2024 BMW EVs reportedly get giant discounts in the US with i7 receiving $7,500 price cut

EV makers cutting the prices of their cars is nothing new. The most recent example of the phenomenon is Tesla discounting its vehicles in mainland China owing to pressure from Chinese companies like BYD. We now have another EV price cut on hand but this time in the US where BMW has reportedly informed dealerships of the discounts on its 2024 EV lineup.

The report which comes to us courtesy of CarsDirect (via Elektrek) details that the German automaker is offering $5,000 to $7,500 in rebates without any strings attached in April. The biggest discount of $7,500 is valid on new 2024 BMW i7 and iX purchases while customers of the cheaper BMW i4 and i5 EVs can snag a rebate of $5,000. These discounts are applicable whether you finance your EV using BMW’s Financial Services or not.

Additionally, buyers can augment the savings with loyalty rewards of $3,000 for the i7, $1,500 for the i5, and $1,000 for the i4 (Buy the EMPORIA EV Charger for BMW i4 on Amazon).

To put the BMW EV rebates into perspective, the BMW i7 2024 has a starting price of $105,700 while the 2024 iX, the i5, and the i4 cost $87,100, $66,800, and $52,200 respectively.

Interestingly, if you want to maximize the savings, leasing seems to be the best bet, as CarsDirect reports that buyers can get a whopping $9,900 discount for the i7/iX and, lesser but still impressive, $5,500 savings for the i4 and the i5. Combined with the loyalty rewards mentioned above, you can apparently lease a BMW i7 at a massive $13,000 discount.

Per the data provided by Cox Automotive, BMW occupied a 2.1% US EV market share in Q1 2024 with a total of 10,713 vehicles sold. Only time will tell how well the latest EV discounts help the company add to these numbers moving forward.