CY23 was a strong year for BMW Group India – the local arm of the German automaker – which clocked 14,172 units of car sales in India last year, registering a strong 18 percent year-on-year (YoY) growth.
The company says the calendar was a trailblazing year for all its three brands – BMW, Mini, and BMW Motorrad – each recording their highest-ever sales in the Group’s history in the country.
While car sales under the BMW badge in CY23 were pegged at 13,303 units with an 18 percent YoY growth, Mini models went home to 869 buyers, registering a 20 percent growth. BMW Motorrad, which sells two-wheelers of the likes of the BMW GSA, registered 8,768 units and a 20 percent YoY growth rate.
“CY23 was a trailblazing year for us, with all three brands – BMW, BMW Motorrad, and Mini – delivering the highest sales in their history in India. BMW Group India grew in business performance, product portfolio, especially on the EV front, and also grew in terms of profits,” Vikram Pawah, President, BMW Group India, told journalists in New Delhi.
The company added that Q4 CY23 (October-December 2023) was the best-ever quarter for all three brands, with BMW particularly clocking sales of 4,306 units (+41%), Mini clocking 287 cars (+54%), and BMW Motorrad selling 1,990 units (+3%), respectively. December 2023 was also the best-ever sales month for BMW and Mini.
While SUVs dominated BMW’s CY23 sales with a 54 percent contribution to overall volumes, sedans were not far behind at 46 percent. The BMW 3 Series emerged as the highest-selling model in CY23, contributing 20 percent to the company’s overall sales and going home to 2,702 buyers. At No. 2, the X1 crossover clocked 2,633 units, and also contributed 20 percent to the company’s total CY23 volumes. The flagship X7 SUV registered 1,513 units to become the third highest-selling model for the company, with an 11 percent sales contribution in CY23.
With a five-model EV portfolio, the company sold 1,474 EVs, registering a substantial YoY growth of 325 percent. “We have been No. 1 in the EV segment for the second consecutive year in a row with over 50 percent market share in the luxury segment as per the Vahan data. We continue to offer the most diverse EV portfolio in India,” Pawah said.
While BMW Group India’s EV penetration stands at 10 percent by end-CY23, the company aims for 25 percent penetration by CY25. “We plan to introduce two more EVs in CY24,” Pawah highlighted.
The five-model EV portfolio includes the 3-door Mini hatchback, BMW iX1, i4, iX, and i7, with the iX being the top-selling luxury EV in India with sales of 639 units in CY23. The all-electric Mini 3-door Cooper SE hatchback went home to 239 buyers last year.
Bullish on growth fundamentals in CY24
The company is bullish about maintaining its strong growth in CY24 with a target to grow the premium car market in India. “Our aim is to grow the premium car market as well as grow our market share, by virtue of SAVs, sedans, performance cars, and EVs. Our strategic approach will continue in CY24 to change the game and aim profitable growth and continue the growth trifecta delivered over the last three years. We will continue to invest in the growth of the brand in India in CY24,” Pawah said.
“The economic outlook and the robustness of the consumer sentiment is confidence inspiring for us to continue delivering our robust growth performance in CY24 as well,” he added.
However, Pawah cautioned that certain delays regarding the Red Sea challenge are being observed and they might cause some shipment delays particularly in Q1 CY24. “Having said that, we are becoming quite agile and are getting to better manage the external challenges,” he pointed out.
While it has around 1500 pending orders at end-CY23 for BMW and Mini models, BMW Motorrad orderbank stands at a similar number as well. The company sees a 2-3 month waiting period for the all-electric i7 sedan, while informed that the iX has been sold out. It aims to fulfill all committed deliveries of the i4 by March 2024.