Benzinga - by Benzinga Neuro, Benzinga Staff Writer.
In a bold move to bolster its electric vehicle market share, German automaker BMW (OTC:BMWYY) has rolled out a unique program offering a $1,000 incentive to certain EV owners to switch to BMW’s electric models.
What Happened: As reported by CarsDirect, BMW has launched the 2024 BEV Conquest Program, a strategic initiative that offers $1,000 to owners of EVs from brands such as Audi, Mercedes-Benz, Polestar, Porsche, Tesla, Rivian, and Lucid, among others, to switch to a BMW i4, i5, or iX. The offer is also open to owners of the Ford Mustang Mach-E and Volkswagen ID.4.
This regional offer, available in western states until April 1, does not necessitate current EV owners to trade in their vehicles and the incentive can be stacked with other BMW offers.
BMW’s approach is unique in its focus on all-electric vehicle owners from competing brands, allowing them to combine incentives. For example, BMW is currently offering a $7,500 lease credit for the 2024 BMW i4, potentially saving eligible EV owners up to $8,500.
The new $1,000 BEV Conquest Program is designed to provide more competitive pricing on BMW’s advanced and futuristic vehicles, which tend to be more expensive than their competitors.
Why It Matters: This move by BMW comes when other automakers are also ramping up incentives to attract customers in a market showing signs of a slowdown. For instance, Tesla recently offered 5,000 miles of free supercharging for users trading in their older vehicles for a new Tesla.
Last month, Tesla CEO Elon Musk explained a temporary price cut on its best-selling Model Y SUV as an attempt to increase vehicle deliveries despite the seasonal lull in demand.
Read Next: Driver Crashes Tesla Cybertruck On First Day, Damaging Beverly Hills Hotel
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