BMW’s global sales fell by 2.3% in 2024, reaching 2,200,177 units, but the company saw an increase in market share across Europe, with notable double-digit sales growth in Italy, France, and the UK. Among its standout performers, the polarizing XM plug-in hybrid SUV delivered impressive results, outselling many of its rivals in the luxury SUV segment.
The dedicated M model, introduced in late 2023, generated 4,015 sales in the EU, EFTA, and UK regions, marking an increase of nearly 1,000 units compared to the previous year. However, the comparison is somewhat skewed, as the XM only arrived on the European market late in 2023. Still, it outpaced competitors like Lamborghini’s Urus (1,807 units), Bentley’s Bentayga (922 units), and Aston Martin’s DBX (754 units).
In contrast, the Mercedes-Benz G-Class dominated the luxury off-road segment, finishing 2024 with an impressive 10,844 sales. The G-Class’s success is attributed to its iconic status, long history, and more accessible pricing compared to super-luxury rivals. The G500, priced from €132,328 in Germany, shares a similar starting price with the XM, which begins at €132,400 for the six-cylinder XM 50e base model. Mercedes also offers a more affordable diesel variant, the G450d, starting at €122,808.
While comparisons between the XM and Urus may seem strained due to the significant price gap, BMW’s M division had previously targeted G-Class and Urus owners with the XM. Frank van Meel, BMW M’s boss, stated the XM was designed to appeal to those seeking a BMW while competing in this high-end market segment. BMW had originally projected that European buyers would represent only a small portion of XM sales, with the majority coming from the United States (26%), China (23%), and the Middle East (8%).
In the US, BMW shipped 1,974 XMs in 2024, reflecting a decrease of 14.7% compared to the previous year. Despite this drop, the XM’s performance in Europe indicates strong potential for BMW’s plug-in hybrid SUV as the brand continues to strengthen its position in the luxury vehicle market.
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