Singapore. BMW Asia brings strategy, vision and ambition to life at the Singapore Motorshow 2026, with the showcase of the BMW Skytop and BMW Vision Neue Klasse X. Both vehicles, along with a wide range of BMW models, curated F&B options, a selection of the latest BMW lifestyle items, and more, can be experienced from 8-11 January 2026 at the BMW Group Pavilion at Suntec City Convention Centre (Level 4, Booth 4215 and 4216).

“This year's showcase offers visitors an opportunity to see emotion and luxury come together in the BMW Skytop, a limited-run small-series model with only 50 units available worldwide,” said Lars Nielsen, Managing Director, BMW Group Asia. “This model, made for enthusiasts and collectors, wraps the joy of driving in a timelessly elegant design and celebrates BMW’s iconic roadsters, such as the BMW 507 and BMW Z8.”

“In contrast, the BMW Vision Neue Klasse X is decisively looking forward,” continues Mr. Nielsen. “It represents the next chapter for BMW, showcasing the blueprint for future vehicles in terms of digitalization, electrification and sustainability while retaining the experience of sheer driving pleasure. While the all-new BMW iX3 is set to arrive on Singapore shores by mid-2026, we wanted customers to see where it all started from and understand the philosophy behind the vehicle that will kick-start a new era for BMW.”

BMW Skytop.

Initially shown in design study form as the BMW Concept Skytop at the Concorso d’Eleganza Villa d’Este 2024 on the shores of Lake Como, Italy, the two-seater roadster sent waves of excitement through the assembled connoisseurs and automotive aficionados. This enthusiastic response prompted BMW to convert the concept into a strictly limited production run of 50 units. “The BMW Skytop is a truly exotic design and offers a combination of driving dynamics and elegance at the highest level,” said Adrian van Hooydonk, head of BMW Group Design.

The sculptural athleticism of its body is constructed from taut, muscular surfaces defined by a few precise lines, the BMW Skytop emitting a powerful sense of dynamism before it even turns a wheel. The pronounced arrow shape of the bonnet, evocative BMW shark-nose design and tightening tail are all carefully chosen references to the BMW Z8.

Just like its legendary roadster ancestor, the BMW Skytop takes to the road with the most powerful V8 in the brand’s armoury. The 4.4-litre petrol unit generates maximum output of 460 kW/625 hp and teams up with an eight-speed Steptronic Sport transmission. Maximising traction is the BMW xDrive intelligent all-wheel-drive system, which distributes the engine’s power between all four wheels as required, and optimises stability and driving dynamics in any situation. With this drive configuration in place, the handsome two-door will sprint from 0 to 100 km/h in around 3.3 seconds.

Additional information about the BMW Skytop can be found here.

BMW Vision Neue Klasse X.

BMW introduced several "Vision" concept cars over the past five years that showcase the brand's future direction in circularity, digitalization, and electrification. The BMW i Vision Circular, unveiled at IAA Mobility 2021, was designed entirely around the principles of a circular economy. It was made from 100% recycled and recyclable materials and emphasized sustainability throughout its entire lifecycle.

At CES 2023, BMW showcased BMW i Vision Dee, which stands for stands for Digital Emotional Experience. This futuristic midsize sedan demonstrated the potential for an intense relationship between humans and cars through advanced digital features. At IAA Mobility 2023, the BMW Vision Neue Klasse debuted, providing a concrete look at the next generation of BMW's core electric models. It introduced a new, reduced design language, the sixth-generation eDrive system for improved range and charging speed, and the revolutionary BMW Panoramic Vision display technology.

The final Vision concept car, the BMW Vision Neue Klasse X, debuted on the rooftop of the Peterson Automotive Museum in Los Angeles, California in April 2024. It is this vision vehicle that transfers the Neue Klasse philosophy and technology to the Sports Activity Vehicle (SAV) segment, giving customers a glimpse at what future BMW X models, like the all-electric iX3, will look like.

Additional information about the BMW Vision Neue Klasse X can be found here.

BMW Celebrates 110 Years of Progress.

2026 marks the 110th anniversary of BMW and 110 years of progress. In honour of this milestone, more than $110,000 worth of sure-win prizes will be available to new BMW owners. In addition, two owners will have the chance to join the BMW New Zealand Snow and Ice Drive Experience, an exciting opportunity to experience BMW performance in its purest form.

The Singapore Motorshow also marks the start of sale for the limited 110 units of the BMW 318i M Sport Final Edition, and debut of the Iconic Glow Kidney Grille on the BMW 116 and BMW 216 Gran Coupé.

New Owners Lounge. 

BMW Asia will once again welcome customers who purchase a BMW at the Singapore Motorshow to an exclusive New Owners Lounge located on the second floor of the BMW Group Pavilion. Designed specifically for new owners, the lounge offers a relaxed and refined setting with curated beverage offerings, providing a welcoming and memorable introduction to the BMW ownership journey.

Additional activities for new owners include capturing their first moments with their new BMW using advanced 3D-rendering software, producing near-to-realistic visuals of their vehicle in its actual colour; and personalising a Nappa leather key cover. Available in five colours, this gift will add an extra personal touch to the ownership experience.

BMW Lifestyle.

Visitors can enjoy multiple BMW and MINI lifestyle offers throughout the Singapore Motorshow:

• The public can enjoy 10% discount on selected products, while BMW owners have exclusive access to a 20% discount.
• Visitors who spend a minimum of S$50 (nett) on a single invoice qualify for one (1) chance at a Sure Win Lucky Draw, with prize up to S$100 eVoucher from Performance Motors Limited.
• Visitors who spend a minimum of S$250 (nett) on a single invoice qualify for a free Limited Edition BMW Notebook.
• In celebration of 110 years of the BMW, visitors can enjoy one of four Bundle Deals for at S$110 (nett), with anywhere from 40-55% savings.

Finally, for visitors coming on the following dates and times, will have the chance to take advantage of Flash Deals with discounts of more than 65%. Limit to 10 customers per deal.

• Friday, 9 January 2026 at 6:15pm.
• Saturday, 10 January 2026 at 1:15pm and 6:15pm
• Sunday, 11 January 2026 at 1:15pm and 6:15pm

Fun for all.

In collaboration with KOI Thé and Mister Donut, the BMW Group Pavilion presents a curated selection of treats during the Singapore Motorshow. Highlights include the return of popular menu items no longer available in stores, such as a Matcha Macchiato and selected KOI x Mister Donut collaboration flavours, including the Golden BBT Cream Donut.

Coffee lovers are also well catered for, with a Nespresso coffee bar complementing the experience. Visitors can enjoy classic Americano and latte options, alongside daily specials such as the Tiramisu Cappuccino, created especially for the Singapore Motorshow.

Little ones can also take part in a creative and sustainable activity by colouring in their dream BMW using seed paper and colouring pencils. Made from recycled materials, these can be taken home and planted, growing into herbs and flowers beyond the Motorshow experience.

To celebrate BMW’s 110 Years of Progress, visitors can take home limited-edition keepsakes, such as 110 sets of anniversary tote bags and decals, available daily while stocks last.

Model showcase.

BMW Asia, Eurokars Auto, and Performance Motors are showcasing the following models at the Singapore Motorshow 2026:

1. BMW 116
2. BMW 216 Gran Coupé
3. BMW 216i Active Tourer
4. BMW 318i
5. BMW i4 eDrive35
6. BMW i5 eDrive40
7. BMW X1 sDrive16i
8. BMW iX2 eDrive20
9. BMW X3 20 xDrive

-End-

Singapore. MINI Asia brings to life the brand’s storied racing history with the MINI Cooper in exclusive designed livery from the legendary Nürburgring 24-Hour race at the Singapore Motorshow 2026. From 8-11 January 2026, visitors at the BMW Group Pavilion at Suntec City Convention Centre (Level 4, Booth 4215 and 4216) will also experience a range of MINI models, curated F&B options, a selection of the latest MINI lifestyle items, and more.

