By Scott Kanowsky
Investing.com — Bayerische Motoren Werke AG (ETR:BMWG) shares rose by more than 2% on Friday after the German luxury carmaker reported a surge in electric vehicle demand in the first half of the year despite a slump in group-wide sales.
The Munich-based company said sales of its all-electric models totaled 75,891 during the period, a jump of 110.3%.
“This growth underlines the company’s focus on ramping up electromobility and confirms the high desirability of its pure electric models among customers worldwide,” BMW said in a statement.
BMW – whose brands include MINI and Rolls-Royce Motor Cars – added that it remains on track to meet its target of doubling sales of its fully-electric cars this year.
However, across the entire group, BMW posted a nearly 20% year-on-year decline in total sales in the second quarter to 565,536 cars. Over the entire first half, sales slipped by 13.3% to a little more than 1.16 million units.
BMW board member Pieter Nota also warned that the market environment remains “challenging” due to semiconductor supply shortages, COVID lockdowns in China, and the war in Ukraine.