As the overall electric vehicle (EV) market continues to grow, the luxury EV segment is also gaining momentum. Among the various options available from one of the world’s leading vehicle manufacturers, one particular model has quietly risen to the top of BMW’s lineup. As BMW and other brands in this segment continue to push the boundaries of luxury EVs and what they offer, the success of this model in the first half of 2024 is a testament to its popularity and high quality as a car.

As electric vehicles become increasingly popular in markets worldwide, the demand for cutting-edge features, impressive range and affordability has never been higher. This BMW model has managed to tick all the right boxes, boosting its already impressive sales figures from last year. Not only is this electric vehicle the best-selling electric BMW of 2024 so far, but it also tops the list of luxury electric vehicles from other brands like Audi and Mercedes-Benz.

To provide you with the most current and accurate information possible, the data used to create this article comes from BMW and other authoritative sources, including Kelley Blue Book.

BMW i4 dominates electric sales in 2024

Over 11,500 copies sold in the first half of 2024

BMW’s i4 has established itself as the best-selling electric vehicle in the company’s range in the first half of 2024, with 11,603 units sold, according to sales figures from KBB. This figure puts the i4 well ahead of its electric BMW siblings, including the iX, of which 6,490 units were sold, the i5 with 4,780 units and the newer i7 with 1,920 units sold. The i4’s commanding lead within the brand’s electric product range underlines its appeal as a luxurious, sporty sedan.

These sales figures underline that the i4 appeals to a wide range of buyers, from those looking for a practical yet luxurious electric sedan to those seeking cutting-edge technology and high performance without the high price tag of other models in the range. The success of the i4 reflects a growing demand for vehicles that balance performance and relative affordability (for a luxury electric vehicle) while retaining the brand’s signature driving experience.

How the BMW i4 compares to Tesla and other popular models

Compared to other leading electric vehicles on the market, the BMW i4 is doing pretty well. While Tesla continues to dominate overall electric vehicle sales—the brand has sold 73,552 units of the Model 3 and 198,030 units of the Model Y so far this year—the i4’s performance in the luxury electric vehicle segment is notable. For comparison, Mercedes-Benz sold 5,158 units of the EQS, and the EQE was BMW’s closest competitor with 10,640 units sold, though both still lagged behind the i4. Audi’s Q8 e-tron and Q4 e-tron didn’t sell as well in the first half of the year, selling 4,620 and 5,108 units, respectively.

These numbers position the BMW i4 as a top contender in the luxury electric vehicle market and offer a compelling alternative to Tesla’s dominance. The i4’s ability to outperform other luxury models such as the Mercedes EQE and Audi Q4 e-tron demonstrates its strong market presence and the growing appeal of BMW’s electric offerings among buyers looking to enter the luxury electric vehicle market. This performance is a clear indication that the i4 is not only a leader within BMW’s lineup, but is also making significant progress in the overall electric vehicle market.

Important features that make the i4 a success

Performance, innovation and reach

The BMW i4 achieves these impressive numbers thanks to a combination of power, efficiency and luxury that appeals to a wide range of buyers. The i4 is available in three trim levels (plus an M variant): eDrive35, Drive40 and xDrive40 Gran Coupé, each offering different levels of performance.

Performance data of the BMW i4 xDrive40

With power ranging from 282 hp for the eDrive35 to 396 hp for the xDrive40, the i4 offers a dynamic driving experience that matches BMW’s reputation for sporty, responsive handling. Its battery capacity ranges from 70.2 to 83.9 kilowatt hours (kWh) and enables a range of 405 to 504 kilometers on a single charge, making it suitable for both daily commuting and longer journeys.

How a leasing gap leads to more sales of luxury electric cars at BMW

A key factor contributing to the sales success of the BMW i4 is the strategic use of a leasing loophole that boosts sales in the luxury electric vehicle market. This loophole, exploited by BMW as well as other luxury car manufacturers such as Audi and Mercedes-Benz, takes advantage of government tax credits for electric vehicles. Normally, these credits are only available to buyers who purchase a vehicle outright. However, by leasing the vehicle to customers, automakers can apply for the tax credit This allows them to pass the savings on to lessees in the form of lower monthly payments and other incentives.

This approach has made luxury electric vehicles like the BMW i4 more financially affordable for more potential buyers. According to recent reports, 89 percent of BMW’s new car sales were leases, showing how much this regulatory loophole is driving leasing in the luxury electric vehicle segment. By being able to offer lower lease rates, BMW has been able to capture a larger market share, making it particularly attractive to consumers who want the flexibility of leasing while enjoying the latest electric vehicle technology and luxury features.

Consumer attractiveness and market trends

What sets the i4 apart from other best-selling electric vehicles

While the BMW i4 may not have the highest sales compared to market leaders like Tesla, it sets itself apart from other brands with a combination of performance, luxury and prestige. One of the i4’s standout features is BMW’s trademark driving experience, offering dynamic handling and responsive performance, even with an electric powertrain. This driving experience is enhanced by the availability of multiple trim levels, allowing consumers to choose between different power levels and ranges depending on their needs.

Additionally, the i4’s interior design and technology offerings appeal to customers seeking a premium luxury experience. The interior is equipped with premium materials, a high-tech infotainment system and advanced driver assistance features that enhance the overall experience behind the wheel. While these aspects don’t set the i4 apart in every way individually, when combined, they help the automaker build a well-rounded vehicle that meets the expectations of luxury electric car buyers.

A closer look at leasing a BMW i4

The i4’s leasing deals are particularly attractive, with the eDrive35 model starting at $449 per month for 36 months, with just $4,869 due at signing. These competitive pricing options make the i4 more accessible to a wider range of consumers, allowing them to experience the technology, luxury, comfort and performance that BMW is known for, all with manageable monthly payments.

Financial reasons aside, leasing offers the flexibility to stay on top of the latest electric vehicle comfort, performance and technology. Lessees can enjoy the benefits of a new vehicle every few years, ensuring they always have access to BMW’s latest innovations, which are of course always among the best in the industry. This approach also means avoiding the depreciation that comes with owning a vehicle, which can be particularly beneficial in the rapidly evolving electric vehicle market. For many, leasing an i4 is the perfect balance of luxury, performance and financial flexibility, making it a popular choice in the luxury electric vehicle segment.

The future of BMW’s electric product range

Upcoming models and innovations

BMW continues to expand its electric vehicle range and will further strengthen its position in the electric vehicle market with the launch of new models such as the iX3 and i3. Although an iX3 is already available in some parts of the world, the upcoming version will be significantly different as it will be based on BMW’s new Neue Klasse platform designed exclusively for electric vehicles. This platform is designed to optimize the performance, efficiency and design of electric vehicles and represents a significant step forward in BMW’s electric vehicle strategy.

Forecasts for the second half of 2024

Looking ahead to the second half of 2024, the BMW i4 is well positioned to continue its strong success, particularly given its 8.2 percent increase in sales compared to the first half of 2023. the BMW i7 which recorded an astonishing 154.6 percent increase in sales compared to the previous year, could pose a significant challenge as the brand’s frontrunner.

On a broader scale, the electric vehicle market as a whole is expected to continue its upward trend. With electric vehicles now accounting for eight percent of the overall automotive industry, there is no doubt that demand for electric vehicles is increasing. As more automakers invest in electric vehicle technology and infrastructure, this market share is likely to continue to grow, creating both opportunities and challenges for BMW and its competitors.