know we have hard work to do on the road ahead. My responsibility is to ensure that we pick up the pace and increase the impact.

We know we can put the company back on a solid, enduring path to the premium profitability that the company is capable of generating.

We remain ambitious and intend to return to our strategic EBIT margin corridor of 8-10% by the beginning of the next decade. In the interim, we will work our way back to this target step-by-step.

Ultimately, it’s about ensuring the long-term success of the company and creating value for our customers, our partners and our investors.

Thank you.

BMW iX3 50 xDrive: energy consumption combined: 18.1-15.1 kWh/100 km (WLTP); CO₂ emissions combined: 0 g/km (WLTP); CO₂ class(es): A; electric range: 679-805 km (WLTP)

Munich. The first half of the year presented a mixed picture: While the market in China and the countries of the Asia-Pacific region saw a significant decline in the first six months of the year, the BMW Group increased its sales in Europe and the US. In Europe, sales rose by around +5.4%. In the US, the company recorded growth of +3.9%, where the BMW brand is outperforming the overall market. In the first half of 2026, the BMW Group delivered a total of around 1.15 million vehicles to customers worldwide, representing a slight decline in sales (-4.2%).

“Despite challenges worldwide, we achieved positive sales results in the US and Europe,” said Jochen Goller, member of the Board of Management of BMW AG responsible for Customer, Brands, Sales. “The Neue Klasse continues to show strong momentum. With the BMW iX3*, we are on track to reach the next major milestone of 100,000 new orders. The second Neue Klasse model, the BMW i3, is already seeing strong demand since orders opened ahead of its launch.”

With the start of delivieries of the new BMW iX3, sales of fully-electric vehicles showed a positive trend in the second quarter.The BMW Group delivered 116,807 BMW and MINI fully-electric vehicles to customers between April and June 2026 (+5.2%). Particularly in the European market, where the BMW iX3 was available first, BEV sales rose sharply. With 81,445 units delivered in the second quarter, the company recorded double-digit growth of +38.0% across Europe. In Germany, BMW rose to second place in Q2 for registrations of fully electric vehicles.

The BMW brand delivered around one million vehicles to customers in the first half of the year (-6.2%). The BMW brand recorded growth in both Europe (+1.5%) and the US (+4.7%). In the USA, growth was primarily driven by the BMW X models. The new BMW X5 was also unveiled there in late June, with its market launch expected to generate positive sales momentum worldwide. During the same period, BMW M  GmbH delivered 99,595 vehicles to customers (-6.0%).

With a total of 149,538 vehicles sold, the MINI brand posted a significant year-on-year increase of +11.7%, marking its sixth consecutive quarter of growth. MINI’s fully-electric models experienced strong global demand and were the brand's primary growth driver. The Rolls-Royce brand handed over 2,523 vehicles to customers in the first half of 2026 (-9.8%). In the first six months of the year, BMW Motorrad delivered a total of 102,847 motorcycles and scooters (-2.9%).

BMW Group sales in Q2/YTD June 2026 at a glance

¹ BEVs and PHEVs                                                                                   

BMW & MINI sales in the regions/markets

² Provisional registration figures

³ Asia-Pacific, Eastern Europe, Middle East, Africa

The delivery figures reported in this press release are provisional and may change up until the BMW Group Report 2026 is published. Notes on how delivery figures are prepared can be found in the BMW Group Report 2025 on p. 427.

BMW Group Corporate Communications

Carolin Bachmann, Communications Sales

Telephone: +49 151 601 38801

Email: carolin.bachmann@bmwgroup.com  

Max-Morten Borgmann, Head of Communications BMW Group, Finance, Sales

Telephone: +49 89 382-24118

Email: max-morten.borgmann@bmwgroup.com

Media website: https://newsroom.bmwgroup.com/global/en

Email: presse@bmwgroup.com

The BMW Group

With its four brands, BMW, MINI, Rolls-Royce and BMW Motorrad, the BMW Group is the world’s leading premium manufacturer of automobiles and motorcycles and also provides premium financial services. The BMW Group production network comprises over 30 production sites worldwide; the company has a global sales network in more than 140 countries.

In 2025, the BMW Group sold 2.46 million passenger vehicles and more than 202,500 motorcycles worldwide. The profit before tax in the financial year 2025 was € 10.2 billion on revenues amounting to € 133.5 billion. As of 31 December 2025, the BMW Group had a workforce of 154,540 employees.

The economic success of the BMW Group has always been based on long-term thinking and responsible action. Sustainability is a key element of the BMW Group’s corporate strategy and covers all products – from the supply chain through production to the end of their useful life. 

www.bmwgroup.com

LinkedIn: http://www.linkedin.com/company/bmw-group/

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BMW iX3 50 xDrive: energy consumption combined: 18,1–15,1 kWh/100 km (WLTP); CO₂ emissions combined: 0 g/km (WLTP); CO₂ class: A; electric range: 673–805 km (WLTP)

Munich. Parallel to the ramp-up of the Neue Klasse, the BMW Group has released solid financial figures in the first quarter: The Munich-based premium automaker reported an EBT of € 2,348 million – surpassing the two previous quarters (Q3/Q4 2025). Group EBT margin of 7.6 % was on par with the figure for the full year 2025 (7.7 %). Free cash flow in the Automotive segment totalled € 777 million, significantly above the same quarter of the previous year (+88.1 %).

As such, the BMW Group has maintained its positive momentum from the previous year in the first quarter of 2026. The company’s attractive product portfolio, technology‑open approach and resilience in key global regions ensure it maintains its successful course.

“Once again, our earnings for the first quarter demonstrate the value of strategic consistency, operational strength and a high degree of flexibility. We are well positioned to deliver continued success, despite challenging conditions,” said Oliver Zipse, Chairman of the Board of Management of BMW AG.

Order intake in Europe reaches record levels

The BMW brand achieved its highest ever order intake figure for a single quarter in Sales Region Europe. From January to March, orders for all-electric vehicles increased by more than 60% in Europe compared to the previous year. The BMW iX3* alone secured more than 50,000 orders since its design premiere in September by the end of March.

“During the first three months on the year, we received more orders in Europe than in any other quarter in the Company’s history. The key to our success lies in our broad product range: with our strong brands, we serve key segments and allow customers to select from the full range of drivetrains,” said Zipse. “The successful launch of the BMW iX3 and the positive feedback on the BMW i3 confirm that we made the right decisions with the Neue Klasse. Every future BMW model will feature the new technology clusters and use the new design language – regardless of drivetrain. Thus, we are elevating our product portfolio to a whole new level.”

The BMW Group delivered a total of 565,780 vehicles to customers worldwide in the first quarter. This represents a slight decrease of -3.5% compared with the same period last year. The BMW brand delivered a total of 496,006 vehicles to customers across the world in the first quarter of 2026 (-4.6%). One in ten of all BMW units delivered was a BMW M model.

MINI maintains its growth trajectory

The MINI brand increased its global sales for the fifth consecutive quarter, delivering 68,503 vehicles – growth of +6.0%. BEVs accounted for 35.1% of all MINI deliveries.
The Rolls-Royce brand delivered a total of 1,271 vehicles to customers in the first quarter (-8.0%). BMW Motorrad delivered 42,735 motorcycles and scooters to customers over the same period (-4.2%).

BEV demand growing in Europe

The BMW Group’s vehicle deliveries increased by 3.1% across all drivetrains in Europe, its largest sales region. Battery‑electric vehicles accounted for 25.3% of all sales in Europe (global: 15.5%). The BMW Group remains confident that it will meet the EU (27 + 2) CO₂ targets for 2026.
In the Americas sales region, which slightly declined by -4.0%, the decline in deliveries of all-electric BMW automobiles was largely offset by increased deliveries of vehicles with combustion engines. In China, where the total market contracted sharply by -17.5%, BMW Group deliveries performed somewhat better, falling by -10.0% during the reporting period.

Currency effects weigh on revenues

Group revenues totalled € 31,007 million (2025: € 33,758 million; -8.1%; adjusted for currency translation effects: -4.3%) highlighting the persistently intense competition in the automotive sector – particularly in China – as well as the slight decline in sales. Furthermore, adverse currency effects had a negative impact, primarily the Chinese renminbi and the US dollar.

Disciplined cost management continues to deliver results

The BMW Group successfully delivered nominal costs reductions in the first quarter to tackle external challenges. The cost of sales went down by -6.4%, while administrative and sales expenses fell by -5.1% across the Group. As planned, the Company reduced its research & development expenditure from the 2024 peak to € 1,755 million (Q1/2025: € 1,984 million; -11.5%). The research & development expenditure ratio (German Commercial Code) fell to 5.7% (Q1/2025: 5.9%). Investments also decreased in the first quarter to € 1,723 million in line with planning (Q1/2025: € 2,819 million; -38.9%). The capital expenditure ratio came in at 2.0% (Q1/2025: 3.6%).

“Flexibility and speed of execution are two of the BMW Group’s strengths. That’s abundantly clear with the Neue Klasse – a stringent and comprehensive renewal of our entire vehicle portfolio in record time. The automotive innovations coming to market will strengthen our competitive position and improve our profitability,” said Chief Financial Officer Walter Mertl. “In a demanding economic environment, we remain highly focused on costs, leveraging multiple opportunities across the company with an approach designed to deliver sustained results.”