“For last year's 24-Hour race at the Nürburgring, we combined the high-performance MINI John Cooper Works with the passion and craftsmanship of Deus Ex Machina,” said Daren Ching, Head of MINI Asia. “We wanted to bring this partnership to life in Singapore and remind MINI fans of our racing heritage and motorsport history.”

This special showcase is not available for sale and is a glimpse into what the two brands MINI x DEUS are building toward.

MINI New Owner Benefits.

Throughout the Singapore Motorshow 2026, new MINI owners will have access to sure-win prizes, exclusive MINI x DEUS merchandise not available in Singapore, a customised tote bag, private access to the level 2 lounge bar, and a selection of offers, including:

• Absorbed VES and EEAI changes.
• 7 years Servicing & Warranty for Internal Combustion Engine (ICE) models.
• 8 years Servicing and 5 years Warranty for Battery Electric Vehicles (BEV) models.
• 8 years Battery Warranty for Battery Electric Vehicles (BEV) models.
• All-new BMW Advanced Car Eye (ACE) 3.0 Pro safety technology.
• Solar film installation.
• 3-Star Michelin dining experience for two.

MINI Lifestyle Offers.

Visitors can enjoy multiple MINI lifestyle offers throughout the Singapore Motorshow:

• The public can enjoy a 10% discount on selected products, while MINI owners have exclusive access to a 20% discount.
• Visitors who spend a minimum of S$50 (nett) on MINI Accessories & Lifestyle products in a single invoice, qualify for one (1) chance at a Sure Win Lucky Draw, with prizes up to S$100 e-Voucher.
• Visitors can enjoy Bundle Deals for S$138 (nett), with a 28% saving, or S$188 (nett), with a 25% saving.

Finally, for visitors coming on the following dates and times, they will have the chance to take advantage of Flash Deals with discounts of more than 62%. Limited to 10 customers per deal.

• Friday, 9 January 2026 at 2:15pm and 7:15pm.
• Saturday, 10 January 2026 at 2:15pm and 7:15pm.
• Sunday, 11 January 2026 at 2:15pm and 7:15pm.

Fun for all.

In collaboration with KOI Thé and Mister Donut, the BMW Group Pavilion presents a curated selection of treats during the Singapore Motorshow. Highlights include the return of popular menu items no longer available in stores, such as a Matcha Macchiato and selected KOI x Mister Donut collaboration flavours, including the Golden BBT Cream Donut.

Coffee lovers are also well catered for, with a Nespresso coffee bar complementing the experience. Visitors can enjoy classic Americano and latte options, alongside daily specials such as the Tiramisu Cappuccino, created especially for the Singapore Motorshow.

Speed seekers can participate in the Full Throttle Challenge inspired by the power boost feature in Go-Kart mode in any MINI model. Visitors will be invited to press a single button as fast as they can to hit 200km/h on the speedometer. Players who successfully complete the challenge will walk away with a car decal and possibly an exclusive MINI sticker (terms and conditions apply).

Model showcase.

Eurokars Habitat will be showcasing the following models at the Singapore Motorshow 2026:

1. The MINI John Cooper Works
2. The All-Electric MINI Cooper
3. The All-Electric MINI Aceman
4. The All-Electric MINI Countryman
5. The MINI Countryman

-End-

- Check against delivery –
 
Statement
Oliver Zipse
Chairman of the Board of Management of BMW AG
Annual Conference 2025
BMW Welt in Munich, 14 March 2025, 08:00 a.m. CET
 
Part I:
 
Good Morning, Ladies and Gentlemen.
 
Welcome to our annual conference.
 
2025 will be a milestone year for the BMW Group in many respects – as we set the course today for our success in the decade to come.
 
Despite volatile global conditions, we remain firmly committed to growth in the current financial year. At the same time, we are bringing our largest future-focused project, the NEUE KLASSE, to the roads.
 
We have a clear plan: We remain sharply focused on innovation and sustainable growth. In 2025, we expect sales figures to rise once again. At the same time capital expenditure will decrease, as planned. This will enable us to increase our free cash flow.
 
There are four reasons for our confidence:
 
 
First:
Our strategy is robust and gives us a clear path forward. We are setting the pace in key areas. Our technology open approach remains successful and is gaining more traction. Policymakers and competitors are pivoting in our direction – which we continue to pursue systematically.
 
Second:
The BMW Group is one of our industry’s few true global players. Our extensive global footprint creates opportunities. It makes us resilient. And it provides the flexibility we need to respond effectively to external influences.
 
Third:
With BMW, MINI, Rolls-Royce and BMW Motorrad, we have four strong brands. All of them are incredibly popular around the globe. Each has its own distinct identity and delivers emotionally compelling products for different target groups.
 
And fourth:
Our NEUE KLASSE: No other manufacturer has a project as ambitious and ground-breaking as ours about to enter production. I will come to this in the second part of my presentation.
 
Let's start with the first topic: our strategic direction.
Our technology-open approach is market-oriented. It allows us to fully leverage the available potential across all markets and regions.
 
We make no distinctions – whether we are talking about combustion engines, plug-in hybrids, all-electric vehicles or, from 2028, a hydrogen-powered car. We consistently implement design principles, innovation and the latest technologies in all our vehicles.
 
No one masters this technological diversity better than we do. Numerous national and international accolades confirm this.
 
Our approach is also gaining increasing recognition in political circles. Even our competitors are pivoting towards our strategy. We have proven that technological openness, growth and CO₂ reduction are very much compatible.
 
Let’s take a look at 2024:
 
We met our adjusted targets for the year. We delivered more than 2.45 million vehicles and achieved an EBIT margin of 6.3 percent in the Automotive Segment.
 
Our vehicles with highly efficient combustion engines remain in strong demand worldwide. At the same time, battery-electric vehicles continue to be our main growth driver.
 
Several other manufacturers – including some that only produce electric cars – saw a decline in sales. But we achieved growth with our all-electric vehicles. Even in challenging market conditions. In 2024, BEV sales once again climbed significantly year-on-year – increasing by more than 13 percent.
 
Fully-electric vehicles accounted for over 17 percent of total sales last year. Including plug-in hybrids, nearly one in four vehicles sold was electrified.
 
We are targeting further growth in e-mobility in 2025. We will hit two major milestones this year: We will reach the total of more than three million electrified vehicles and over 1.5 million BEVs sold since the launch of the BMW i3 and BMW i8.
 
Our customers can choose between over 15 BEVs across all our brands. One example is the new edition of the BMW iX*: The recently presented model update boasts an impressive electric range of over 700 kilometres in the WLTP cycle – with significantly more drive power.
 
That is BMW EfficientDynamics.
Our combination of electrified vehicles and highly efficient combustion engines also has a positive impact on our climate footprint. In 2024, the BMW Group once again outperformed its European CO2 fleet target – by more than 30 grammes. Based on our internal calculations, our fleet emissions fell below 100 grammes per kilometre in the WLTP cycle for the first time.
 
We will continue to ensure that our customers always have access to the latest technology – across all drivetrains. The key to achieving this lies in our production network’s high level of flexibility.
 
That brings me to my second point:
our global footprint.
 
The BMW Group is a true global player. Very few automotive manufacturers have such a comprehensive presence across all relevant economic regions as we do. Be it in sales, research and development, production or our supplier network. This combination gives us a strategic advantage that sets us apart from the competition in an increasingly fragmented world.
 
