Munich, March 21, 2024 – Building on the momentum of a record-breaking 2023, the BMW Group sets its sights on maintaining profitable growth in the current financial year. With a steadfast focus on strong products and responsive strategies, the company aims to navigate through evolving market conditions. Further, ensuring reliability for customers, investors, and stakeholders.
Double-Digit Growth Expected in Automotive Segment by BMW Group
Anticipating significant double-digit growth, particularly in the fully-electric vehicle (BEV) and upper premium segments. Further, the BMW Group is poised for another successful year. The BMW 7 Series, BMW X7, and Rolls-Royce models, including the fully-electric Rolls-Royce Spectre, are anticipated to be key growth drivers. Furthermore, the introduction of the BMW i5 as a fully-electric Touring model adds to the company’s optimistic outlook.
Strategic Investment in R&D and Capital Expenditure
Emphasizing its commitment to innovation and expansion, the BMW Group plans to peak its investment in research and development (R&D) and capital expenditure in 2024. Significant allocations will focus on electrification, digital innovations, and automated driving technologies. Additionally, construction projects such as the Debrecen plant in Hungary and high-voltage battery assembly facilities underscore the company’s dedication to staying at the forefront of automotive innovation.
Financial Strength and Targets
Despite the substantial investments, the BMW Group remains financially robust. Especially, targeting a free cash flow of over six billion euros in the Automotive Segment for 2024. Upholding a disciplined approach to cost management, the company aims to achieve an Automotive EBIT margin of 8-10% for the current financial year.
Focus on Fully-Electric Vehicles and Sustainability
The BMW Group’s commitment to sustainability and electrification is evident in its strong focus on fully-electric vehicles. With a diverse range of BEV options across all main segments and a growing efficiency in internal combustion engines. Further, the company has significantly reduced its fleet-wide CO2 emissions.
Vision for Future BMW Growth
Looking ahead, the BMW Group’s ambitious vision includes plans for MINI and Rolls-Royce to transition into fully-electric brands by the early 2030s. Additionally, the NEUE KLASSE, with its innovative product substance, shall accelerate market penetration of e-mobility in the latter half of the decade.
Conclusion
With a robust product portfolio, strategic investments, and a clear commitment to sustainability. Further, the BMW Group remains well-positioned for continued growth and innovation in 2024 and beyond. Despite potential economic uncertainties, the company’s strong financial position and proactive measures ensure a resilient stance in an ever-evolving market landscape.