Share buyback on track

The Annual General Meeting in May 2025 authorised the Board of Management to buy back up to 10% of BMW AG’s share capital over the next five years. Based on this new authorisation, the Board of Management approved a third share buyback programme with a volume of up to € 2 billion, to be completed no later than 30 April 2027. The first tranche of shares worth € 750 million were repurchased by December 2025. The second tranche of shares, amounting to € 625 million, is on track to be purchased by 31 August 2026. On 31 March 2026, BMW AG held shares with a nominal value of € 12,225,269. This corresponds to 1.99% of the share capital on the same date.

Group EBT well over € 2 billion again despite the tariffs burden

The Group achieved earnings before tax (EBT) of € 2,348 million in the first three months of the year (Q1/2025: € 3,113 million; -24.6%). In doing so, the company delivered earnings of more than € 2 billion in a demanding economic environment once again. The EBT margin for the period was 7.6% (Q1/2025: 9.2%). Group net profit amounted to € 1,672 million (Q1/2025: € 2,173 million; -23.1%).

EBIT margin in the annual guidance corridor of 4–6%
The Automotive segment achieved an EBIT of € 1,345 million (Q1/2025: € 2,024 million; -33.5 %) and an EBIT margin of 5.0 % (Q1/2025: 6.9 %; -1.9 percentage points) – in the middle of the forecast annual range of 4–6% – and extra tariffs accounted for a 1.25 percentage point reduction in the EBIT margin in the quarter. This was a significantly larger hit than the same quarter in the previous year, in which only EU import tariffs were due on battery‑electric vehicles from China. The EBIT margin was also affected by depreciation and amortisation from the BBA purchase price allocation amounting to 1.2 percentage points.

Fierce competition across major automotive markets, especially in China, impacted pricing and sales volumes, weighing on EBIT. As anticipated, currency and raw material price effects dampened the company’s first‑quarter earnings performance.

Free cash flow in the Automotive segment increased significantly to € 777 million in the first three months of the year (Q1/2025: € 413 million). The marked reduction of capital expenditure compared with prior‑year figures had a positive impact on free cash flow. Conversely, the typical seasonal increase in inventories weighed on working capital. The segment’s free cash flow is expected to exceed
€ 4.5 billion for the full year.

Financial Services: slight growth in new contracts with end customers

The Financial Services segment secured 420,212 new  credit financing and leasing contracts with end customersin the first quarter. The growth of 4.3 % compared to the same quarter last year is largely attributable to the changes in the competitive landscape in the Chinese market since mid‑2025. The penetration rate** – the share of BMW Group vehicles either leased or financed through the Financial Services segment – increased to 51.6% in the reporting period(Q1/2025: 43.0%; +8.6%).

The segment generated a profit before tax (PBT) of € 381 million in the first three months of the year (Q1/2025: € 650 million; –41.4%). The decline was primarily driven by an increase of the existing risk provision for cross-sector compensation schemes for motor finance customers in the United Kingdom.

Moreover, the income from the resale of end-of-lease vehicles was lower.

Outlook for the 2026 financial year confirmed

The BMW Group confirms its full‑year forecast after the first quarter, in a deteriorating economic environment. Forecasts for the global economy and automotive markets have been revised downwards in recent weeks. The global automotive market is now expected to see a slight decrease.

For the 2026 financial year, the BMW Group continues to expect a higher level of volatility related to tariffs. The company anticipates a negative impact from higher tariffs of around 1.25 percentage points on the EBIT margin in the Automotive segment.

The geopolitical situation in the Middle East is currently characterised by a high degree of uncertainty due to the ongoing conflict in the region. The outlook assumes that the conflict will not be enduring.

The BMW Group continues to see overall growth potential in Europe and the United States. In China, the company looks to balance sales volume, transaction prices and dealer profitability.

Globally, the company forecasts that deliveries will be on a par with the previous year and that fully-electric vehicles will account for the same share of sales as 2025.

The BMW Group remains disciplined in cost management. In the 2026 financial year, the company will further reduce capital expenditure, manufacturing costs, research & development spending, as well as sales & administrative expenses. Compared to the prior year, the BMW Group expects a lower additional burden from tariffs as previously outlined. This will be offset by increasing depreciation resulting from investments and the capitalization of development costs in previous years. Additionally, earnings will be negatively impacted by adverse currency and raw material effects, by pricing and product measures to stabilize transaction prices in China, by a significantly lower capitalization rate resulting from the development portfolio structure, and by overall lower revenues related to the used-car market. The BMW Group will partially offset these higher burdens through the afore-mentioned cost reductions.

Regarding forecast KPIs: The EBIT margin for the Automotive Segment is forecast to be within the range of 4–6%. Return on Capital Employed (RoCE) will be between 6–10%.

In the Financial Services Segment, Return on Equity (RoE) is projected to be between 13–16%.

In the Motorcycles Segment, deliveries are forecast to be on a par with the previous year, with an EBIT margin within the range of 4.0–6.0% and a Return on Capital Employed (RoCE) of 10–14%.

In light of the forecast developments, a moderate decline in Group earnings before tax is expected for 2026.

The BMW Group’s actual business performance may deviate from these expectations – for example, due to changes in political and macroeconomic conditions.

** Starting in the 2026 financial year, the penetration rate will also include financing and leasing contracts for young used vehicles that are sold to end customers for the first time in the reporting year.

GLOSSARY – explanatory comments on key performance indicators

Deliveries to customers

A new or used vehicle is recorded as a delivery once it is handed over to the end user (which also includes leaseholders under lease contracts with BMW Financial Services). In the US and Canada, end users also include (1) dealers when they designate a vehicle as a service loaner or demonstrator vehicle and (2) dealers and other third parties when they purchase a company vehicle at auction and dealers when they purchase company vehicles directly from the BMW Group. Deliveries may be made by BMW AG, one of its international subsidiaries, a BMW Group retail outlet, or independent third-party dealers. The vast majority of deliveries – and hence the reporting of deliveries to the BMW Group – is made by independent third-party dealers. Retail vehicle deliveries during a given reporting period do not correlate directly to the revenues that the BMW Group recognises in respect of that particular reporting period.

Payout ratio

The payout ratio is preliminary. Although the Board of Management and the Supervisory Board will propose a fixed dividend per share at the Annual General Meeting, the number of shares entitled to a dividend is expected to fall by the Annual General Meeting due to the ongoing share buy-back programme. Accordingly, the total amount to be distributed to shareholders is also still expected to change by 13 May.

EBIT

Profit before financial result. Profit before financial result comprises revenues less cost of sales, less selling and administrative expenses and plus/minus net other operating income and expenses.

EBIT margin

Profit/loss before financial result as a percentage of revenues.

EBT

EBIT plus financial result.

PHEV

Plug-in-hybrid electric vehicle - hybrid vehicle with petrol engine and electric drive.

If you have any questions, please contact:

BMW Group Corporate Communications

Dr Britta Ullrich, Finance Communications

Telephone: +49 89 382-18364

Email: britta.ullrich@bmwgroup.com

Sebastian Keßler, Communications BMW Group, Strategy

Telephone: +49 89 382-21616

Email: Sebastian.KE.Kessler@bmwgroup.com

Max-Morten Borgmann, head of Communications BMW Group, Finance, Sales

Telephone: +49 89 382-24118

Email: Max-Morten.Borgmann@bmwgroup.com

Media website: https://newsroom.bmwgroup.com/global/en

Email: presse@bmwgroup.com

The BMW Group

With its four brands, BMW, MINI, Rolls-Royce and BMW Motorrad, the BMW Group is the world’s leading premium manufacturer of automobiles and motorcycles and also provides premium financial services. The BMW Group production network comprises over 30 production sites worldwide; the company has a global sales network in more than 140 countries.

In 2025, the BMW Group sold 2.46 million passenger vehicles and more than 202,500 motorcycles worldwide. The profit before tax in the financial year 2025 was € 10.2 billion on revenues amounting to € 133,5 billion. As of 31 December 2025, the BMW Group had a workforce of 154,540 employees.

The economic success of the BMW Group has always been based on long-term thinking and responsible action. Sustainability is a key element of the BMW Group’s corporate strategy and covers all products – from the supply chain through production to the end of their useful life. 

www.bmwgroup.com

LinkedIn: http://www.linkedin.com/company/bmw-group/

YouTube: https://www.youtube.com/bmwgroup

Instagram: https://www.instagram.com/bmwgroup

Facebook: https://www.facebook.com/bmwgroup

BMW iX3 50 xDrive: energy consumption combined: 17,9–15,1 kWh/100 km (WLTP); CO₂-emissions combined: 0 g/km (WLTP); CO₂ class(s): A; electrical range: 678–805 km (WLTP)

Munich. Driven by very strong customer interest in the first Neue Klasse model, the BMW iX3*, the BMW Group recorded a significant increase in incoming orders for fully-electric vehicles in Europe in the first quarter of 2026. From January to March, new BEV orders rose by around 40% year-on-year. The BMW Group also reported higher orders across all drivetrain technologies in the region compared to the previous year. 