We remain committed to expanding our local for local approach. We are constantly improving our access to different market regions and strengthening our resilience, especially along supply chains.
One example of this is our high-voltage battery assembly plants in the three major sales regions: Europe, the Americas and China. In total, five new assembly facilities for the next generation of high-voltage batteries are being built near our production sites worldwide – complete with a local supplier network. In this way, we are already creating the necessary conditions today for successful growth in the future.
 
We are gradually adapting our production network to rising sales of electric vehicles. Late this year, our new plant in Debrecen, Hungary will become our first facility to exclusively produce all-electric vehicles. Our main plant in Munich will follow in 2027.
 
Our production follows the market and our product range aligns with demand. We build roughly the same number of vehicles in our three key market regions of Europe, the US and China as we sell there. This balanced distribution is another key differentiator for the BMW Group.
 
At the same time, Germany and the US serve as key export hubs for us. In 2024, we manufactured over one million vehicles at our plants in Germany. This represents about a quarter of the country’s total car production. 56 percent of these vehicles are then exported outside the European Union.
An impressive proof of the BMW Group's significant contribution to industrial value creation in Germany.
 
In the US, one out of every two vehicles from our Plant in Spartanburg, South Carolina, is exported. Last year, we achieved an export value of over 10 billion US dollars. This once again makes the BMW Group the largest automotive exporter in the United States by value. We benefit from an integrated global economy. That is why we continue to advocate for open markets and free trade.
 
Third point: the performance of our brands.
 
The success of the BMW Group is built on the global appeal and resonance of our four brands. At the same time, we know how to fulfil the specific needs and preferences of our customers in different markets with our products.
 
Last year, our core BMW brand leveraged its strength to the full: In three out of four regions, BMW grew sales and gained market share. This has enabled BMW to maintain its number one position in the global premium segment.
 
BMW performed particularly well in Europe. Italy, Spain, France and the UK led the way, with all reporting double-digit growth rates.
With a six-percent increase, the brand significantly outperformed the overall European market, which only grew by just over one percent.
 
In the US market, we achieved record sales for the second consecutive year. Here, too, the strength of our market-driven approach to drivetrains is delivering results. Thanks to our steadily growing BEV portfolio, we sold more than 50,000 electric vehicles in the US for the first time. With this momentum, we are optimistic about the year ahead, as we celebrate “50 years of BMW North America”.
 
In our markets outside the main sales regions, we also posted growth, in a declining environment overall. In this region, we lead the premium segment in total for the first time ever. The main growth drivers here included the South Korean, Australian and Indian markets.
 
China remains a key market for the BMW Group. In 2024, we sold more than a quarter of all our vehicles there. The market is highly dynamic and characterised by increased competitive pressure. In this environment, BMW maintained nonetheless its position as the number one in its segment with a market share of three per cent. This put us within our target range.
 
In 2024, we delivered over 100,000 BEVs to customers in China for the first time. This makes China our biggest single market for electric vehicles – even though our sales performance there was dampened last year by persistently low consumer sentiment.
 
The high-margin vehicles built by BMW M once again played an important role in our market success in 2024. For the 13th consecutive year, M sales increased. Nearly one in ten BMWs sold carried the letter M. Demand for the sportiest BMW models has continued to grow, especially in China.


2025 is the first year with the complete New MINI Family available. And we will exploit this potential.
 
There are a total of five unique models to choose from – three of them BEVs. The fully-electric MINI models – with the MINI Cooper Electric* leading the way – are being particularly well received. With an increase of 24 percent year-on-year, sales of MINI BEVs also saw highly dynamic growth last year. Nearly one in four MINIs is now powered by an electric heart.
 
In the ultra-luxury segment, Rolls-Royce continues to set the benchmark. At more than 5,700 units, Rolls-Royce sales remain high.
Most notably, the all-electric Spectre exceeded expectations in its first full year of sales. Every third Rolls-Royce sold is now fully-electric.
 
BMW Motorrad also impressed in 2024, achieving a new all-time sales high of over 210,000 units. BMW Motorrad remains the undisputed number one in the global premium motorcycle segment.
 
Ladies and Gentlemen,
 
All of this shows that the BMW Group is well positioned across all brands, drive technologies and segments to continue on its growth path. With our global approach, we have the right answers to challenges worldwide. This has often enabled us to offset fluctuations in demand in individual markets.
 
Now, it is time for Walter Mertl to present the Group Financial Statements for 2024 and look ahead to our goals for 2025.

 
Part II:
 
Ladies and Gentlemen,
 
Growth and innovation – these are two of the main topics we will be focusing on this year. At the same time, we stand on the threshold of a new era.
 
Late this year, we will launch our NEUE KLASSE: a project that is unprecedented in both form and significance in the history of the BMW Group.
 
With the NEUE KLASSE, we will be turning the mobility of the future into reality. Driving dynamics, drivetrain, battery technology, operating concept, digitalisation: We have refined each of these aspects and, in the case of design, even skipped a generation.
 
In this way, we are redefining not only the BMW brand, but also the future of individual mobility.
 
Standing here next to me is the BMW Vision Neue Klasse X: the series version of this vehicle will kick off the NEUE KLASSE. Production will ramp up at our new plant in Debrecen late this year.
After that, the rollout will continue in rapid succession, including a sporty sedan at the core of the BMW brand in 2026.
 
We are deliberately starting out in high-volume segments: We want our innovations to have a broad impact, not just in niche segments.
 
Between now and 2027, we will release more than 40 new or updated BMW models onto the market – from electric to plug-in hybrid to vehicles with combustion engines. Each will have the DNA of the NEUE KLASSE.
 
The NEUE KLASSE is BMW and BMW is the NEUE KLASSE.
 
The NEUE KLASSE is more than just a single vehicle. It marks the beginning of a completely new generation and introduces our technology boosters for the entire brand. Regardless of the drive technology, all future BMW models will benefit from the technologies of the NEUE KLASSE – and, of course, also from the new design language.
 
Allow me to share a few examples of our groundbreaking advances in technology:
 
With the BMW Panoramic iDrive, we are re-imagining our typical BMW driver orientation. The all new BMW Panoramic Vision is the centrepiece. This newly-developed additional Head-Up Display projects content across the full width of the windscreen.
 
Seamless integration of various display and operating elements enables a completely new level of intuitive interaction. From the launch of the very first model of the NEUE KLASSE, all future BMW models will come with BMW Panoramic iDrive.
 
The sixth generation of our BMW eDrive technology will make e-mobility even more appealing to our customers. The new BMW round cells promise 20 percent higher energy density, 30 percent faster charging and at least 30 percent more range. And within just 10 minutes, enough energy for another 300 kilometres can be recharged.
 
For the first time, the Gen6 high-voltage batteries also feature the latest 800-volt technology and enable bi-directional charging. Compared to the current fifth generation, we will reduce the cost of the high voltage battery by 40-50 percent, on a comparable electric range basis.
 
The electronics architecture has also been completely redesigned. Going forward, its four high-performance computers will control key customer functionalities. For example driving dynamics, automated driving and infotainment.
 
These “super-brains” deliver more than 20 times the in-vehicle computing power than current systems. This makes our models future-proof for software and function updates, as well as new AI features.
 
We have also greatly simplified the electrical system, dividing it into four zones, with intelligent control. 600 metres less wiring, a 30 percent reduction in weight and a 20 percent increase in energy efficiency are just some of the improvements we will achieve with this.
 
And, of course, we are also harnessing technical opportunities to take driving dynamics to a whole new level.
 
