BMW Group is targeting sales of more than 1.3 million cars in 2010, a “sound” single-digit increase compared to 2009. BMW CEO Norbert Reithofer said at the company’s annual general meeting in Munich that orders for the new 5 Series mid-size sedan have exceeded the automaker’s expectations.
“The new BMW 5 Series Sedan has received extremely positive feedback from the media. And our customers have obviously been waiting for it. We have received considerably more orders than planned,” Reithofer said.“The BMW 5 Series will be a key driver of sales, image and profit for the BMW Group”, the CEO added. The new 5 Series reached European showrooms in March.
BMW forecasts that its 2010 earnings will increase significantly, after a year in which the automotive division lost money. “We expect a group result significantly above the 2009 level. We want to achieve sales growth in the sound one-digit percentage range, to over 1.3 million cars,” Reithofer said at the shareholders’ meeting.
BMW has increased sales 27 percent since 2000 and has a medium-term goal to increase earnings before interest and tax from its automaking division to at least 8 percent of sales by 2012.
“There are still numerous risks that might prolong a complete recovery. In Europe we are confronted with the financial problems of Greece. The European Union is doing its utmost to stabilize the Euro through massive intervention programs. We see that the crisis is not over yet,” Reithofer stated.
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