BMW is Willing to Pay to Attract Customers from Other EV Brands

Tesla might not be the most dominant EV maker in the world, but it’s on top of the market here in the United States. Legacy automakers like Ford and General Motors are in the hunt, but so far, no one has been able to topple Tesla’s top spot. BMW is hoping to take some of the shine off of Tesla’s crown with a new incentive that gives buyers a $1,000 discount to buy one of its new EVs.

Cars Direct reported that the BMW 2024 BEV Conquest Program includes several other brands, including Audi, Mercedes-Benz, Polestar, Porsche, Rivian, and Lucid. Ford Mustang Mach-E and VW ID.4 owners can also take advantage of the deal. BMW will pay owners of those brands $1,000 to switch to an i4, i5, or iX, though the discount only applies to specific models from most brands. Importantly, buyers don’t have to trade their current EV in to take advantage of the deal.

BMW already offers a $7,500 credit for leasing the i4 sedan, which can be combined with the conquest incentive. Cars Direct noted that the iX also comes with a significant discount of up to $9,900 in lease cash. That said, BMW’s EVs are not cheap, so the incentives should be a welcome move for hopeful buyers. While not currently eligible for federal tax credits, BMW’s EVs can be leased to receive the $7,500 discount others get.

The German automaker is far from the only one offering discounts and incentives to bolster EV demand. Kia recently announced $5,000 off the brand-new EV9, and General Motors has discounted some of its models that lost federal tax credit eligibility. At the same time, automakers like Ford have reported that hybrid sales are up in recent months, demonstrating that buyers want fuel economy benefits but don’t want to pay the higher price for an all-electric model.

[Image: BMW]

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