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

Chris Teague
by Chris Teague

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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Chris Teague
Chris Teague

Chris grew up in, under, and around cars, but took the long way around to becoming an automotive writer. After a career in technology consulting and a trip through business school, Chris began writing about the automotive industry as a way to reconnect with his passion and get behind the wheel of a new car every week. He focuses on taking complex industry stories and making them digestible by any reader. Just don’t expect him to stay away from high-mileage Porsches.

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3 of 10 comments
  • AZFelix AZFelix on Mar 06, 2024

    This $1000 EV discount coupon is also available in a high-performance version made with weight saving carbon fiber and embossed with an 'M' logo. The exclusive package option is available with any new BMW EV for only $1500 (+tax) .

  • Kcflyer Kcflyer on Mar 06, 2024

    Wouldn't it be cheaper to make them less ugly?

    • Dr Mindbender Dr Mindbender on Mar 07, 2024

      LOLOLOL that's one of the funniest/truest comments I've read.

  • SCE to AUX "Relevant metrics include how often you interact with your phone, how frequently you speed, how many times you have to stop quickly, how often you drive at night, and even the average distance you drive. Location data has also been rumored to play a role. For example, vehicles that frequently traverse high-crime areas may be subjected to higher rates."Those are very relevant metrics.I don't use these apps, I don't speed, I don't own expensive-to-insure cars, and my rates have not gone up. I've also been an Erie policy holder for 35 years, so I don't shop around every few months looking to save $100.
  • 2ACL Too much, but at least it can get out of its own way. One adjustment I don't think I'll ever make to the modern automobile is sub-160 hp beyond $25k.
  • MaintenanceCosts The black wheel arches and rocker trim are ghastly. Looks like to get them in body color you have to downgrade to the N Line. And you can't get a 360-degree camera on the N Line. Oh well, I'm not a compact CUV customer anyway.
  • Gray Where is Subaru on the list? They build them in Indiana. NASCAR should field the Legacy sedan to go up against Toyota.
  • Redapple2 H-K Styling. May not be my cup of tea but they re trying. Gripe. This would be a deal breaker. Door cut out - seat postion - 'B' pillar. I m over 6'. So the driver's seat is towards full back position. Rental Equinox last week. 1100 miles. The seat bottom to seat back point was 8 inches behind and around the 'B' pillar. I had to be contortionist to get in and out of the car. Brutal POS. Wife's Forester? Nearly equal/flush. I ve never seen 1 car review where they complain about this.