“We are seeing exceptionally strong demand for the new BMW iX3. With well over 50,000 new orders since ordering opened in Europe, customer interest in the BMW iX3 is exceeding our high expectations. More than half of the BMW X3s ordered are already fully electric,” said Jochen Goller, member of the Board of Management of BMW AG responsible for Customer, Brands, Sales. “The strong demand for the BMW iX3 underlines the quantum leap in technology we are making with the Neue Klasse. We are also receiving extremely positive feedback on the recently revealed second model of the Neue Klasse, the BMW i3,” Goller added.

Across all drivetrain technologies, the BMW Group delivered a total of 565,748 BMW, MINI and Rolls-Royce vehicles to customers in the first quarter of this year (-3.5%). Demand for models with internal combustion engines remained slightly above the high level of the previous year. The BMW Group achieved significant sales growth in its domestic market of Germany, with 68,022 units delivered (+10.7%). In China, BMW Group sales outperformed the overall strong market decline.

The first BMW iX3s were delivered to customers in Europe in March. Although the ramp-up of the first Neue Klasse model has only just begun, sales of fully-electric vehicles in Europe in the first quarter of 2026 already exceeded the high level recorded in the same period of last year. In the first quarter, the BMW Group delivered 87,458 fully-electric vehicles to customers worldwide (-20.1%). In the US, the discontinuation of BEV incentives impacted the entire market. At the same time, demand for BMW models with internal combustion engines increased. In an overall challenging market environment, the BMW Group was able to hold its ground well and is confident that the attractive, technology-neutral product portfolio as well as the worldwide availability of the Neue Klasse models will generate an increasingly positive momentum.

The BMW brand delivered a total of 496,050 vehicles to customers worldwide in the first quarter (-4.6%). Following last year’s all-time high, BMW M GmbH sales for the first three months of the year totalled 47,544 units (-5.9%). For the fifth consecutive quarter, MINI increased its global sales year-on-year. With 68,427 units delivered, the brand recorded growth of +5.9%. In the Europe sales region, MINI achieved a significant increase in BEV sales. The Rolls-Royce brand delivered 1,271 vehicles to customers in the first quarter (-8.0%). During the same period, BMW Motorrad sold 42,735 motorcycles and scooters (-4.2%).

BMW Group sales Q1 2026 at a glance

¹BEVs and PHEVs                                                                                   

BMW & MINI sales in the regions/markets

²Provisional registration figures

³Asia-Pacific, Eastern Europe, Middle East, Africa

The delivery figures reported in this press release are provisional and may change up until the BMW Group Report 2026 is published. Notes on how delivery figures are prepared can be found in the BMW Group Report 2025 on p. 429.

BMW Group Corporate Communications

Dr Sina Unger, Communications Sales

Telephone: +49 89 382-47564

Email: sina.unger@bmwgroup.com

Carolin Bachmann, Communications Sales

Telephone: +49 89 382-38801

Email: carolin.bachmann@bmwgroup.com  

Max-Morten Borgmann, head of Communications BMW Group, Finance, Sales

Telephone: +49 89 382-24118

Email: max-morten.borgmann@bmwgroup.com

Media website: https://newsroom.bmwgroup.com/global/en

Email: presse@bmwgroup.com

The BMW Group

With its four brands, BMW, MINI, Rolls-Royce and BMW Motorrad, the BMW Group is the world’s leading premium manufacturer of automobiles and motorcycles and also provides premium financial services. The BMW Group production network comprises over 30 production sites worldwide; the company has a global sales network in more than 140 countries.

In 2025, the BMW Group sold 2.46 million passenger vehicles and more than 202,500 motorcycles worldwide. The profit before tax in the financial year 2025 was € 10.2 billion on revenues amounting to € 133,5 billion. As of 31 December 2025, the BMW Group had a workforce of 154,540 employees.

The economic success of the BMW Group has always been based on long-term thinking and responsible action. Sustainability is a key element of the BMW Group’s corporate strategy and covers all products – from the supply chain through production to the end of their useful life. 

www.bmwgroup.com

LinkedIn: http://www.linkedin.com/company/bmw-group/

YouTube: https://www.youtube.com/bmwgroup

Instagram: https://www.instagram.com/bmwgroup

Facebook: https://www.facebook.com/bmwgroup

BMW iX3 50 xDrive: Energy consumption combined: 17,9–15,1 kWh/100 km (WLTP); CO₂ emissions combined: 0 g/km (WLTP); CO₂ class: A; electrical range: 678–805 km (WLTP)

* Klanten die vóór de lancering van MINI MORE een nieuwe MINI hebben gekocht, ontvangen bij de lancering van het lidmaatschap een welkomstmail. Alleen klanten die toestemming hebben gegeven voor marketingcommunicatie, worden uitgenodigd voor de eerste communicatie bij de lancering.

Munich. Attractive products, strong order volumes and strict cost discipline have ensured for the BMW Group a start to the year according to plan. The premium manufacturer from Munich continued its dynamic BEV ramp-up in a volatile and competitive environment, while delivering profitability at the upper end of its 2025 target range in the Automotive Segment. The BMW Group has thus once again confirmed the long-term viability of its strategy of technology openness.

In the first quarter of the year, the BMW Group delivered 586,117 premium vehicles to customers (-1.4%). More than a quarter of these were electrified (26.9%), with fully-electric vehicles once again showing significant sales growth of +32.4%. The EBIT margin in the Automotive Segment – one of the company’s key profit indicators – stood at 6.9%, placing it at the upper end of the targeted range of 5-7% for the year.

“The more challenging the environment, the more crucial it is to have compelling products, a consistent strategy and a high degree of flexibility. Our technology-open approach remains a key success factor: with our young, highly attractive models and our broad range of drives, we are able to meet the various needs of customers worldwide. This enables us to achieve robust results and stay on course to meet our ambitious full-year targets,” said Oliver Zipse, Chairman of the Board of Management of BMW AG. “With the NEUE KLASSE, we are putting our biggest future project on the road: we are expanding our fully-electric offering, and rolling out future technology clusters and the new design language across our entire model portfolio. This will raise the level of innovation in our vehicles across all drive types to a whole new level – while also setting the course for profitable growth and sustainable success.”

Significant increase in fully-electric vehicle deliveries

Despite persistently strong competition in China, the company's global deliveries remained largely in line with the previous year (-1.4%). In the first three months, the BMW Group achieved growth in key markets Europe (+6.2%) and the US (+4.0%).

In the first quarter of 2025, the BMW brand delivered a total of 520,121 vehicles to customers worldwide, surpassing the previous year’s volume in all regions except China. The strongest growth was recorded by the new BMW 5 Series models (+35.8%), as well as the BMW X1 and X2 variants (+31.8%).

The BMW M brand achieved solid sales growth of +5.0% in the first quarter, delivering a total of 50,500 vehicles to customers. The main growth drivers were the high-performance models BMW M3* and M3 Touring* as well as BMW M5* and BMW M5 touring*, which were in high demand across all regions.

The MINI brand, which updated its entire product range over the course of last year, sold 64,615 units worldwide – an increase of 4.1%. The Rolls-Royce brand delivered 1,381 units to customers between January and March (-9.4%).

Fully-electric vehicles from the BMW, MINI and Rolls-Royce brands reported significant growth, with 109,513 deliveries worldwide (+32.4%). The BMW iX1* was the brand’s most successful BEV model, while the BMW i4* accounted for half of all BMW 4 Series delivered.

Sales of fully-electric vehicles saw the strongest growth in Europe (+64.2%). New models from the MINI brand were major contributors to this: The urban premium brand delivered a total of 22,794 fully-electric vehicles, achieving a BEV share of 35.3%.

The BMW Group currently offers at least one model with an electrified drive train in every vehicle class. Total deliveries of electrified vehicles (BEVs and PHEVs) also rose significantly in the first three months of the year, reaching 157,487 vehicles (2024: 122,582 vehicles/+28.5%).

The BMW Group is successfully implementing its strategic plan to further expand e-mobility. Additionally, it will reach two significant sales milestones: first, the delivery of 1.5 million fully-electric premium vehicles since the market launch of the BMW i3 in 2013; and second, a total of three million electrified cars since then.

Group  EBT margin at 9.2%  

First-quarter Group revenues totalled € 33,758 million (2024: € 36,614 million/-7.8%; currency-adjusted: -8,7%). As previously announced, the BMW Group benefited from a moderate reduction in administrative and sales expenses. Compared with the previous year, sales revenues declined particularly in the highly competitive Chinese market, as expected.

Between January and March, the BMW Group reported pre-tax earnings (EBT) of € 3,113 million (2024: € 4,162 million/-25.2%). 

The EBT margin for this period was 9.2% (2024: 11.4%). Group net profit for the first quarter totalled €  2,173 million (2024: € 2,951 million/-26.4%).

Automotive EBIT margin at upper end of full-year guidance

The Automotive Segment earned revenues of €  29,211 million (2024: € 30,939 million/-5.6%%).

The anti-subsidy tariffs on BEVs produced in China, introduced by the European Commission in October, increased the cost of sales, creating a headwind in the low three-digit million euro range, as forecast.

Earnings before financial result (EBIT) for the first quarter totalled € 2,024 million (2024: € 2,710 million/-25.3%). The EBIT margin came in at 6.9% (2024: 8.8%) and was thus at the high end of the target range of 5-7% for the year. Excluding depreciation and amortisation from the BBA purchase price allocation,the EBIT margin for the first quarter was 8.1%.

