- German luxury car maker BMW (Bayerische Motoren Werke AG) BMWYY expects to reach the higher end of its 7-9% margin target for the cars business.
- BMW sees slight sales growth in 2023, Reuters reported, citing chief financial officer (CFO) Nicolas Peter.
- Remarking on BMW's performance in its largest market in China as a 'rollercoaster' year, the CFO added there was a demand recovery underway in the region.
- Also Read: BMW To Deploy Round Battery Cells For New EV Range - What's The Benefit?
- The company would also expect to achieve its target of 10% fully electric sales at around 240,000-245,000 vehicles in 2022.
- Commenting on the gas shortage scenario in Europe, Peter said BMW had reduced its gas intake in Germany and Austria by 15%.
- He also noted that the company still has weak demand in Germany and the U.K., whereas demand in France, Spain, and Italy remained strong.
- Price Action: BMWYY shares closed lower by 0.52% at $23.10 on Monday.
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