BMW managed to hold on to its global sales luxury crown in 2024, even though shipments decreased by 2.3 percent to 2,200,217 vehicles. Rivals fell even harder, as Mercedes dropped 3 percent to 1,983,403 cars, while Audi plummeted 11.8 percent to 1,671,218 units. Although BMW remained the leader, all but two models suffered year-over-year declines. Ironically, one of them happened to be the XM.
The newly published BMW Annual Report document for 2024 shows the plug-in hybrid SUV surged 15.8 percent to 7,813 units. Despite the jump in popularity, the polarizing M model was still at the bottom of the rankings. Even the Z4 fared better, ending the year with 10,482 roadsters, or 4.3 percent less than in 2023.
| Model | 2024 | Change Vs 2023 |
| 1 Series / 2 Series | 198,226 | -12.2% |
| 3 Series / 4 Series | 519,228 | -7% |
| 5 Series / 6 Series | 250,674 | -8.5% |
| 7 Series / 8 Series | 56,542 | -5.4% |
| Z4 | 10,482 | -4.3% |
| X1 / X2 | 413,386 | +30% |
| X3 / X4 | 370,198 | -8.7% |
| X5 / X6 | 275,318 | -1.9% |
| X7 | 59,949 | -1.9% |
| iX | 38,365 | -24.8% |
| XM | 7,813 | +15.8% |
You could argue that it’s not fair to compare the two, given the huge price gap between the XM and Z4. However, when was the last time a convertible outsold an SUV? It’s also worth noting that the jump in sales for the XM isn’t a total surprise. The XM hit the market in the spring of 2023, which made 2024 the first full year of availability.
Of the 7,813 units sold last year, 1,974 went to customers from the United States. In North America, BMW doesn’t sell the cheaper, six-cylinder XM 50e pictured here. When the XM was launched, BMW projected the US would account for 26 percent of global demand. The Munich-based marque was right on the money since Americans bought 25.27 percent of all XMs delivered last year.
The entry-level XM sold in the US starts at $161,425 for the 2025 model year. Europeans can get that cheaper 50e version for €132,400 ($144,300) in Germany or at an even lower price in other countries. Even so, the cheaper X5 M Competition still feels like a much better deal, especially if you’re not a fan of the XM’s wacky styling.
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BMW
BMW thought it made a safe bet by launching another SUV. One more couldn’t hurt, right? Well, it did. The XM came at the expense of an M1 spiritual successor. A new mid-engine sports car with an inline-six engine was 95 percent finished before the company ultimately pulled the plug on the Vision M Next and chose the XM instead.
Although we’ll never know where the dedicated sports car would have landed on the sales charts, BMW would have finally delivered the long-awaited M1 successor it had been teasing for decades. It could have been a great way to boost the company’s image after years of controversy over so-so styling and a never-ending obsession with SUVs.
Ultimately, accounting won out again, with the company opting for an SUV based on an existing platform and sharing a powertrain with the new M5. Developing the M Vision Next as a production car would have been costly since the road-going model would’ve been an entirely bespoke product. The XM exists for the same reason BMW approved the 3.0 CSL and Skytop. Both are limited-run, ultra-expensive models based on existing vehicles, the M4 Coupe and M8 Convertible. Going down this road slashes development time and costs.
Nevertheless, we’re not losing hope. BMW owes us a supercar.