The BMW Group is systematically leveraging innovations, focusing on efficient and low-emission technologies, as well as further electrification and digitalisation of both its product line-up and the company.

Based on the strength of its current operating performance, the BMW Group allocated €  1,984  million (2024: € 1,974 million/+0.5%) to research and development in the first quarter which was concentrated on electrification and digitalisation of the vehicle fleet across all model series.

The company also incurred R&D expenditure primarily for the future models of the NEUE KLASSE, such as the BMW iX3, and the successor models to the BMW X5 and BMW X7.

“The BMW Group stands for long-term growth, sustainable value creation and continued dependability for its stakeholders. Stable financial performance and effective cost management characterised the first quarter despite the challenging environment. We remain focused on improving our efficiency and optimising our cost structures,” said Walter Mertl, Member of the Board of Management of BMW AG, Finance, at the quarterly conference call in Munich.

“Digitalisation and AI are contributing to this. Innovation and business benefits go hand in hand for us. We are also leveraging the proven flexibility of our network to address the current geopolitical challenges.”

Automotive Segment free cash flow at € 413 million

The free cash flow of the Automotive segment amounted to €413 million in the first quarter of 2025 (2024: €1,283 million). The decline compared to the previous year is primarily due to lower earnings before taxes, an expected higher consumption of provisions, and increased cash outflows from capital expenditures related to 31 December 2024 in the amount of €964 million.

Conversely, the seasonally typical but significantly lower increase in stock compared to the previous year led to the change in working capital of €65 million (2024: -€1,189 million).

From January to March, capital expenditure totaled €1,202 million (2024: €1,323 million/-9.1%). The capex ratio came in at 3.6% (2024: 3.6%).

The BMW Group is still targeting a free cash flow of > € 5 billion in the Automotive Segment for the full year.

Robust performance in Financial Services Segment

BMW Group Financial Services benefited from dynamic new leasing business in the first quarter of the year, with new leasing contracts up 12.7%. Overall, total new retail business was down slightly, compared to the previous year, with 402,811 new contracts concluded (-4.6%). The financing and leasing business for new vehicles remained at the previous year's level. Outside of China, new business was stable at a high level.

The volume of new business increased slightly, driven by higher financing volumes per vehicle across all financing and leasing contracts with retail customers, reaching € 15,988 million (2024: € 15,620 million/+2.4%).

The percentage of BMW Group new vehicles leased or financed by the Financial Services Segment reached 43.0% at the end of the first quarter (2024: 41.8%/+1.2 percentage points). In the three-month period, the segment reported pre-tax earnings of  €  650 million (2024: € 730 million/-11.0%). Most notably, lower income from the resale of end-of-lease vehicles led to a year-on-year decrease in earnings, as the number of end-of-lease vehicles was lower than in the previous year. During the reporting period, the credit loss ratio remained at the low rate of 0.23% across the entire loan portfolio (2024: 0.21%).

BMW Motorrad with EBT margin of 9.4%

In the year to the end of March, BMW Motorrad delivered 44,609 motorcycles and scooters to customers (2024: 46,434 units; -3.9%). The segment EBIT margin of 9.4% (2024: 12.2%) was above the targeted range of 5.5-7.5% for the year.

BMW AG continues share repurchase programme

Following the authorisation granted by the Annual General Meeting of BMW AG on 11 May 2022, the company has acquired treasury shares. The shares from the initial repurchase programme have already been retired.

As of 31 March 2025, BMW AG holds 22,317,345 own shares from the second buy-back programme, corresponding to a nominal amount of €22,317,345.

Based on the authorisation granted at the Annual General Meeting of 11 May 2022, as of 31 March 2025, BMW AG had purchased shares equivalent to 7.27% of the share capital.

BMW Group confirms full-year guidance
The International Monetary Fund (IMF) has revised its forecasts for global economic growth downwards to 2.8% in April 2025: Current trade conflicts and the associated potential rise in inflation, as well as uncertainty among businesses and consumers, could weigh on global growth.

According to sector forecasts, the global automotive markets are likely to see slight growth. 

The BMW Group expects demand to rise in many markets in 2025, driven by a stabilizing inflation and further moderate interest rate cuts. In the USA, permanent tariffs could be reflected in rising inflation.

The guidance* published in the BMW Group Report 2024 in March 2025 includes all tariff increases that had taken effect by 12 March 2025. Due to the volatile developments and ongoing negotiations, the potential impact of tariffs in the current financial year can only be estimated, based on assumptions. The BMW Group expects some of the tariff increases to be temporary, with reductions from July 2025. The forecast also includes mitigating measures to offset the impact of higher tariffs.

Given the sustained demand for its attractive premium vehicles, the BMW Group is able to confirm its guidance for the year. The company anticipates slight sales growth, with fully-electric vehicles contributing to a slightly higher share of deliveries. Due to the factors mentioned above, Group earnings before tax are expected to be on a par with the previous year.**The EBIT margin for the Automotive Segment is forecast to be within the range of 5.0-7.0%, with an RoCE of between 9-13%.

In the Financial Services Segment, RoE is projected to be between 13-16%.

In the Motorcycles Segment, a slight increase in sales and an EBIT margin within the range of 5.5-7.5%are forecast, with an RoCE of 13-17%.

The above targets will be achieved with the current number of employees.

The BMW Group’s actual business performance may deviate from these projections – for example, due to changes in political and macroeconomic conditions. Risks to earnings could arise, for instance, from further tariff increases or tariffs remaining in place for longer than planned, potentially extending well into the second half of the year. The company continues to closely monitor macroeconomic developments.

Escalation of trade disputes could also lead to supply bottlenecks – for example, from import or export restrictions on specific parts or raw materials.  

*Fuel consumption/emissions data:

BMW i4 eDrive35: energy consumption combined: 15,4 kWh/100 km (WLTP); CO₂ emissions combined: 0 g/km (WLTP); CO₂ class: A

BMW iX1 eDrive20: energy consumption combined: 15,4 kWh/100 km (WLTP); CO₂ emissions combined: 0 g/km (WLTP); CO₂ class: A

BMW M5 Limousine: energy consumption combined: 26,8 kWh/100 km and 1,9 l/100 km (WLTP); CO₂ emissions weighted combined: 43 g/km (WLTP); CO₂ class: unloaded battery G; weighted combined B

BMW M5 Touring: energy consumption weighted combined: 27,6 kWh/100 km and 2 l/100 km (WLTP); CO₂ emissions weighted combined: 45 g/km (WLTP); CO₂ class: unloaded battery G; weighted combined B

BMW M3 Competition Limousine with M xDrive: energy consumption combined: 10,2–10,1 l/100 km (WLTP); CO₂ emissions combined: 230–228 g/km (WLTP); CO₂ class: G

BMW M3 CS Touring: energy consumption combined: 10,5 l/100 km (WLTP); CO₂ emissions combined: 238 g/km (WLTP); CO₂ class: G

*see BMW Group Report 2024, p.261.

** As of 1 January 2025, the forecast range for Group EBT has been adjusted. For details, please refer to the glossary in the BMW Group Report 2024.

GLOSSARY – explanatory comments on key performance indicators

BEV

Battery Electric Vehicle.

Deliveries to customers

A new or used vehicle is recorded as a delivery once it is handed over to the end user (which also includes leaseholders under lease contracts with BMW Financial Services). In the US and Canada, end users also include (1) dealers when they designate a vehicle as a service loaner or demonstrator vehicle and (2) dealers and other third parties when they purchase a company vehicle at auction and dealers when they purchase company vehicles directly from the BMW Group. Deliveries may be made by BMW AG, one of its international subsidiaries, a BMW Group retail outlet, or independent third-party dealers. The vast majority of deliveries – and hence the reporting of deliveries to the BMW Group – is made by independent third-party dealers. Retail vehicle deliveries during a given reporting period do not correlate directly to the revenues that the BMW Group recognises in respect of that particular reporting period.

EBIT

Profit before financial result. Profit before financial result comprises revenues less cost of sales, less selling and administrative expenses and plus/minus net other operating income and expenses.

EBIT margin

Profit/loss before financial result as a percentage of revenues.

EBT

EBIT plus financial result.

EBT Margin

Profit/loss as a percentage of revenues.

PHEV

Plug-in-hybrid electric vehicle.

RoCE

Return on capital employed (RoCE). RoCE in the Automotive and Motorcycles segments is measured on the basis of relevant segment profit before financial result and the average amount of capital employed – at the end of the last five quarters – in the segment concerned. Capital employed corresponds to the sum of all current and non-current operational assets, less liabilities that generally do not incur interest.

RoE

Return on equity (RoE). RoE in the Financial Services segment is calculated as segment profit before taxes, divided by the average amount of equity capital – at the end of the last five quarters – attributable to the Financial Services segment.