The BMW Vision Driving Experience showcases the potential of the technologies introduced in the NEUE KLASSE. We are pushing driving dynamics to its physical limits.
 
This highly emotional driving machine will thrill more than just BMW fans.
 
The VDX is the most powerful development prototype BMW has ever built. We are using it to test our “Heart of Joy” – one of the four super-brains in the NEUE KLASSE.
 
We developed the software for the driving dynamics control system entirely in-house. This will be used in all future electric BMW models, setting new standards for dynamic performance and efficiency.
 
It is hard to put into words exactly how it feels behind the wheel. You simply have to experience it.
 
Take a look for yourselves at what our “Heart of Joy” can do, paired with a maximum torque of 18,000 Newton meters.
 
You can't fake that kind of enthusiasm. Our Board of Management already had the chance to drive the series version of the NEUE KLASSE. Let me tell you: We were all equally excited about the driving experience – but not just in terms of pushing the physical limits. Most importantly, we were deeply impressed by the added value our technologies create for our customers in everyday situations.
 
This is truly the next level of Sheer Driving Pleasure.

Ladies and Gentlemen,
 
We first announced the NEUE KLASSE at our Annual Conference back in 2021. Today, just four years later, we are entering the final stretch.
 
Standing next to me is one of the prototype vehicles we have been producing in Debrecen since late last year.
 
What is still hidden under camouflage foil here will be unveiled at the IAA MOBILITY in Munich in early September. There we will present the production model that will be available to our customers.
 
I can already reveal one key detail to you today: this BMW will be released onto the market as the BMW iX3. This is how we continue the success story of the first all-electric BMW X model that has won over BMW fans worldwide since 2020.
 
Testing of the BMW iX3 is in full swing.
 
These impressions show that the next BMW iX3 is a typical X model, and a BMW through and through. As I’m sure you saw at the end of the film: The final phase of development for the sporty sedan, the second NEUE KLASSE vehicle, is also progressing rapidly.
Ladies and Gentlemen,
 
What has always set the BMW Group apart is that we keep our sights set on operational performance in the here and now. At the same time, we lay the foundation for our long-term future success.
 
We will continue to consistently pursue our BMW path – with foresight, customer focus, self-confidence and in the knowledge of our strengths.
 
We are ready. More than ever.
 
Thank you.
 

- Check against delivery –

Statement

Walter Mertl

Member of the Board of Management of BMW AG, Finance

Annual Conference 2025

BMW Welt in Munich, 14 March 2025, 08:00 a.m. CET

Ladies and Gentlemen,

Good morning!

SLIDE: BMW Group in Full-Year 2024

As Oliver emphasized, we continue to follow our course and implement our long-term strategy. At the same time, we are focused on our operational business to consistently deliver on what we say.

The BMW Group proved this once again in Q4 2024:

We successfully reduced inventory impacted by the Integrated Braking System or IBS. And we achieved a sequential improvement in retail sales and profit versus Q3.

For the full year, we achieved our revised guidance in all parameters.

As anticipated, we reached peak levels of R&D and capital expenditure in 2024, particularly to prepare for models of the NEUE KLASSE. Starting this year, both the R&D and capex ratios will decrease meaningfully, as we start production of the NEUE KLASSE and lay the foundation for the long-term success of our company with over 40 new and updated models by 2027.

Through our global positioning and the flexibility of our operations, we can adapt to the geopolitical landscape and short-term market dynamics, proving our resilience.

Let’s take a look at the financial figures for the full year.

2024 was a year of two halves:

While the first half-year was in line with our original planning, sales performance in the second half of the year was impacted by delivery stops in connection with IBS, as well as persistent subdued demand in China. As expected, Q4 marked an improvement on the Q3 result.

SLIDE: BMW Group KPIs in FY24

Group revenues totaled 142.4 billion euros. The moderate decrease compared to 2023 was mainly driven by the decline in sales volume and intense price competition in the Chinese market.

Earnings before Tax at Group level amounted to 11 billion euros – significantly under 2023, but as expected in our adjusted guidance. This resulted in a Group EBT Margin of 7.7% for the year.

SLIDE: BMW Group Segment Performance in FY24

If we look at the key financial results of the individual segments:

Automotive delivered an EBIT of 7.89 billion euros and EBIT margin of 6.3%.

Motorrad had an EBIT of 198 million euros, representing a margin of 6.1%.

Financial Services saw an EBT of 2.54 billion euros and a Return on Equity of 15.1%.

And, finally, Other Entities generated 837 million euros in EBT, while eliminations amounted to a negative 146 million euros.

SLIDE: Automotive Retail Units, BEV Units, Auto Revenue and Auto EBIT in FY24

So, let’s take a look at the Automotive Segment in detail:

For the full year, the BMW Group delivered 2.45 million BMW, MINI and Rolls-Royce vehicles to customers worldwide. This represents a slight decrease of 4% from the previous year, in line with our adjusted guidance.

Market dynamics in China remain weak, which impacted sales performance. However, the BMW brand achieved growth in every other major region.

In Europe, order intake in Q4 improved month by month. In the US, we experienced a strong recovery from IBS in Q4 with growth quarter-over-quarter of just over 50% and year-over-year of 8.9%.

Worldwide BMW Group sales performance in Q4 saw sequential improvement over Q3. Global deliveries grew by nearly a third quarter-on-quarter including double digit growth coming from the mid- and upper-segment together. 

All-electric vehicles remained a key growth driver for us. BEV deliveries totaled over 426,000 units for the year, significantly above 2023 by 13.5%. Overall, BEVs therefore made up 17.4% of total sales.

Our plug-in hybrid vehicles also remained very popular, with over 166,000 units sold in 2024. Electrified vehicles – meaning all-electric vehicles and plug-in hybrids – made up nearly a quarter of total sales.

Revenues in the Automotive segment amounted to nearly 125 billion euros, a decrease of 5.6% from 2023.

Earnings before interest and taxes reached 7.9 billion euros. This resulted in an EBIT margin of 6.3%, which was within our adjusted guidance corridor of 6 to 7 percent for the full year.

Excluding the 1.3 billion euros depreciation resulting from the purchase price allocation of BBA, the Automotive EBIT margin came in at 7.4% for the year.

SLIDE: Automotive EBIT Development in FY24

Looking to the operating result in detail:

Compared to 2023, EBIT for full-year 2024 saw a tailwind of 1 billion euros from the net balance of currency and raw material positions.

Year on year, the net effect of volume, model mix and pricing weighed on Automotive EBIT. The headwind resulted partly from the volume decrease, particularly in China. Pricing headwinds, including the effects of a highly competitive Chinese market and dealer compensation in China, amounted to more than half of the overall decrease of 4.4 billion euros.

The headwind of 1.4 billion euros from Other cost changes was driven by inflation in material costs and supply chain support.

The effect from warranty expenses was a tailwind year-on-year. Overall, lower additions to warranty provisions for specific topics were necessary in every quarter throughout 2024 compared to the previous year. An exception was Q3, due to the impact of IBS. For the full year 2024, the P&L impact of quality issues trended in a positive direction year-on-year, as planned.

SLIDE: R&D Expenditure in FY24

SLIDE: Capital Expenditure in FY24

Our R&D activities and investments focused on our ongoing electrification and digitalization strategy across the entire portfolio. As anticipated, R&D and capital expenditure reached peak levels in 2024 – both in absolute terms and in ratio.

Group expenditure for research and development for the full year reached 9.1 billion euros, compared to 7.8 billion euros in 2023. The R&D ratio according to the German Commercial Code was 6.4%, 1.4 percentage points more than in 2023.

