CEO of BMW USA Foresees Less Sales in Electric Vehicle Sales, Plans to Produce 6 Electric Vehicle Models at Spartanburg Plant.

CEO of BMW USA Foresee Less Sales in Electric Vehicle Sales, Plans to Produce 6 Electric Vehicle Models at Spartanburg Plant.

The electric vehicle market is undergoing significant changes, and Sebastian Mackensen, CEO and President of BMW of North America, recently provided insights into the company’s perspective on the industry’s trajectory.

Speaking to Bloomberg, Mackensen acknowledged the undeniable growth in the EV market, stating, “Is there a growing market for electric vehicles? 100% yes.” However, he tempered expectations by suggesting that the growth might not be at the same level as some experts estimated a year or six months ago.

Despite this nuanced outlook, Mackensen emphasized BMW’s commitment to the electric future. The company plans to manufacture six fully electric vehicle models at its Spartanburg, South Carolina plant by 2030. While he didn’t specify the exact models, expectations include the BMW iX5, iX6, and iX7, with the remaining three being variants or entirely new models.

In October 2022, the BMW Group announced a $1.7 billion investment for building EVs and batteries in the United States, with $700 million allocated for a new high-voltage battery assembly plant in Woodruff, South Carolina.

Addressing the pricing challenges in the EV market, Mackensen highlighted BMW’s strategy of offering lease credits to retail customers. Through leveraging federal subsidies with this incentive program, BMW aims to make its electric lineup more accessible. Mackensen noted that consumers may not be willing to pay a significant premium for a different propulsion technology.

Beyond technical considerations, BMW closely observes market dynamics in the EV space. Recognizing Tesla’s position as the market leader for fully electric vehicles, BMW views the American automaker as a reliable benchmark for gauging interest in EVs.

Currently, inventory levels have almost returned to pre-COVID levels, and overall vehicle demand has slowed down. BMW’s EVs, particularly the iX, have received significant incentives, with credits as high as $9500, and dealers offering discounts of more than 10 percent on average.

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