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Wednesday, March 29, 2023

BMW shows resilience

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BMW boss Zipse is optimistic for the current year.
Image: (Kirkpatrick/BMW)
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After a year of economic and political upheaval, the German automobile group BMW is showing signs of growth. At yesterday’s annual press conference, CEO Oliver Zipse took stock and gave an outlook on the current financial year.

BMW sold almost 2.4 million passenger cars last year – 4.8 percent less than in 2021. The company was able to produce fewer vehicles than planned, especially in the first half of the year, due to fragile supply chains and a lack of semiconductors. However, according to CFO Nicolas Peter, the scarcity made it possible to forego discounts. As a result, BMW increased its sales in the car division by 29.5 percent to 123.6 billion euros.

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BMW wants to build significantly more cars this year and expects deliveries to increase by two to five percent. In the electronics division in particular, the aim is to continue on the growth path. For this purpose, production is currently being converted worldwide and the number of employees is “increasing slightly”. According to Zipse, the goal is for a quarter of the vehicles delivered to be fully electric by 2025 and a third by 2026. In addition, work is being done on an electric variant of the 5-class, which should come onto the market in 2025. BMW is also currently considering a fuel cell series model.

BMW will not achieve the pre-tax result (EBIT) of 2022 this year. The revaluation of BMW Brilliance Automotive (BBA) meant special income of 7.7 billion euros last year. A “significantly” lower result is therefore expected for 2023.

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