Group capital expenditure totaled 9.1 billion euros, an increase from 8.8 billion euros in 2023. This resulted in a capex ratio of 6.4%, compared to 5.7% in 2023.

As we begin to rollout models of the NEUE KLASSE, we will see a decline in R&D and capex. This means in both absolute and relative terms, back towards our strategic corridors of between 4 to 5% for R&D and less than 5% for Capex by 2027 at the latest.

SLIDE: Automotive Segment Free Cash Flow in FY24

Turning to free cash flow – as you know, we steer this on an annual basis.

Starting with EBT delivering a full year result of 7.5 billion euros, working capital contributed positively with 200 million euros to free cash flow. Whilst inventory levels had risen due to sales stops related to IBS in Q3, we managed to successfully reduce stock by 5 billion euros in Q4. As a result, year-end inventory reached nearly the same level as it was at the beginning of the year.

For the full year, the net effect from capital expenditure and depreciation reduced free cash flow by 3.3 billion euros.

The development of provisions reduced free cash flow by 700 million euros.

The position “Other” reflects several positive effects, including interest received.

In line with our adjusted guidance, free cash flow reached 4.9 billion euros in 2024.

This is even after we invested 18.2 billion euros: 9.1 billion euros in CapEx and another 9.1 billion euros in R&D, paving the way for our future, and demonstrating our financial strength.

This strength is underscored by our Automotive net financial assets, which benefitted from the strong development of free cash flow in the fourth quarter. At year end, the Automotive NFA came in at almost 46 billion euros, which is around the same level as the start of the year.

SLIDE: Financial Services Segment in FY24

Moving on to the Financial Services Segment.

New business development in the segment remained robust throughout the year. A total of almost 1.7 million new financing and leasing contracts were concluded, a solid year-on-year increase of nearly 10%.

Overall, new business volume even increased significantly by 12.5% to 64.5 billion euros, due to higher average financing volume per vehicle.

Penetration rates for lease and loan offerings rose by 4.4 percentage points, reaching 42.6%. Without China, the penetration rate was over 50%, with growth in particular in the US and the UK.

Segment earnings before tax amounted to 2.54 million euros and were therefore significantly lower than the previous year. This was mainly due to higher credit and residual value risk costs than in 2023, but well within our expectations. We continue to see gains from the sale of off-lease vehicles, yet at lower levels due to market dynamics.

The credit loss ratio of 0.26% across the entire credit portfolio was well within our expectations and below industry levels.

Return on Equity for the full year reached 15.1%, within our adjusted guidance range of 15 to 18%.

Ladies and Gentlemen,

In our BMW Group Report, you will note that we have voluntarily adopted the full European Sustainability Reporting Standards for the first time as the framework for reporting all sustainability-related disclosures in our combined non-financial statement.

The BMW Group only reports on sustainability topics that have been assessed as “material” according to ESRS. However, this does not mean that topics which are assessed as “not-material” are necessarily less important.

We view sustainability holistically and as a competitive advantage. That is why we disclose our sustainability performance to our investors and customers.

You will note that the implementation of ESRS requirements have contributed over 100 additional pages to our Report. Due to the company-specific materiality assessment, comparability between companies remains limited – even within the same industry.

Indeed, it can be questioned how much value the additional scope and limited comparability offer to stakeholders. Accordingly, we welcome the proposed regulatory changes in the draft of the so-called Omnibus package and look forward to the draft updates and reduced scope of the ESRS.

Ultimately, we want added value for our stakeholders – meaning relevant and concise information. It’s not just about reporting and compliance.

SLIDE: Proposed Dividend and Payout Ratio

One important element of our stakeholder orientation is our shareholder return strategy, which the BMW Group remains committed to.

The Board of Management and the Supervisory Board will propose a dividend of 4.30 euros per share of common stock and 4.32 euros per share of preferred stock to the Annual General Meeting. This results in a total dividend payout of 2.7 billion euros. 

The proposed dividend for 2024 represents a payout ratio of 36.7%. This is within our long-term strategic target range of 30-40% and notably higher than the payout ratio in 2023.

On January 2nd, we began the final tranche of our ongoing second share buyback program, which should be completed by latest April 30th. This will conclude the second program – with 2 billion euros – more than half a year earlier than initially planned.

By this point in time, we will have reduced a total of 47 million shares in circulation since the start of the share buyback authorization in 2022. This corresponds to over 7% reduction in share capital.

At the upcoming AGM, the Board of Management of BMW AG plans to propose an agenda item, seeking a new five-year authorization to acquire treasury shares amounting to up to 10 percent of share capital.

You will have noted that we have made a step change in our approach since 2021. Starting in 2022, we added share buybacks as an additional instrument alongside dividend payments. We have also increasingly used the range of dividend payout corridor. And we increased the share of Automotive free cash flow distributed to shareholders from the previous years’ levels to almost 100% this year.

So, let’s move to the Outlook for 2025.

Looking to the market development:

Due to stabilizing inflation and declining interest rates in many countries, we expect to see a rise in demand.

How will the BMW Group’s sales performance develop this year?

Given the robust economic situation, we anticipate a solid market development in the US. In Europe, we do expect growth driven by electrified vehicles. The market dynamics in China, however, will remain challenging.

For the full year, revenues per vehicle in the Automotive segment are expected to be in the same range as 2024.

Our guidance reflects the current status of our planning, including all the tariff increases in force as of March 12th, 2025.

SLIDE: Outlook 2025

What do we expect for our key performance indicators in 2025?

Let me focus on selected guidance parameters.

In the Automotive Segment we are forecasting a slight increase in deliveries of BMW, MINI and Rolls Royce vehicles.

In terms of profitability, the total impact of the tariff increases in place as of March 12th amounts to approximately 1 percentage point on the Auto EBIT margin. As a result, the EBIT margin is now expected between 5 to 7%. Consequently, Return on Capital Employed in the Automotive segment should be within a range of 9 to 13%.

In the Financial Services segment, we anticipate a Return on Equity of 13 to 16%.

The Group’s pre-tax profit is expected to remain at the previous year’s level.

Starting January 1st, 2025, we have adjusted the outlook range for Group EBT guidance. The existing bandwidth was too narrow to reflect the underlying movements in the segments. For details, please refer to the glossary of the BMW Group Report.

The full outlook for 2025 for all key performance indicators is also available in the BMW Group Report.

For the full year 2025, we expect a free cash flow in the Automotive Segment of over 5 billion euros.

SLIDE: Closing

Ladies and Gentlemen,

The BMW Group remains fully focused on achieving our short-term results without compromising our long-term strategic objectives.

We remain committed to our long-term target corridor of 8 to 10% EBIT margin in the Automotive Segment.

To that end, we are constantly enhancing our operational business to ensure we achieve our strategic priorities and optimize our returns.

So, after the peak in 2024, we not only expect to see a turnaround in R&D expenditure and CapEx in 2025, but also a turnaround in operational costs. And here I mean a cost decrease in nominal terms, covering the effects of inflation. This will become visible over the course of the year.

At the BMW Group, strong brands and emotional products have long built the foundation of our success.

With the technological boost from the NEUE KLASSE across the entire portfolio, we look forward to seeing the benefits from our investments start hitting the road later this year.

