Despite lingering supply chain bottlenecks disrupting the global auto industry, the BMW Group achieved record revenue in Q3 as sales and demand for its electric vehicles continue propelling the German luxury automaker forward.
BMW sees rising demand for electric vehicles
“Compelling products are the best answer to a challenging environment,” Oliver Zipse states as the automating group moves into the future of the auto industry.
BMW delivered 128,195 electric vehicles, more than double (+114.8%) from the same period last year. The automaker says it saw rising demand and growing orders for its BMW I3, IX, I4, and Mini Cooper SE.
The BMW I3, its 100% electric 3-seres sedan, recently launched in China, where EV sales continue gaining momentum despite expanding competition.
BMW reached a record revenue of € 37,176 billion (about $36.3 billion) in Q3, with higher car prices fueling growth.
To build on its success, BMW is launching its first electric seven series, the BMW I7, in November, and the I5 will follow in 2023. In addition, the BMW Group unveiled the fully electric Rolls Royce Spectre in October, also set to release next year.
BMW iX Source: BMW
Despite the success in Q3, BMW remains cautious, confirming its guidance for full-year 2022 results. The automaker expects sales of its electric models to continue building momentum, doubling again this year.
As the luxury automaker continues progressing toward its 50% EV sales share goal, BMW says it will spend heavily on R&D costs. Research and development costs rose 12% as BMW invests in new electric models, particularly its NEUE KLASSE dedicated EV platform set to arrive in 2025.
To bolster its electric vehicle presence in the US, BMW is investing $1.7 billion to expand EV and battery manufacturing operations.
Electrek’s Take
With several highly anticipated electric vehicle releases coming in the next several months, BMW expects its EV sales to continue accelerating.
With the US and Europe recently announcing intentions to phase out sales of combustion vehicles, BMW is wise to introduce an electric model in every category. BMW expects its electric vehicle sales to double again this year, but 2023 is slated to be another strong year with new luxury models such as the Rolls Royce Spectre and BMW I7 arriving.
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David Bailey, CEO of media group BTC Inc., and a key crypto advisor to President Donald Trump, has raised $300 million to launch a publicly traded bitcoin investment company, CNBC has confirmed.
The deal, which has been in the works since January, consists of $200 million in equity funding and $100 million in convertible debt, according to a person familiar with the matter who asked not to be named because the fundraise hasn’t been announced. The Information was first to cover the story.
Bailey’s company is named Nakamoto, a tribute to the pseudonymous bitcoin creator Satoshi Nakamoto. It will focus on acquiring and holding bitcoin and is set to merge with an existing Nasdaq-listed company in a transaction that’s expected to be announced early next week, the person said. The company’s public listing is expected this summer.
Read more about tech and crypto from CNBC Pro
Nakamoto plans to buy companies around the world, including in Brazil, Thailand and South Africa, and invest its bitcoin into them, the source said. The venture is backed by a roster of well-known investors, with an advisory board that includes prominent figures, the person said.
Bitcoin investment firms raise large sums of money, often through a mix of equity and debt, to buy and hold bitcoin. Their stock becomes another way for investors to bet on the price of bitcoin.
Michael Saylor, founder of Strategy (formerly MicroStrategy), popularized the model, converting its cash reserves into bitcoin beginning in 2020. The move transformed the software company into a de facto bitcoin holding company, with the value of its stock soaring as bitcoin rallied. It’s now one of the world’s largest owners of bitcoin.
Jack Mallers, who rose to fame by launching the Strike payments app, has secured billions of dollars for his bitcoin-holding venture Twenty One, which is backed by SoftBank and Tether.
“What we really pride ourselves on is being blue-chip credibility with startup upside,” Mallers told CNBC’s Crypto World this week. “We feel like we’re big enough to win entering the market with billions of dollars of capital upon launch, but we’re small enough to grow and we’re small enough to post bitcoin-denominated returns in what’s becoming a really competitive capital markets appetite for bitcoin exposure.”
SSA Marine just pulled off a major clean energy win at the Port of Los Angeles. The global terminal operator has officially transitioned its entire fleet of forklifts at Berth 55 from propane to electric, making it the company’s first terminal to run 100% zero-emissions cargo handling equipment.
Berth 55 handles imported fruit from South America, and SSA Marine has operated there since the 1980s. Now, its 44 Hyster forklifts – 12 heavy-duty 10,000 lb. models and 32 3,000 lb. models – at the Port of LA are all electric. SSA Marine says the shift will cut propane use by around 44,000 gallons yearly and slash tailpipe carbon emissions by around 264 metric tons annually.
SSA Marine’s VP of sustainability, Meghan Weinman, said, “We are proud to partner with the Port of Los Angeles on this ambitious project, and we’re confident that Berth 55 will serve as a blueprint for future initiatives.”
The upgrade was a three-year effort between SSA Marine, the Port of LA, and several partners.
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Michael DiBernardo, deputy executive director at the port, said the achievement moves them closer to a big climate goal: making all yard equipment at the Port of LA emissions-free by 2030. “As a result of this initiative, SSA Marine has completed that goal five years ahead of schedule, which we appreciate.”
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And so it begins. Ford is raising prices on several vehicles built in Mexico, including the Mustang Mach-E. Like most of the auto industry, Ford is bracing for the impacts of Trump’s tariffs.
Ford raises prices on vehicles built in Mexico over tariffs
Just days after the company said it expected Trump’s new auto tariffs would cost $2.5 billion this year, Ford is raising vehicle prices on Mexico-built models.
A spokesperson confirmed to Electrek that Ford is increasing prices on the Mustang Mach-E, Maverick pickup, and Bronco Sport, all made at its plant in Mexico. The spokesperson said the move comes as part of its “usual mid-year pricing actions combined with some tariffs we are facing.”
The price increases do not impact Ford vehicles at dealerships or on the way. They will go into effect on imported cars after May 2 or later. These vehicles will arrive at dealerships in late June.
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Despite this, Ford is still offering employee pricing on all of these models through July 4 as part of its “From America, For America” campaign, which is available on most 2024 and 2025 models.
2025 Ford Mustang Mach-E (Source: Ford)
Even with the upcoming price hikes, Ford said it has “not passed the full cost of tariffs on to our customers.” Although Ford didn’t share full pricing, the spokesperson said the Bronco Sport Heritage saw a $600 increase while the Maverick XLT AWD’s price increased by $700.
Like crosstown rival GM, Ford withdrew its financial guidance due to the uncertainty surrounding tariffs. GM estimates that the impact of Trump’s tariffs will cost even more this year, at around $4 billion to $5 billion.
2025 Ford F-150 Lightning (Source: Ford)
Since Ford has the highest percentage of vehicles built in the US of any major automaker, outside of Tesla, it isn’t expected to take as big of a hit.
Ford imports around 21% of the vehicles it sells in the US. GM, on the other hand, imports about 46% of the cars it sells in the US.
Ford Mustang Mach-E (left) and F-150 Lightning (right) (Source: Ford)
Ford is also offering a free Level 2 home charger on any new EV purchase or lease, including the F-150 Lightning, Mustang Mach-E, and E-Transit van. The “Power Promise” promo includes other helpful benefits, including 24/7 live EV support, proactive roadside assistance, and an 8-year, 100,000-mile battery warranty.
Ready to snag the savings while they are still here? We can help you get started. Check out our links below to find deals on new Ford F-150 Lightning and Mustang Mach-E models in your area.
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