DAX-40-listed German luxury car maker Bayerische Motoren Werke AG (DE:BMW) achieved record-breaking all-electric car sales in Q3 2023. The company posted an almost 80% jump in its sales of battery electric vehicles (BEVs) to 93,931 units in its third quarter, as compared to the same period a year ago. The company also experienced 100% growth in the deliveries of fully electric vehicles. The solid growth reflects the growing demand for the company’s electric vehicles and a shift in customer preferences.
The BMW share price experienced a surge of over 3% yesterday following the update. Sustaining its upward momentum, the stock today witnessed a further gain of 3.39%.
BMW is a leading global car manufacturer acclaimed for its luxury vehicles. The company boasts a diverse portfolio that includes well-known brands such as BMW, MINI, Rolls-Royce, and BMW Motorrad.
2023 Outlook: Positioned for Robust Growth Ahead
The company disclosed a 5.8% rise in overall group sales for the quarter, delivering a total of 621,699 units across BMW, MINI, and Rolls-Royce vehicles. Over the first nine months, total sales registered a 5.1% increase.
In terms of outlook, the firm anticipates substantial growth in deliveries for Fiscal Year 2023, a shift from the previous expectation of slight growth. This growth is propelled by models in the premium segment, with a significant boost from the contribution of fully electric vehicles. BEVs are projected to constitute 15% of total vehicle sales in 2023.
Is BMW a Good Share to Buy?
According to TipRanks’ consensus, BMW stock has received a Hold rating based on recommendations from 14 analysts. The BMW share price forecast is €107.18, which is 9% higher than the current price level.
