Friday, July 12, 2024

BMW Offers $1,000 Incentive to Lure EV Owners from Competitors

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BMW has unveiled a new strategy aimed at enticing electric vehicle (EV) owners, including those with Tesla models, to switch to its electric offerings. Dubbed the ‘2024 BEV Conquest Program,’ the initiative offers cash incentives to owners of select EV brands to make the switch to BMW’s electric models.

Under this program, BMW is offering a US$1,000 incentive to owners of various EV brands, including Tesla, Audi e-tron, Mercedes-Benz EQB, EQE, and EQS, Polestar, Porsche Taycan, Rivian, Lucid Air, Ford Mustang Mach-E, and Volkswagen ID.4, to name a few. This regional offer is currently available only in the western states of the US until April 1, 2024.

See also: BMW’s i4 and Mini’s Cooper Electric Top J.D. Power’s Electric Vehicle Ownership Study

Unlike some similar programs, BMW’s initiative does not require owners to trade in their existing vehicles to qualify for the incentive. Moreover, the US$1,000 bonus can be combined with other ongoing BMW offers, such as a $7,500 lease credit for the 2024 BMW i4, potentially leading to total savings of up to $8,500 for the i4 and even greater savings for the iX, BMW’s all-electric SUV, which could see total savings of up to $10,900 when combined with $9,900 in lease cash.

BMW’s move follows a similar strategy by Lucid, which launched a promotion targeting existing Tesla owners last year. In December, Lucid offered a US$2,000 discount on its Air sedan, known as the ‘Conquest Credit Bonus,’ to owners or lessees of any Tesla vehicle, as well as owners or lessees of BMW, Mercedes-Benz, Genesis, Audi, Porsche, Lexus, and Land Rover vehicles.

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