If you have any questions, please contact:

BMW Group Corporate Communications

Dr Britta Ullrich, Finance Communications

Telephone: +49 89 382-18364

Email: britta.ullrich@bmwgroup.com

Sebastian Keßler, Communications BMW Group, Strategy

Telephone: +49 89 382-21616

Email: Sebastian.KE.Kessler@bmwgroup.com

Max-Morten Borgmann, head of Communications BMW Group, Finance, Sales

Telephone: +49 89 382-24118

Email: Max-Morten.Borgmann@bmwgroup.com

Media website: https://newsroom.bmwgroup.com/global/en

Email: presse@bmwgroup.com

The BMW Group

With its four brands, BMW, MINI, Rolls-Royce and BMW Motorrad, the BMW Group is the world’s leading premium manufacturer of automobiles and motorcycles and also provides premium financial services. The BMW Group production network comprises over 30 production sites worldwide; the company has a global sales network in more than 140 countries.

In 2024, the BMW Group sold 2.45 million passenger vehicles and more than 210,000 motorcycles worldwide. The profit before tax in the financial year 2024 was € 11.0 billion on revenues amounting to € 142.4 billion. As of 31 December 2024, the BMW Group had a workforce of 159,104 employees.

The success of the BMW Group has always been based on long-term thinking and responsible action. Sustainability is a key component of the BMW Group’s corporate strategy – from the supply chain through production to the end of the use phase of all products. 

www.bmwgroup.com

LinkedIn: http://www.linkedin.com/company/bmw-group/

YouTube: https://www.youtube.com/bmwgroup

Instagram: https://www.instagram.com/bmwgroup

Facebook: https://www.facebook.com/bmwgroup

X: https://www.x.com/bmwgroup

BMW i4 eDrive35: Energieverbrauch kombiniert: 15,4 kWh/100 km (WLTP); CO₂-Emissionen kombiniert: 0 g/km (WLTP); CO₂-Klasse: A

BMW iX1 eDrive20: Energieverbrauch kombiniert: 15,4 kWh/100 km (WLTP); CO₂-Emissionen kombiniert: 0 g/km (WLTP); CO₂-Klasse: A

BMW M5 Limousine: Energieverbrauch gewichtet kombiniert: 26,8 kWh/100 km und 1,9 l/100 km (WLTP); CO₂-Emissionen gewichtet kombiniert: 43 g/km (WLTP); CO₂-Klassen: Bei entladener Batterie G; gewichtet kombiniert B

BMW M5 Touring: Energieverbrauch gewichtet kombiniert: 27,6 kWh/100 km und 2 l/100 km (WLTP); CO₂-Emissionen gewichtet kombiniert: 45 g/km (WLTP); CO₂-Klassen: Bei entladener Batterie G; gewichtet kombiniert B; Kraftstoffverbrauch bei entladener Batterie: 10,9 l/100 km (WLTP)

BMW M3 Competition Limousine mit M xDrive: Energieverbrauch kombiniert: 10,2–10,1 l/100 km (WLTP); CO₂-Emissionen kombiniert: 230–228 g/km (WLTP); CO₂-Klasse(n): G

BMW M3 CS Touring: Energieverbrauch kombiniert: 10,5 l/100 km (WLTP); CO₂-Emissionen kombiniert: 238 g/km (WLTP); CO₂-Klasse(n): G

Part I:
 
Good Morning, Ladies and Gentlemen.
 
Welcome to our annual conference.
 
2025 will be a milestone year for the BMW Group in many respects – as we set the course today for our success in the decade to come.
 
Despite volatile global conditions, we remain firmly committed to growth in the current financial year. At the same time, we are bringing our largest future-focused project, the NEUE KLASSE, to the roads.
 
We have a clear plan: We remain sharply focused on innovation and sustainable growth. In 2025, we expect sales figures to rise once again. At the same time capital expenditure will decrease, as planned. This will enable us to increase our free cash flow.
 
There are four reasons for our confidence:
 
 
First:
Our strategy is robust and gives us a clear path forward. We are setting the pace in key areas. Our technology open approach remains successful and is gaining more traction. Policymakers and competitors are pivoting in our direction – which we continue to pursue systematically.
 
Second:
The BMW Group is one of our industry’s few true global players. Our extensive global footprint creates opportunities. It makes us resilient. And it provides the flexibility we need to respond effectively to external influences.
 
Third:
With BMW, MINI, Rolls-Royce and BMW Motorrad, we have four strong brands. All of them are incredibly popular around the globe. Each has its own distinct identity and delivers emotionally compelling products for different target groups.
 
And fourth:
Our NEUE KLASSE: No other manufacturer has a project as ambitious and ground-breaking as ours about to enter production. I will come to this in the second part of my presentation.
 
Let's start with the first topic: our strategic direction.
Our technology-open approach is market-oriented. It allows us to fully leverage the available potential across all markets and regions.
 
We make no distinctions – whether we are talking about combustion engines, plug-in hybrids, all-electric vehicles or, from 2028, a hydrogen-powered car. We consistently implement design principles, innovation and the latest technologies in all our vehicles.
 
No one masters this technological diversity better than we do. Numerous national and international accolades confirm this.
 
Our approach is also gaining increasing recognition in political circles. Even our competitors are pivoting towards our strategy. We have proven that technological openness, growth and CO₂ reduction are very much compatible.
 
Let’s take a look at 2024:
 
We met our adjusted targets for the year. We delivered more than 2.45 million vehicles and achieved an EBIT margin of 6.3 percent in the Automotive Segment.
 
Our vehicles with highly efficient combustion engines remain in strong demand worldwide. At the same time, battery-electric vehicles continue to be our main growth driver.
 
Several other manufacturers – including some that only produce electric cars – saw a decline in sales. But we achieved growth with our all-electric vehicles. Even in challenging market conditions. In 2024, BEV sales once again climbed significantly year-on-year – increasing by more than 13 percent.
 
Fully-electric vehicles accounted for over 17 percent of total sales last year. Including plug-in hybrids, nearly one in four vehicles sold was electrified.
 
We are targeting further growth in e-mobility in 2025. We will hit two major milestones this year: We will reach the total of more than three million electrified vehicles and over 1.5 million BEVs sold since the launch of the BMW i3 and BMW i8.
 
Our customers can choose between over 15 BEVs across all our brands. One example is the new edition of the BMW iX*: The recently presented model update boasts an impressive electric range of over 700 kilometres in the WLTP cycle – with significantly more drive power.
 
That is BMW EfficientDynamics.
Our combination of electrified vehicles and highly efficient combustion engines also has a positive impact on our climate footprint. In 2024, the BMW Group once again outperformed its European CO2 fleet target – by more than 30 grammes. Based on our internal calculations, our fleet emissions fell below 100 grammes per kilometre in the WLTP cycle for the first time.
 
We will continue to ensure that our customers always have access to the latest technology – across all drivetrains. The key to achieving this lies in our production network’s high level of flexibility.
 
That brings me to my second point:
our global footprint.
 
The BMW Group is a true global player. Very few automotive manufacturers have such a comprehensive presence across all relevant economic regions as we do. Be it in sales, research and development, production or our supplier network. This combination gives us a strategic advantage that sets us apart from the competition in an increasingly fragmented world.
 
We remain committed to expanding our local for local approach. We are constantly improving our access to different market regions and strengthening our resilience, especially along supply chains.
One example of this is our high-voltage battery assembly plants in the three major sales regions: Europe, the Americas and China. In total, five new assembly facilities for the next generation of high-voltage batteries are being built near our production sites worldwide – complete with a local supplier network. In this way, we are already creating the necessary conditions today for successful growth in the future.
 
We are gradually adapting our production network to rising sales of electric vehicles. Late this year, our new plant in Debrecen, Hungary will become our first facility to exclusively produce all-electric vehicles. Our main plant in Munich will follow in 2027.
 
Our production follows the market and our product range aligns with demand. We build roughly the same number of vehicles in our three key market regions of Europe, the US and China as we sell there. This balanced distribution is another key differentiator for the BMW Group.
 
At the same time, Germany and the US serve as key export hubs for us. In 2024, we manufactured over one million vehicles at our plants in Germany. This represents about a quarter of the country’s total car production. 56 percent of these vehicles are then exported outside the European Union.
An impressive proof of the BMW Group's significant contribution to industrial value creation in Germany.
 
In the US, one out of every two vehicles from our Plant in Spartanburg, South Carolina, is exported. Last year, we achieved an export value of over 10 billion US dollars. This once again makes the BMW Group the largest automotive exporter in the United States by value. We benefit from an integrated global economy. That is why we continue to advocate for open markets and free trade.
 
Third point: the performance of our brands.
 
The success of the BMW Group is built on the global appeal and resonance of our four brands. At the same time, we know how to fulfil the specific needs and preferences of our customers in different markets with our products.
 
Last year, our core BMW brand leveraged its strength to the full: In three out of four regions, BMW grew sales and gained market share. This has enabled BMW to maintain its number one position in the global premium segment.
 
BMW performed particularly well in Europe. Italy, Spain, France and the UK led the way, with all reporting double-digit growth rates.
With a six-percent increase, the brand significantly outperformed the overall European market, which only grew by just over one percent.
 
In the US market, we achieved record sales for the second consecutive year. Here, too, the strength of our market-driven approach to drivetrains is delivering results. Thanks to our steadily growing BEV portfolio, we sold more than 50,000 electric vehicles in the US for the first time. With this momentum, we are optimistic about the year ahead, as we celebrate “50 years of BMW North America”.
 
