BMW Shares Rise After Increase in Electric Vehicle Sales

Bayerische Motoren Werke AG (ETR:BMWG) shares rose more than 2% on Friday after the German luxury carmaker reported a surge in demand for electric vehicles in the first half of the year despite a decline in group-wide sales.

BMW Shares Rise. The Munich-based company said sales of its all-electric models rose 110.3% to 75,891 in the period. "This growth underlines the company's focus on boosting electromobility and confirms that its pure electric models are in high demand among customers worldwide," BMW said in a statement. It added. BMW, whose brands include MINI and Rolls-Royce Motor Cars, is on track to meet its goal of doubling sales of its all-electric cars this year, it added. Across the entire group, however, BMW posted a year-on-year decline of nearly 20% in total sales in the second quarter to 565,536 vehicles. For the full first half, sales were down 13.3% to just over 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.