BMW car sales slipped last year as a costly recall compounded a slump in demand in China that has hit Germany’s automakers hard.
Sales of the group’s cars, which also include the Mini and Rolls-Royce brands, dropped 4 per cent to 2.45 million vehicles in 2024, the company said on Monday (January 13, 2025).
BMW walked back its outlook in September after a faulty braking system forced it to recall as many as 1.5 million vehicles, which took a particular toll on deliveries in China.
BMW shares – which had dipped 1.4 per cent before the sales figures were released – recovered slightly, but were still down 1 per cent in Frankfurt, Germany.
German carmakers have been left behind in China, the world’s biggest auto market, as consumers increasingly opt for local brands such as BYD.
They are also grappling with weak demand for electric vehicles in Europe after several countries slashed subsidies.
The challenges triggered a wave of profit warnings last year, including from Mercedes-Benz Group, Audi’s parent Volkswagen and BMW.
Earlier last week, Audi said deliveries for 2024 slipped 12 per cent to 1.67 million vehicles, as it too struggled with intensifying competition in Europe and China and weak EV demand.
Porsche, another Volkswagen-controlled brand, said last Monday that China deliveries slumped 28 per cent last year, though total sales improved in the fourth quarter.
Read the full article here