In our markets outside the main sales regions, we also posted growth, in a declining environment overall. In this region, we lead the premium segment in total for the first time ever. The main growth drivers here included the South Korean, Australian and Indian markets.
 
China remains a key market for the BMW Group. In 2024, we sold more than a quarter of all our vehicles there. The market is highly dynamic and characterised by increased competitive pressure. In this environment, BMW maintained nonetheless its position as the number one in its segment with a market share of three per cent. This put us within our target range.
 
In 2024, we delivered over 100,000 BEVs to customers in China for the first time. This makes China our biggest single market for electric vehicles – even though our sales performance there was dampened last year by persistently low consumer sentiment.
 
The high-margin vehicles built by BMW M once again played an important role in our market success in 2024. For the 13th consecutive year, M sales increased. Nearly one in ten BMWs sold carried the letter M. Demand for the sportiest BMW models has continued to grow, especially in China.


2025 is the first year with the complete New MINI Family available. And we will exploit this potential.
 
There are a total of five unique models to choose from – three of them BEVs. The fully-electric MINI models – with the MINI Cooper Electric* leading the way – are being particularly well received. With an increase of 24 percent year-on-year, sales of MINI BEVs also saw highly dynamic growth last year. Nearly one in four MINIs is now powered by an electric heart.
 
In the ultra-luxury segment, Rolls-Royce continues to set the benchmark. At more than 5,700 units, Rolls-Royce sales remain high.
Most notably, the all-electric Spectre exceeded expectations in its first full year of sales. Every third Rolls-Royce sold is now fully-electric.
 
BMW Motorrad also impressed in 2024, achieving a new all-time sales high of over 210,000 units. BMW Motorrad remains the undisputed number one in the global premium motorcycle segment.
 
Ladies and Gentlemen,
 
All of this shows that the BMW Group is well positioned across all brands, drive technologies and segments to continue on its growth path. With our global approach, we have the right answers to challenges worldwide. This has often enabled us to offset fluctuations in demand in individual markets.
 
Now, it is time for Walter Mertl to present the Group Financial Statements for 2024 and look ahead to our goals for 2025.

 
Part II:
 
Ladies and Gentlemen,
 
Growth and innovation – these are two of the main topics we will be focusing on this year. At the same time, we stand on the threshold of a new era.
 
Late this year, we will launch our NEUE KLASSE: a project that is unprecedented in both form and significance in the history of the BMW Group.
 
With the NEUE KLASSE, we will be turning the mobility of the future into reality. Driving dynamics, drivetrain, battery technology, operating concept, digitalisation: We have refined each of these aspects and, in the case of design, even skipped a generation.
 
In this way, we are redefining not only the BMW brand, but also the future of individual mobility.
 
Standing here next to me is the BMW Vision Neue Klasse X: the series version of this vehicle will kick off the NEUE KLASSE. Production will ramp up at our new plant in Debrecen late this year.
After that, the rollout will continue in rapid succession, including a sporty sedan at the core of the BMW brand in 2026.
 
We are deliberately starting out in high-volume segments: We want our innovations to have a broad impact, not just in niche segments.
 
Between now and 2027, we will release more than 40 new or updated BMW models onto the market – from electric to plug-in hybrid to vehicles with combustion engines. Each will have the DNA of the NEUE KLASSE.
 
The NEUE KLASSE is BMW and BMW is the NEUE KLASSE.
 
The NEUE KLASSE is more than just a single vehicle. It marks the beginning of a completely new generation and introduces our technology boosters for the entire brand. Regardless of the drive technology, all future BMW models will benefit from the technologies of the NEUE KLASSE – and, of course, also from the new design language.
 
Allow me to share a few examples of our groundbreaking advances in technology:
 
With the BMW Panoramic iDrive, we are re-imagining our typical BMW driver orientation. The all new BMW Panoramic Vision is the centrepiece. This newly-developed additional Head-Up Display projects content across the full width of the windscreen.
 
Seamless integration of various display and operating elements enables a completely new level of intuitive interaction. From the launch of the very first model of the NEUE KLASSE, all future BMW models will come with BMW Panoramic iDrive.
 
The sixth generation of our BMW eDrive technology will make e-mobility even more appealing to our customers. The new BMW round cells promise 20 percent higher energy density, 30 percent faster charging and at least 30 percent more range. And within just 10 minutes, enough energy for another 300 kilometres can be recharged.
 
For the first time, the Gen6 high-voltage batteries also feature the latest 800-volt technology and enable bi-directional charging. Compared to the current fifth generation, we will reduce the cost of the high voltage battery by 40-50 percent, on a comparable electric range basis.
 
The electronics architecture has also been completely redesigned. Going forward, its four high-performance computers will control key customer functionalities. For example driving dynamics, automated driving and infotainment.
 
These “super-brains” deliver more than 20 times the in-vehicle computing power than current systems. This makes our models future-proof for software and function updates, as well as new AI features.
 
We have also greatly simplified the electrical system, dividing it into four zones, with intelligent control. 600 metres less wiring, a 30 percent reduction in weight and a 20 percent increase in energy efficiency are just some of the improvements we will achieve with this.
 
And, of course, we are also harnessing technical opportunities to take driving dynamics to a whole new level.
 
The BMW Vision Driving Experience showcases the potential of the technologies introduced in the NEUE KLASSE. We are pushing driving dynamics to its physical limits.
 
This highly emotional driving machine will thrill more than just BMW fans.
 
The VDX is the most powerful development prototype BMW has ever built. We are using it to test our “Heart of Joy” – one of the four super-brains in the NEUE KLASSE.
 
We developed the software for the driving dynamics control system entirely in-house. This will be used in all future electric BMW models, setting new standards for dynamic performance and efficiency.
 
It is hard to put into words exactly how it feels behind the wheel. You simply have to experience it.
 
Take a look for yourselves at what our “Heart of Joy” can do, paired with a maximum torque of 18,000 Newton meters.
 
You can't fake that kind of enthusiasm. Our Board of Management already had the chance to drive the series version of the NEUE KLASSE. Let me tell you: We were all equally excited about the driving experience – but not just in terms of pushing the physical limits. Most importantly, we were deeply impressed by the added value our technologies create for our customers in everyday situations.
 
This is truly the next level of Sheer Driving Pleasure.

Ladies and Gentlemen,
 
We first announced the NEUE KLASSE at our Annual Conference back in 2021. Today, just four years later, we are entering the final stretch.
 
Standing next to me is one of the prototype vehicles we have been producing in Debrecen since late last year.
 
What is still hidden under camouflage foil here will be unveiled at the IAA MOBILITY in Munich in early September. There we will present the production model that will be available to our customers.
 
I can already reveal one key detail to you today: this BMW will be released onto the market as the BMW iX3. This is how we continue the success story of the first all-electric BMW X model that has won over BMW fans worldwide since 2020.
 
Testing of the BMW iX3 is in full swing.
 
These impressions show that the next BMW iX3 is a typical X model, and a BMW through and through. As I’m sure you saw at the end of the film: The final phase of development for the sporty sedan, the second NEUE KLASSE vehicle, is also progressing rapidly.
Ladies and Gentlemen,
 
What has always set the BMW Group apart is that we keep our sights set on operational performance in the here and now. At the same time, we lay the foundation for our long-term future success.
 
We will continue to consistently pursue our BMW path – with foresight, customer focus, self-confidence and in the knowledge of our strengths.
 
We are ready. More than ever.
 
Thank you.
 

*Consumption/emissions data:
BMW iX xDrive60: WLTP combined (EnVKV): Energy consumption 21.9 kWh/100km; CO2 emissions 0 g/km; CO2 class A.
MINI Cooper E: WLTP combined Energy consumption: 14,3 kWh/100 km; WLTP CO2- emissions combined: 0 g/km; CO2 class: A
Rolls-Royce Black Badge Spectre: Power consumption: 2,6 – 2,8 mi/kWh / 23.6 – 22.2 kWh/100km (WLTP). Electric range (WLTP): 329* mi / 530* km. CO2 emissions: 0 g/km (NEDC).

Munich. The BMW Group is entering the financial year 2025 with a clear commitment to growth – with a planned slight increase in sales volume, a decrease in investments and robust free cash flow.

“What has always set the BMW Group apart is our ability to maintain our course, even in challenging conditions. We remain clearly focused on two things – our near term performance and our long-term perspective,” said Oliver Zipse, Chairman of the Board of Management of BMW AG, on Friday. “With the NEUE KLASSE, we are implementing the biggest future-focused project in the history of our company, while at the same time achieving a robust free cash flow.”

At the end of this year, the first production model of the NEUE KLASSE, the new BMW iX3, will kick off an unprecedented ramp-up of new models: Across all drivetrain variants and all segments, the BMW Group will release more than 40 new and updated vehicles onto the market by 2027. What these new models have in common is that they will be equipped with future technology clusters, which will be rolled out successively across the entire portfolio with the launch of the NEUE KLASSE.

“We are taking a huge leap forward with our new technology clusters – achieving maximum scalability, increasing the level of innovation and enhancing customer benefits. We do not differentiate between segments or drivetrain technologies – we provide every customer with the latest technology,” said Zipse.

