The electric car market is going through tumultuous times so it comes as no surprise that sales incentives are back. After a honeymoon period during COVD when the dealership lots were empty, inventories are now starting to pile up. So some car companies are offering generous incentives and discounts. According to a bulletin that BMW sent to dealers last week, as reported by CarsDirect, the automaker has introduced a new BMW 2024 BEV Conquest Program that gives $1,000 to owners who switch brands.
The 2024 BMW BEV Conquest Program offers a $1,000 incentive to owners of electric vehicles from Audi, Mercedes-Benz, Polestar, Porsche, Tesla, Rivian, and Lucid to switch to a BMW i4, i5, or iX. This promotion also includes owners of the Ford Mustang Mach-E and Volkswagen ID.4. For Audi, all e-tron models qualify; Mercedes-Benz owners can switch from the EQB, EQE, and EQS models; and Porsche eligibility includes all Taycan variants. The credit is accessible to individuals who currently own or lease vehicles from competing brands, as well as members of the same household.
The sales incentives seems to apply to western states and expires on April 1st. Electric vehicles owners are not required to trade in their existing vehicles to benefit from this incentive, and they can also combine this offer with other promotions available from BMW. The Bavarian automaker is still running a promotion on the i4 and iX models. If you’re leasing an i4, you will get the full $7500 lease credit. The more expensive and more premium iX comes with a $9,900 rebate. The new BMW i5 electric sedan has a $4,00 cash back offer which can also be stacked up with the $1,000 incentive.
BMW isn’t the only automaker to lure Tesla customers. Last year, Lucid ran a similar campaign. The EV maker’s incentive was also aimed at current Tesla vehicle owners or lessees, offering a $2,000 reduction on the Air sedan through what was termed the ‘Conquest Credit Bonus.’ Similar to BMW’s approach, Lucid’s promotion was extended to owners or lessees of BMW, Mercedes-Benz, Genesis, Audi, Porsche, Lexus, and Land Rover vehicles.
[Source: CarsDirect]