Munich/Landshut. The BMW Group is presenting its next leap forward in the field of electric drive technology – and in the process ushering in a new era of all-electric driving. At the Tech Days event in Landshut, the company has provided some initial insights into the development and production of high-voltage batteries and electric drive systems using the sixth generation of BMW eDrive technology. Every fully electric Neue Klasse vehicle will enjoy the benefits. The first Neue Klasse model will go into series production later this year at Plant Debrecen in Hungary. Below is an overview of the technology highlights:

• The Energy Master intelligent central control unit on the high-voltage battery – developed by the BMW Group and produced at Plant Landshut.
• A new high-voltage battery concept that, together with the BMW cylindrical cell, promises to bring about a technological quantum leap – including significant improvements in energy density, charging speed and range.
• The BMW Group also demonstrates its technology-openness with electric drive systems – through the use of different electric motor types: SSM and ASM.
• A modular approach to electric motor production gives the BMW Group an exceptional degree of flexibility.
• The BMW Group pools together expertise from the entire electric mobility value chain in Bavaria and Austria – from development, via purchasing and production, to recycling.
• The BMW Group demonstrates both technology-openness and full expertise across all areas of electric mobility.

Adopting a technology-open approach while setting the pace in electric mobility

“For the BMW Group, electric mobility is the future and a key area of growth. We are leading the way with this drivetrain technology. At the same time, we are deliberately taking a technology-open approach, recognizing that mobility needs vary between different regions of the world,” explains Dr Joachim Post, Member of the Board of Management of BMW AG, Purchasing and Supplier Network. “We want to offer our customers the best drive concept for every need. It is possible to do both: offer the best drive technology for every need and be at the forefront of electric mobility.”

Slimmer, faster, further: the high-voltage batteries for Gen6

With the new sixth-generation BMW eDrive technology (Gen6 for short), the BMW Group is making a technological quantum leap. Improvements on the product side include a 30% faster charging speed and 30% increase in range, with certain models achieving even higher figures. Added to which, the Gen6 high-voltage battery concept benefits from the new 800V technology. Gen6 will make its debut this year in the Neue Klasse and subsequently be used to drive models across the BMW Group’s fully electric product range. The concept for the Gen6 high-voltage batteries is fundamentally new and will find applications in all vehicle segments – right up to the high-performance models from BMW M GmbH. Its new, even slimmer design allows the high-voltage battery to be integrated into a spread of different models, regardless of vehicle height. The high-voltage battery takes on the role of a structural component in the bodies of the Neue Klasse models (“pack-to-open-body”), and the new cylindrical cells will be integrated directly into the high-voltage battery (“cell-to-pack”). The new BMW cylindrical cell has a 20% greater energy density than its predecessor, the Gen5 prismatic battery cell. And charging in both directions will be possible: the BMW Group has confirmed bidirectional charging as standard for Gen6.

Highly intelligent central control unit: the BMW Energy Master

All of the elements that enable this technological leap forward come together in the BMW Energy Master. This central control unit is positioned on the high-voltage battery and provides the interface for high- and low-voltage power supply and for data from the high-voltage battery. It also controls the power supply for the electric motor and vehicle electrical system and ensures the safe and intelligent operation of the high-voltage battery. The BMW Group has filed a whole series of new patent applications for the vehicle electrical system, including its electronic fuses. Both the hardware and software of the Energy Master were developed fully in-house at the BMW Group. This ensures technological developments and updates for vehicles can be implemented independently and in real time via Remote Software Upgrades, providing a particular benefit for customers.

“Local for local” approach for high-voltage battery assembly and supplier network

The high-voltage batteries for the Neue Klasse are assembled in five new production facilities that the BMW Group has located close to its vehicle plants as part of a “local for local” approach. For example, cutting-edge assembly locations for Gen6 high-voltage batteries are taking shape in Irlbach-Straßkirchen (Lower Bavaria), Debrecen (Hungary), Shenyang (China), San Luis Potosí (Mexico) and Woodruff, near Spartanburg (USA). This approach safeguards production even in the event of unforeseen political and economic events. In addition, the existing locations are being strengthened, with jobs both secured and created. The “local for local” principle continues in the supplier network for battery cells: in order to cover the demand for Gen6, the BMW Group has reached contractual agreements for five battery cell factories – spread across Europe, China and the USA – with various partners.

“Cell-to-pack” and “pack-to-open-body”

Production of the Gen6 high-voltage batteries follows the “cell-to-pack” and “pack-to-open-body” principles. “Cell-to-pack” involves positioning the cylindrical cells – manufactured by the suppliers according to BMW Group specifications – directly in the housing of the high-voltage battery, without the intermediate step of a module being produced. “Pack-to-open-body” refers to the high-voltage battery’s new role as a structural component in the vehicle architecture. Numerous innovations patented by the BMW Group can be found here.

Know-how from Bavaria and Austria – in demand around the world

Before series production of the high-voltage batteries gets underway worldwide, the production processes will be developed and pre-series batteries subjected to thorough testing. This will happen at the BMW Group pilot plants for high-voltage batteries in Parsdorf, Hallbergmoos and Munich. The new series production plants around the world will then be ready. The product and process expertise is centred in Bavaria. Production of the Energy Master will take place at Plant Landshut, which will then supply all the high-voltage battery assembly plants around the world. There, the highly intelligent control unit will be installed on the high-voltage battery. The electric motor with sixth-generation BMW eDrive technology is produced at Plant Steyr in Austria, which is also home to a development centre for electric drive systems and thermal management.

Production of the Energy Master at BMW Group Plant Landshut  

A state-of-the-art production system for the BMW Energy Master is taking shape at Plant Landshut. The plant is currently producing the highly complex control unit in pre-series. Series production on the first production line will begin in August 2025, with a further expansion stage to follow in mid-2026. This is the first time the development and production of this central control unit has taken place in-house at the BMW Group. “As the company’s largest in-house component manufacturer, Landshut plays an important role for the Neue Klasse,” says Dr Joachim Post. “The plant is an innovation hub and a driver of transformation.” Around 200 people will be employed in the Energy Master production area at Landshut when production begins, rising to as many as 700 people as it ramps up further. The BMW Group has channelled investment in the high hundreds of millions of euros into the expansion of electric mobility at Plant Landshut since 2020, strengthening both the production facility itself and Germany’s status as an industrial powerhouse for the long term. The modular manufacturing system used to produce the Energy Master was also designed fully in-house by the BMW Group. It is supplied with subcomponents by a supply chain set up by the BMW Group. This extends to the n-tier supply chain for supply-critical components such as semiconductors. The benefits of this set-up can be seen in terms of both costs and supply security. The scalable production system enables the company to respond quickly and flexibly to market requirements. The high degree of automation, involving up to 400 robots in the final expansion stage, maximises efficiency. Comprehensive in-process monitoring, which includes the use of AI-based camera systems, and 100-per-cent end-of-line system checks in a clean-room environment ensure optimum quality.

Different recycling processes within the value chain

As electric mobility ramps up, there is an increasing focus on recycling of high-voltage batteries at the end of their lifecycle. Under a long-term partnership with SK tes – a leading provider of innovative technology lifecycle solutions – cobalt, nickel and lithium from end-of-life batteries are recovered from the BMW Group and integrated into the supply chain for the manufacture of new batteries. This closed-loop approach increases the efficiency and resilience of the BMW Group as part of a circular economy. The BMW Group will follow a similar path in the USA, Mexico and Canada up to 2026 with a separate partnership.

Innovative direct recycling at the BMW Group

The BMW Group is also exploring other recycling options in the value creation process. One example of this is the direct recycling method developed in-house. The BMW Group is working with its joint venture Encory to set up a competence centre for battery cell recycling in Lower Bavaria, where the company will put its direct recycling ideas into practice. This innovative process will enable residual materials from battery cell production and whole battery cells to be mechanically broken down into their valuable constituent components. The raw materials obtained in this way will be re-used directly in the pilot production process for battery cells at the company’s competence centres.

