BMW Will Pay EV Buyers $1,000 To Dump Their Tesla

BMW is offering a $1,000 discount to Tesla and other EV owners to switch to its EVs. The carmaker is offering this incentive under the fancy marketing term of “2024 BEV Conquest Program.”

Cars Direct first reported the news and said that the German automaker sent a bulletin to dealers last week, informing them of a $1,000 discount to buyers walking into BMW showrooms if they switched to an i4, i5, i7, or iX.

Get Fully Charged

BMW’s discounts as BEV demand falls behind expectations.

BMW plug-in cars accounted for a record 12.5% of its U.S. sales in 2023, with the brand selling over 45,000 EVs stateside, a 191% increase from the previous year. But in 2024, the German automaker will need to find creative ways to keep that momentum going.

The offer applies to owners driving EVs from Audi, Mercedes-Benz, Lucid, Rivian, Tesla, Porsche and Polestar. It also extends to Ford Mustang Mach-E and Volkswagen ID.4 owners, the automotive research outlet said.

Owners can also stack other incentives on top of this. There’s a $4,000 cash back on the i5 in certain regions and a $7,500 lease credit on the i4. The i4 can be bought with $8,500 off its starting MSRP of $52,200. The iX, on the other hand, is available with a $9,900 lease cash, so owners can save $10,900 on its rather hefty $87,000 starting price.

The credit is available to current owners or lessees of rival brands or individuals from the same household, a BMW dealership in Beverly Hills said on its website. This offer is valid for only a month, from March 1 to April 1, 2024, in some western states.

It’s not uncommon for carmakers to offer discounts to attract new customers this way. Lucid offered a “Conquest Credit” of $2,000 for the Air electric sedan to owners of non-Lucid vehicles towards the end of last year—targeted mainly at Tesla owners—and that program is valid through the end of the month as well.