Consistent implementation of strategy

The BMW Group made extensive investments in innovative technologies, its model line-up and manufacturing footprint worldwide in 2024. There will be a decrease in expenditure this year, from the planned peak in R&D spending and capital expenditure last year. On this basis, the company is aiming for a profit before taxes at the previous year’s level – despite increased tariffs.

“Never before in the history of BMW have we invested so extensively in our future. Investment reached its highest level in 2024, as planned. This underlines the durability of our strategy – and how consistently we are implementing it,” said Walter Mertl, member of the Board of Management, Finance.

Technology openness as strategic success factor in global competition

The diversity of its product range remains a key success factor for the BMW Group: The company is well positioned to meet globally diverse requirements and customer needs – both today and in the future – with a broad drivetrain portfolio spanning internal combustion engines, plug-in hybrids, battery-electric drive trains and, starting in 2028, also fuel-cell electric vehicles powered by hydrogen.

Highly efficient internal combustion engines, which remain in high demand worldwide, will continue to play a key role. Last year alone, the company released more than 15 new or updated models with internal combustion engines onto the roads. All engines have been approved for higher percentages of renewable fuels for years. Fuels with lower CO₂ content are the most effective way to reduce the carbon footprint of the existing fleet of over 250 million vehicles in Europe alone, making a valuable contribution to the transport sector’s efforts in the fight against climate change.

Battery-electric vehicles (BEVs) remain the BMW Group’s main growth driver. The company’s broad all-electric offer comprises more than 15 models across all brands. This means the BMW Group has a fully-electric offer in all its main segments. In 2024, the BMW Group significantly increased its total BEV sales worldwide to 426,536 units (+13.5%), representing a sales share of more than 17%. At MINI, about one in four vehicles is fully-electric; at Rolls-Royce, it is already one in three.

Plug-in hybrids (PHEVs) also remain an essential element of the BMW Group’s technology-open approach and electrification of its model range: State-of-the-art BMW PHEV models enable an all-electric range of over 100 kilometres, thus making it relevant for a large proportion of typical driving situations and also making a substantial contribution to CO₂ reduction. In total, the BMW Groupdelivered nearly 600,000 electrified vehicles including plug-in hybrids (PHEVs and BEVs) to customers in 2024. This means almost one in four vehicles sold was electrified.

Electrified deliveries reach new all-time high – important milestones in 2025

The company will reach two major milestones in 2025: first, three million electrified vehicles on the roads since the launch of the BMW i3 and BMW i8 and, second, 1.5 million fully-electric vehicles delivered to customers.

The decrease in the CO₂ emissions of the new vehicle fleet also underlines the effectiveness of technology openness: Based on preliminary figures, the BMW Group was able to reduce its EU fleet emissions to below 100 grams of CO₂ per kilometre (WLTP) for the first time in 2024.

First hydrogen production vehicle to be released in 2028

In 2028, the BMW Group will become the first premium manufacturer worldwide to release a series production fuel-cell vehicle, offering its customers another emission-free drivetrain option. To this end, the BMW Group is deepening its cooperation with Toyota Motor Corporation: Both partners will jointly develop the drive system for passenger cars, which will then be used in a brand-specific way in the two manufacturers’ respective models. The planned BMW vehicle will fit seamlessly into the brand’s portfolio, where it will be available alongside other drive train options.

NEUE KLASSE is laying the foundation – BMW iX3 will be first production vehicle

Series production of the NEUE KLASSE will get underway in late 2025. The first production vehicle of this new generation of BMW models will have the model name BMW iX3. Series production of this SAV model, which was foreshadowed by the BMW Vision Neue Klasse X last year, will begin late this year at Plant Debrecen – the first plant in the BMW Group production network to exclusively build fully-electric vehicles. Since late 2024, the plant has been producing pre-series vehicles for testing.

The BMW iX3 kicks off an unprecedented model ramp-up up to 2027: The launches of more than 40 models of all drivetrain variants will follow in quick succession; including a sporty sedan that is core to the BMW brand, which will be launched in 2026.

With the series launch of the BMW iX3, the new technology clusters will also be integrated throughout the entire BMW product line-up based on the established modularity principle. With this development, the BMW Group has achieved a high level of innovation: Numerous patents were successfully registered – for example, for electric motor components, display projection technologies and driving dynamics control functions. This means that all future BMW models will benefit from the innovations of the NEUE KLASSE - as well as from the new design language.

Digital nervous system for “Software-Defined Vehicle”

For the next stage in its customer and driving experience, the BMW Group has completely redesigned the components, functionality and connectivity its “Software-Defined Vehicle”. The result is an entirely restructured digital nervous system – consisting of a new electrical system with zonal architecture, a refined software architecture and four “super-brains”. These high-performance computers cluster the computing power for key customer functionality around infotainment, automated driving, driving dynamics and basic functions, such as vehicle access, air conditioning and comfort. In this way, the BMW Group is centralising and significantly reducing the number of electronic control units, while simultaneously providing well over 20 times more in-car computing power in the vehicle. This already ensures that the electronic control units will also be capable of accommodating future software and function updates, including AI features.

The zonal architecture comprising four zones, will substantially increase the vehicle's efficiency: On the one hand, this radically simplifies the electrical system – 600 metres less wiring also reduces weight by 30%. On the other hand, the use of “smart eFuses” allows unnecessary energy consumption to be deactivated in certain situations, such as when the vehicle is parked or charging. Developers are working on well over 1,000 software modules with more than 500 million lines of code to further enhance the software architecture of the new digital “nervous system”.

Overall, the redesign of the electronics architecture enables a quantum leap in performance, integration capability and efficiency. New innovations can be relayed much faster to the vehicle through over-the-air upgrades, ensuring the car remains up-to-date – even when the next vehicle generation is already on the market. Over the course of the year, the BMW Group targets to increase the number of “over the air update” capable vehicles on the roads to over ten million.

Next-level driving experience

Ten times faster than previous systems, developed entirely in-house and delivering maximum integration – with the “Heart of Joy” and new “BMW Dynamic Performance Control”, the BMW Group is set to achieve a quantum leap in driving experience: For the first time, the new highly integrated control unit – that will be used in every fully-electric BMW in the future – combines drivetrain and driving dynamics functions. Integrated control of the drive train, braking and recuperation takes efficiency to the next level: In 98% of driving situations, the conventional brake does not need to intervene – the recuperation braking power is sufficient. As a result, the “Heart of Joy” increases overall efficiency by up to 25%.

The performance capabilities and potential of the “Heart of Joy” are showcased in the BMW Vision Driving Experience. In this new high-performance test vehicle, the functionality of the electronic control unit is tested under extreme conditions: The Vision Vehicle develops a torque of up to 18,000 Nm. The logic behind this: If the system can handle such a powerful high-performance vehicle, it will also be capable of managing the requirements of future production models. The BMW Vision Driving Experience will showcase the capabilities of the “Heart of Joy” in April at the Auto Shanghai 2025.

Focus on driver orientation: The new BMW Panoramic iDrive

More than 20 years ago, the BMW Group set the benchmark for driver orientation and intuitive operability with its iDrive system. Starting in the new BMW iX3, the company is taking the next step by launching a completely new display and a new highly intelligent operating system. The clear objective is to reinterpret the brand’s hallmark “hands on the wheel, eyes on the road” approach and develop it into the future.

With “BMW Panoramic iDrive”, the central interface for driver-vehicle interaction is being totally redesigned. At the heart of this new system is BMW Panoramic Vision – a completely newly-developed concept that projects content across the full width of the windscreen. It is rounded off by three other new components: the BMW 3D head-up display, the central display and the multifunction steering wheel. The entire system is operated either by touch or voice control via BMW Intelligent Personal Assistant, which is taken to a new level through a Large Language Model (LLM).

The intelligent backbone of the new Panoramic iDrive is formed by the new BMW Operating System X, which was developed entirely in-house and is based on an Android Open Source Project (AOSP) software stack, delivering significant update and upgrade capabilities. The new operating system enables optimal coordination and distribution of content in the vehicle across Panoramic iDrive’s four elements. At the same time, it offers customers maximum personalisation and customisation, tailored to their individual preferences and needs.

Sixth-generation BMW eDrive technology

The BMW Group is launching the sixth generation of its eDrive technology in the electric models of the NEUE KLASSE. The system comprises three significantly enhanced components: the high-voltage battery, the electric motor and the “BMW Energy Master”: The latter operates as the control unit for the entire electric drive system, has been developed completely in-house and will be manufactured in the BMW Group Plant in Landshut.

In the future, the BMW Group will use round cells and an 800-volt system for its high-voltage battery. This combination heralds a major breakthrough at both cell and vehicle levels: 20% higher energy density, 30% faster charging and at least  30% more range. The round cells are integrated and wired directly into the battery housing. With this new concept, the BMW Group is aiming to reduce costs for the high voltage battery by 40 to 50 percent.**

For its e-drive, the BMW Group relies on a highly flexible and scalable modular system. The basis for this is provided by DC-excited Synchronous Motors (SSMs) that are developed and produced in-house. Vehicles with xDrive come with the option of Asynchronous Motors (ASMs) installed on the front axle, reducing energy loss by 40% and weight by 10%. In the future, customers will be able to choose between models with one, two, three or four electric motors.