Technology-open approach for electric mobility: the new e-drive system of Gen6

The BMW Group has retained the principle of an electrically excited synchronous motor (EESM) for its Gen6 power unit. On this type of synchronous motor, the magnetic field in the rotor is generated by windings fed with direct current rather than permanent magnets. In this way, the strength of the rotor’s magnetic field can be optimally adjusted to the prevailing load conditions. This results in both excellent levels of efficiency at customer-relevant operating points and constant power output at high rotational speeds. As with the Gen5 version, the synchronous motor will be positioned above the rear axle and feature a compact housing incorporating the electric drive unit, power electronics and transmission. Many of the motor’s technical details were created with the help of patented expertise, with the non-potted rotor alone accounting for more than ten patent applications.

Neue Klasse additionally incorporates ASM technology

The Gen6 powertrain employs a second, additional electric motor technology in the form of the asynchronous motor (ASM). Here, instead of being generated by permanent magnets (PSM) or electrical excitation (EESM), the rotor’s magnetic field is induced by the stator. On this type of motor, the rotor takes the form of a metal cage. The asynchronous motor offers the advantage of a more compact design and superior cost efficiency. The ASM motor variants will be fitted at the front axle of Neue Klasse cars with BMW xDrive.

Extensive improvements to EESM technology

Besides the addition of ASM technology, the EESM technology has also undergone a major upgrade for Gen6: rotor, stator and inverter have all been fully designed for the new 800V architecture of the Gen6 tech in order to maximise drive system performance and efficiency. This has been further helped by a complete redesign of the oil and water cooling systems. In addition to this, the experts from the BMW Group have also succeeded in improving the electric motor and central housing in terms of their weight and rigidity too. The transmission still uses a two-stage helical design, but has been further optimised by enhancements to its geometry and cooling, lower friction levels and more pleasant acoustics. The electrically excited synchronous motor’s “brain”, the inverter, now features 800V technology along with silicon carbide (SiC) semiconductors to boost efficiency. The inverter is completely integrated into the electric motor’s housing. Its task is to convert the DC power supply from the high-voltage battery to AC for use in the electric motor. The inverter was developed in-house by the BMW Group and is produced at Plant Steyr in Austria.

Lower weight, costs and energy losses – greater efficiency in the vehicle

The results obtained from intelligently incorporating new technologies into the electric powertrain while consistently enhancing existing systems make impressive reading. When compared to a Gen5 xDrive model, a future Neue Klasse model complete with EESM and ASM technology boasts the following improvements: energy losses have been reduced by 40%, costs by 20% and weight by 10%. By combining different types of electric motor, the BMW Group’s technology-open approach is therefore clearly in evidence within the field of electric mobility. In future, customers will be able to choose from models equipped with one, two, three or four electric motors to suit their individual preferences and requirements. The sixth generation BMW eDrive technology is a significant factor in the gain in overall vehicle efficiency of around 20 per cent for the Neue Klasse. This figure is based on a comparison with the current generation of all-electric vehicles from the BMW Group.

Modular concept provides crucial advantage for manufacturing electric motors

The manufacturing concept for the Gen6 electric drive system uses the principle of modular building blocks. This forms the basis for highly flexible manufacturing of various electric drive variants across the entire Neue Klasse model range. The modular "building block” concept leads to positive economies of scale and cost savings in development and production. It also has the effect of improving the scalability of production volumes. The modular approach ensures a high degree of flexibility in production, the supply networks and procurement.

The Gen6 electric drive systems: made in Steyr

Series production of the Gen6 electric drive systems will commence at BMW Group Plant Steyr in summer 2025. Pre-production already got underway at the Austrian facility in September 2024. The pre-production motors are undergoing rigorous testing and some are already being fitted in Neue Klasse test vehicles from Plant Debrecen. By 2030, the BMW Group will have invested over one billion euros at the site since the project’s launch in 2022 to expand its development and production expertise for electric drive systems. Thanks to the increase in capacity, the plant will retain its status as the BMW Group’s leading facility for drive systems. The plant has been developing and building combustion engines for the BMW and MINI brands for over 40 years. Plant Steyr’s many years of experience and high level of expertise in the field of drive systems make it the ideal site for manufacturing the Gen6 electric motors. It has an annual production capacity of 600,000 electric drive units. Diesel and petrol engines continue to be manufactured there alongside the electric motors. By 2030, around half of the on-site employees should be working in electric mobility – a vital step for safeguarding the more than 4,700 jobs at the plant in the long term. In future, all key components of the innovative, highly integrated electric drive unit – i.e. the rotor, stator, transmission, inverter and housing – will be produced at Steyr. This will include manufacturing the inverters in an in-house clean room environment for the first time, thereby taking the engine plant into the realm of electrical engineering. The electric drive components will be built on two new assembly lines at Steyr.

Thermal management: complex interaction, crucial for performance
Thermal management involves highly complex interaction between various systems in an electric vehicle and is of critical importance for a host of performance parameters, including range, real-world consumption, acceleration and charging time. Thermal management is a question of constantly keeping the temperature of the electric motor, power electronics and high-voltage battery in the optimum range, while maintaining standards of passenger comfort at the same time. Efficient thermal management is important for fast charging too. Here, the battery temperature must be kept within a defined window in order to make optimum use of the available charging capacity. Unlike combustion engines, electric motors give off little heat. This means that, depending on the operating state, the battery and the passenger cell have to be not only cooled, but heated too. The Steyr site develops the thermal management systems for all electric vehicles from the BMW Group. The plant’s development centre is also responsible for the brain at the heart of the electric motor – the inverter.

BMW Group Plant Landshut – a multi-talented component manufacturer

BMW Group Plant Landshut is the BMW Group’s largest component plant anywhere in the world, supplying components to all the company’s vehicle and drive system plants. Its workforce of around 3,700 employees produces a broad spectrum of cutting-edge components for vehicles from the BMW Group. Working closely with the BMW Group’s Research and Innovation Centre (FIZ) in Munich, Plant Landshut plays a pivotal role as a hub of innovation for the automotive industry. It develops pioneering technologies and manufacturing processes that serve to maintain the company’s competitive edge. Over the course of the Neue Klasse project, the site is investing some €200 million in its light metal foundry to increase annual production capacity for the electric motor housings. The Injector Casting (ICA) process developed and patented in Landshut is a prime example of the plant’s innovative strength. This globally unique process is used to manufacture the electric motors’ highly complex aluminium housings that set new standards for lightweight design and functional integration.

In the event of enquiries please contact:

Corporate Communications

Christian Marxt

Spokesperson Production Network, Powertrain and High-voltage Batteries

Mobile: +49-151-601-79158

E-mail: Christian.Marxt@bmwgroup.com

Carolin Seidel

Spokesperson BMW Group Plant Landshut

Mobile: +49-151-601-90340

E-mail: Carolin.Seidel@bmwgroup.com

Florian Moser

Team Lead Purchasing and Supplier Network, Spokesperson Dr Joachim Post

Mobile: +49-151-601-62847

E-mail: Florian.Moser@bmwgroup.com

Bernhard Ederer

Spokesperson Drive Technology, Battery, Charging, Efficient Dynamics

Mobile: +49-176-601-28556

E-mail: Bernhard.Ederer@bmwgroup.com

Diana Schaidnagel

Spokesperson Sustainability

Mobile: +49-151-601-38407

E-mail: Diana.Schaidnagel@bmw.de

The BMW Group

With its four brands BMW, MINI, Rolls-Royce and BMW Motorrad, the BMW Group is the world’s leading premium manufacturer of automobiles and motorcycles and also provides premium financial services. The BMW Group production network comprises over 30 production sites worldwide; the company has a global sales network in more than 140 countries.

