BMW is pumping more cash into EVs ‘than originally planned’

As far as sales go, BMW still lags well behind Tesla on the electric-vehicles front, but the German automaker is arguably making strides.

BMW told investors Thursday that EVs made up 12.6% of the firm’s total deliveries during the first half of 2023, up from 10% for the entirety of 2022. BMW aims for its share of battery-electric sales to hit 15% by the end of 2023.

As demand for battery-powered cars climbs, BMW’s chief financial officer said the firm is now “investing more than originally planned in the global ramp-up of e-mobility,” according to Bloomberg. BMW’s second-quarter 2023 earnings reflect this shift; the automaker said it boosted its research and development spending by nearly 19% from Q2 2022, up to about $2 billion in Q2 2023.

BMW still won’t say when it’ll stop selling gas guzzlers. CEO Oliver Zipse declined to set an end date during the firm’s earnings call, arguing that there’s “no indication that the world is renouncing combustion engine vehicles.”

This attitude contrasts automakers such as Mercedes-Benz, Ford and GM — all companies that have shared plans to phase out combustion-engine sales by 2040.