Tesla, once the leader in the electric vehicle (EV) industry, is now struggling with falling sales. The situation has led to competitors like BMW to grow their share in the EV market. With a strong lineup of battery-electric vehicles (BEVs), new technology, and a strategy that includes different types of vehicles, BMW is positioning itself as a major player in the EV industry.
Despite economic challenges, BMW’s EV sales are rising. In 2024, the company increased its BEV sales by 13%, with these cars making up 17% of total sales. Meanwhile, its MINI BEVs saw a 24% increase in sales compared to the previous year. This steady growth shows that customers are interested in BMW’s electric offerings.
At the same time, Tesla has seen a drop in sales. Some of the reasons include market saturation, stronger competition, and pricing challenges. BMW hopes to take advantage of this shift by offering high-quality EVs that appeal to former Tesla customers and new buyers alike.
Unlike Tesla, which focuses only on electric cars, BMW offers a mix of gas-powered, hybrid, and fuel-cell vehicles alongside its BEVs. This strategy allows BMW to attract a wider range of customers while increasing its presence in the EV market.
To strengthen its position, BMW is expanding its EV lineup, with over 15 BEV models planned. A key development is the BMW iX3, which will begin production in Hungary by the end of the year. This will be BMW’s first factory dedicated to BEVs, showing its long-term commitment to electrification.
BMW is also improving its battery technology to make its EVs more powerful and cost-effective. The company is working on an 800-volt battery system, which will increase energy storage by 20%, speed up charging by 30%, and extend driving range by another 30%. Additionally, BMW plans to cut battery costs by 40–50%, making EVs more affordable for consumers.
BMW is also making its cars lighter and more energy-efficient. A new design will reduce wiring by 600 meters, making vehicles 30% lighter. Other innovations, such as smart energy-saving systems and regenerative braking, could improve efficiency by up to 25%.
While most automakers focus only on battery-powered EVs, BMW is exploring hydrogen fuel cell technology. The company, in partnership with Toyota, is developing a hydrogen-powered car set for release in 2028. BMW believes hydrogen could be useful for long-range travel and commercial vehicles, though many experts remain skeptical.
As Tesla faces difficulties, competitors like BMW and Toyota are moving fast to expand their EV offerings. Toyota has launched new BEVs in Europe and even introduced a solar-powered mini-EV for younger drivers.
Other EV makers like Lucid Motors (NASDAQ: LCID) will also seek a share of the electric vehicle market that was for many years dominated by Tesla. BMW should therefore expect to be given a run for its money in its bid to peg back the dominance of Tesla.
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