After a strong first quarter, The BMW Group expects to harvest record profits this year – and it is also targeting an all-time sales record, the Bavarian maker’s CEO said.
“We have ambitious plans for 2011,” said Norbert Reithofer, Chairman of the Board of Management of BMW AG, at the Annual General Meeting held in Munich.
Once content to be a relatively niche player, focusing on a narrow range of high-line products, BMW has been stretching the boundaries of luxury and intends to push even further, expanding not only traditional offerings but a mix of new “green” machines that will culminate in the debut of an all-new sub-brand focused on battery power.
The expanding line-up should bolster demand, Reithofer said, telling shareholders, “We aim to deliver more vehicles than ever before – well over 1.5 million vehicles.”
The company’s finances have clearly been on the upturn. And it continues to push for an EBIT – or Earnings Before Interest and Taxes — margin target of more than 8% for the automotive segment. It helps that buyers are willing to give BMW a significant premium for its products.