BMW Offering $1,000 Incentive to Tesla and Other EV Owners To Switch Brands

BMW has launched a new strategy to lure electric vehicle (EV) owners away from rival brands, including Tesla. The German automaker has called it the ‘2024 BEV Conquest Program’ offering owners of EVs from several different brands a cash bonus to switch to one of their electric offerings.

Under this program, BMW is offering a US$1,000 incentive to owners of select EV brands to switch to one of BMW’s electric models, including the i4, i5, or iX. According to a report from CarsDirect, the program includes Tesla owners, as well as owners of an Audi e-tron, Mercedes-Benz EQB, EQE, and EQS, Polestar, Porsche Taycan, Rivian, and Lucid Air.

Additionally, this US$1,000 bonus extends to Ford Mustang Mach-E and Volkswagen ID.4 owners.

This conquest program is for now a regional offer, available only in the western states of the US until April 1, 2024. Highlighting the program’s flexibility, BMW says that current EV owners do not need to trade-in their existing vehicles to benefit from this offer. Furthermore, this $1,000 incentive can be combined with other ongoing BMW offers, including a substantial $7,500 lease credit for the 2024 BMW i4.

This means potential savings of up to $8,500 for eligible EV owners opting 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 is not the first automaker to try and lure Tesla owners. Lucid launched a similar promotion by a similar name last year. In December Lucid targeted existing owners or lessees of any Tesla vehicle with a US$2,000 discount on the Air sedan, calling it the ‘Conquest Credit Bonus.’ Like BMW, Lucid’s offer was also available to any BMW, Mercedes-Benz, Genesis, Audi, Porsche, Lexus, and Land Rover owners or lessees.

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