Strong brands, diversified product portfolio

The foundation of the BMW Group’s success lies in its fresh and attractive product line-up across all segments. In 2024, with the new BMW X3, the BMW brand unveiled the fourth generation of one of its best-selling models. Within the past two years, the BMW Group has thoroughly updated its product range in two high-volume segments: In the entry-level segment, the new generations of the BMW 1 Series and BMW 2 Series Gran Coupé were released onto the market. In BMW’s core segment, both the BMW 3 Series and BMW 4 Series were further developed. Following the update to the BMW iX*, this model now provides a fully-electric range of over 700 kilometres in the WLTP cycle.

In 2024, M GmbH posted record sales for the 13th consecutive year, building on its broad and diverse model line-up, including the BMW M3 CS Touring*, BMW M5 Sedan* and BMW M5 Touring*, among others. One in ten BMW brand vehicles features M technology.

With the launch of the new MINI Convertible*, the New MINI Family is now complete, comprising five models in total.

Rolls-Royce recently introduced its second fully-electric vehicle, Black Badge Spectre*. The company is also investing 300 million pounds in its Goodwood production site to further expand its Bespoke and Coachbuild offerings.

BMW Motorrad reported its highest-ever sales last year. This success can be attributed to its highly sought-after GS models, the new heritage models of the R12 series and the high-performance long-distance sports models from the four-cylinder series, among others.

As planned, future investments reach new all-time high in 2024

Systematically and with strong momentum, the BMW Group is working on extensive future model updates and technology innovations including electrification and digitalisation across all model series. To this end, the company invested more than € 18 billion in R&D and capital expenditure linked to new products and facilities in the 2024 financial year. The company will further strengthen its global production network with the construction of the new plant in Debrecen (Hungary) – where series production of the new BMW iX3 will begin at the end of this year – along with the development of five high voltage battery assembly facilities and the extensive refurbishment of the Munich plant.

BMW Group meets adjusted business targets for 2024, as forecast

As projected, the company achieved its adjusted business targets for 2024, which were set in September. The guidance adjustment was triggered by the financial effects of delivery stops and recalls in connection with the supplied Integrated Brake System (IBS) component and continuing subdued demand in the Chinese market. Outside of China, the BMW Group benefited from growing customer demand for its attractive premium vehicles: Excluding China, the BMW brand achieved growth of 4.1% for the full year and was able to expand its position as number one in the segment worldwide. The BMW Group reported revenues for the full year of € 142,380 million (2023: € 155,498 million; -8.4%).

Investment in the future reach a new high with NEUE KLASSE

Expenditure for research and development increased significantly, as planned, to € 9,078 million (2023: € 7,755 million/+17.1%). The R&D ratio for the full year was 6.4% (2023: 5.0%). As planned, the BMW Group’s capital expenditure for the full year climbed to € 9,056 million (2023: € 8,836 million/+2.5%). The capex ratio for the 12-month period rose to 6.4% (2023: 5.7%). The company expects its investments in future projects to decrease, starting in 2025. 

Group earnings (EBT) in line with adjusted guidance

In 2024, the BMW Group reported Group earnings before tax (EBT) of €10,971 million (2023: € 17,096 million/-35.8%). The Group EBT margin came in at 7.7% (2023: 11.0%). In the fourth quarter of 2024, the BMW Group earned a margin of 5.8% (Q4/ 2023: 8.6%). Group net profit amounted to € 7,678 million (2023: € 12,165 million/-36.9%).

Automotive Segment EBIT margin at 6.3%

Automotive Segment earnings before financial result (EBIT) totalled € 7,893 million in 2024 (2023: € 12,981 million/ -39.2%). In the second half of 2024, in particular, the operating result was impacted by the market situation in China and delivery stops linked to Integrated Braking System (IBS). The EBIT margin came in at 6.3% (2023: 9.8%), which was within the adjusted target range of 6-7%. Excluding depreciation and amortisation for BBA assets from the purchase price allocation, the EBIT margin was 7.4%. In the fourth quarter of 2024, the segment earned a margin of 5.5% – excluding the BBA depreciation, EBT totalled approx. € 2.2 billion in the final quarter of the year, with an EBT margin of 6.5%.

The Automotive Segment’s free cash flow for the full year totalled € 4,852 million (2023: € 6,942 million) – despite realized future investments of € 18.2 bn. Largely due to a planned significant reduction in inventories, the BMW Group achieved a free cash flow of € 5,043 million in the fourth quarter (2023: € 1,183 million/+326%). In 2025, the segment’s free cash flow is expected to benefit from lower capital expenditure and land above €5 billion.

In the Financial Services Segment, the BMW Group reported solid growth in the number of new contracts with retail customers for new and used vehicles in 2024, with a significantly higher financing volume per contract. The penetration rate new BMW Group vehicles leased or financed by the Financial Services Segment climbed to 42.6%duringthe reporting year (2023: 38.2%/ +4.4 percentage points).

Earnings before tax (EBT) for the full year 2024 amounted to € 2,538 million (2023: € 2,962 million/-14.3%). Earnings development reflected the expected lowerincome from the resale of end-of-lease vehicles year-on-year, which nevertheless remains positive on average per vehicle. Additionally, earnings were impacted by higher provisions for credit and residual value risks, and additional allocations to provisions.

Higher payout ratio – dividend of € 4.30 proposed

Accounting for the payout ratio target range of 30 40% of net profit attributable to the shareholders of BMW AG and subject to the approval of the Annual General Meeting on 14 May 2025, thecompany’s unappropriated profit (according to the German Commercial Code) of € 2,677 million (2023: € 3,802 million/-29.6%) will be distributed to shareholders from BMW AG’s net profit. This represents the highest ever payout ratio of 36.7% (2023: 33.7%). Accordingly, the Board of Management and Supervisory Board will propose a dividend of € 4.30 per share of common stock (2023: € 6.00) and € 4.32  per share of preferred stock (2023: € 6.02). This makes the dividend for fiscal year 2024 the fourth highest in the company’s history.

In addition, share buybacks remain a solid pillar of the shareholder return strategy. Since authorization by the 2022 Annual General Meeting, the BMW Group has acquired a total of 6.35% of the share capital as of December 31, 2024. By April 2025, the company will have purchased a total of 4 billion euros in shares. At the Annual General Meeting on May 14, BMW AG will request a further authorization to buy back additional shares amounting to 10 percent of the existing share capital within the next five years.

“The BMW Group has consistently implemented its shareholder return strategy, even in the challenging financial year 2024. The highest payout ratio ever agreed in the history of BMW AG results in a dividend of €4.30 . In addition to our reliable annual dividends, our shareholders benefit from our share buyback programmes. Of course, our employees also benefit from the company’s success: They participate in it through our profit-sharing scheme and discounted share purchase options,” said CFO Mertl.

Number of employees higher year-on-year

The BMW Group employed 159,104 employees at the end of 2024 (2023: 154,950/ +2.7%). This slight increase in employee numbers was, as planned, due to the ramp-up of the NEUE KLASSE, primarily in development, IT and the BMW Group’s global production network.

Detailed guidance for financial year 2025

The BMW Group anticipates the following developments during financial year 2025: Inflation continues to stabilize and further moderate interest rate cuts in many countries suggest that demand will rise slightly in 2025. With the full availability of new models — the BMW 5 Series, the BMW X3 and the renewed MINI model range, as well as the new BMW 2 Series Gran Coupé — the company expects slight growth in sales overall. The share of all-electric vehicles in deliveries will increase slightly compared to 2024. 

The electrification and digitization strategy will continue in 2025; however, costs and investments are expected to decline after the 2024 peak. At the same time, the continued challenging situation in China, tariff increases and ongoing support measures for the supply chain are expected to provide headwinds.

This guidance takes into account the effects of the tariff increases that came into force up to March 12. In view of the aforementioned aspects, Group earnings before taxes will beexpected on previous year’s level***. An EBIT margin in the range of 5.0 to 7.0% is expectedin the Automotive segment. The Automotive Segment RoCE should be within a range of 9 to 13%.

RoE in the Financial Services segment is forecast to be in the range of 13 to 16%.

In the Motorcycles Segment, a slight increase in sales and an EBIT margin within the target range of 5.5 to 7.5%are forecast, with an RoCE of 13 to 17%.

The above targets will be achieved with the current number of employees.

The actual business performance of BMW Group may deviate from current expectations, i.e. due to changes in political and macroeconomic conditions. Among other things, the currently anticipated intensification of global trade conflicts, in the form of further tariff increases, could have a negative impact.

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You will receive further information on the Group Financial Statements 2024 and the outlook for the current financial year at the BMW Group Annual Conference on 14 March 2025. You can follow the virtual event live on the internet from 8:00 a.m. (CET) at: https://www.live.bmwgroup.com/de/live-streaming/, with the livestream of the journalist Q+A at the Annual Conference from 9:00 to 9:45 a.m.

This will be followed from 11:00 a.m. to 12:00 p.m. by the livestream of the Investor Relations Q+A with analysts at https://www.bmwgroup.com/en/investor-relations/annual-conferences.html

The BMW Group Report 2024 will be published on 14 March 2025 at 7:30 a.m. (CET) at https://www.bmwgroup.com/de/investor-relations/unternehmensberichte.html.