In 2024, the BMW Group sold 2.45 million passenger vehicles and more than 210,000 motorcycles worldwide. The profit before tax in the financial year 2023 was € 17.1 billion on revenues amounting to € 155.5 billion. As of 31 December 2023, the BMW Group had a workforce of 154,950 employees.

The economic success of the BMW Group has always been based on long-term thinking and responsible action. Sustainability is a key element of the BMW Group’s corporate strategy and covers all products from the supply chain and production to the end of their useful life.

Singapore. MINI Asia and Eurokars Habitat today previewed the all-new MINI Cooper Convertible at the Singapore Motorshow 2025, alongside the new MINI family. The unique spirit of MINI is further fanned with the MINI Countryman on display, featuring an array of MINI Original Accessories to inspire adventurers. From 9-12 January 2025, visitors can discover these models at the BMW Group Pavilion at Suntec City Convention Centre (Level 4, Booth 4217 and 4218).

“We are thrilled to bring open-top fun to the Singapore Motorshow,” said Daren Ching, Head of MINI Asia. “The all-new MINI Cooper Convertible takes the fun-loving spirit of MINI to the next level with a fully retractable soft top – a unique offering in the premium small car segment – and we cannot wait to fully introduce it to you later this year.”

The 1,175 sqm BMW Group Pavilion, the largest presence ever for both BMW and MINI brands at the Singapore Motorshow is showcasing a first-ever two-level booth with the New Owners Lounge located on the Mezzanine Level, curated food and beverage offerings, and more. “From designer apparel to personalisation options and exclusive merchandise, there is something for everyone at our booth to show their big love for MINI,” added Ching. This BMW Group Pavilion is the result of close collaboration and investment across all BMW Group Dealer Partners in Singapore – Performance Motors Limited, Eurokars Auto, and Eurokars Habitat.

“Finally, we have exciting news for all MINI fans – the exhilarating all-new MINI John Cooper Works models are coming real soon, so please stay tuned. The heart of MINI will beat stronger than ever this year!” concluded Ching.

The all-new MINI Cooper Convertible.

The new generation of the MINI Cooper Convertible rounds off the current MINI family with a model that is full of unique features. The open-top four-seater combines space-saving proportions with fascinating open-air driving fun. The fully automatic soft top can be opened in two ways: either like a sunroof or fully retracted with the touch of a button at speeds of up to 30km/h. The soft top disappears behind the rear seats to save space and can also be conveniently stowed in the luggage compartment when folded down. The all-new MINI Cooper Convertible has a 2.0-litre four-cylinder petrol engine with a power output of 204 hp and maximum torque of 300 Nm. It accelerates from 0 to 100 km/h in 6.9 seconds and has a top speed of 237 km/h.

New Owners Lounge.

As part of the BMW Group Pavilion, new owners who purchase a MINI at the Singapore Motorshow will be able to enjoy the elegant lounge on the upper level of the booth, elevating the start of their ownership journey. Exclusive perks include curated food options, exclusive cocktails and mocktails, and an opportunity to engrave their new owner’s gift – an 18oz Ace Bottle from Montigo. New owners will also have a chance to capture their first moments with their new MINI using 3D-rendering software that will provide almost photo-realistic quality visuals of their vehicle.

MINI Lifestyle.

For the first time ever, limited-edition MINI Surprise Boxes will be on sale during the Motorshow. Five boxes with MINI Lifestyle merchandise, worth over S$200, will be up for grabs at flash sales occurring at 1:15pm and 5:15pm daily from Friday, 10 January to Sunday, 12 January. The surprise boxes will retail at S$88 nett. Additionally, an Ultimate Surprise Box worth more than S$300 will be up for grabs at each time slot.

Additional MINI Lifestyle offers include:

• 15% off regular priced lifestyle products for current MINI owners by simply flashing their cat key at the payment counter.
• 10% off regular priced merchandise for regular members of the public.
• His & Her T-Shirt Bundle: Two MINI Embossed Wing Logo T-Shirt or MINI Car Face Detail with a discount of 20% at S$188.
• Beat The Rain Bundle: MINI Cap, MINI Foldable Umbrella, or MINI Stick Umbrella with a discount of 21% at S$140.
• Thirst Quenchers Bundle: MINI Travel Mug, MINI Cup, and MINI Water Bottle with a discount of 20% at S$84.

MINI at the Motorshow.

Customers who purchase a petrol-engine MINI at the Singapore Motorshow 2025 will receive complimentary 7 years’ worth of extended warranty and service inclusive, while purchases of all-electric MINI will receive complimentary 5 years’ worth of warranty, 8 years of service inclusive, and 8 years’ worth of battery warranty.

Current MINI owners can also refer friends and family interested in purchasing a MINI and receive shopping vouchers worth up to S$700, for each successful referral. Customers who purchase a MINI at the Singapore Motorshow 2025 will qualify for the Sure-Win Gachapon, where prizes like S$500 worth of MINI Lifestyle vouchers, a sunset dinner cruise by Tallship for two adults, and a MINI Cabin Luggage worth over S$500 are up for grabs.

Model showcase.

• MINI Cooper
• MINI Cooper Convertible
• MINI Aceman
• MINI Countryman

                                                                        -End-

Singapore. BMW Asia returns to the Singapore Motorshow 2025, with the launch of three special models in response to growing customer needs in the market: the BMW 530i Signature, the all-new BMW 1 Series (CAT A COE hatchback), and the Singapore Motorshow premiere of the all-new BMW X3. From 9-12 January 2025, visitors can discover these models at the BMW Group Pavilion at Suntec City Convention Centre (Level 4, Booth 4217 and 4218).

“We are excited to introduce models that represent the best of each body style – hatchback, SAV and sedan,” said Lars Nielsen, Managing Director, BMW Group Asia. “The BMW 530i Signature is available for the first time in Singapore and expands the BMW 5 Series range to four variants. The all-new BMW 1 Series, now in its fourth generation, increases our Cat A COE offerings and welcomes a stylish new era of premium hatchbacks. Finally, the all-new BMW X3, BMW’s global best-selling model in 2023, is the ideal companion for families and active individuals alike thanks to its versatility and comfort.”

The 1175 sqm BMW Group Pavilion, the largest presence ever for both BMW and MINI brands at the Singapore Motorshow, showcases a first-ever two-level booth with the New Owners Lounge located on the Mezzanine Level, curated food and beverage offerings, and more. This impressive space is the result of close collaboration across all BMW Group Dealer Partners in Singapore – Performance Motors Limited, Eurokars Auto, and Eurokars Habitat.

“The Singapore Motorshow isn’t just an automotive show for us,” said Claudia Wieshuber, Director of Marketing, BMW Asia. “It’s an opportunity to kick-off the new year, welcome old and new customers to see our latest models, engage them in a variety of activities and leave them with memorable experiences. We’ve worked tirelessly with our partners to ensure all our customers have the best experience possible when they visit the BMW Group Pavilion and we hope we’ve raised the bar for us and others moving forward.”

2025 also marks BMW Group Asia’s 40^th anniversary in Singapore. “This is a milestone for us and one we plan to celebrate throughout the year,” said Nielsen. “We have grown as an organisation, and with our partners in the markets, to be where we are today. We are committed to further developing our Importer Markets across the Southeast Asian, South Asian and Pan Pacific regions and securing our position as the number one premium brand.”

The all-new BMW 1 Series.

The pioneer of driving pleasure in the premium compact segment is entering its fourth model generation. With a dynamic design presence, a completely revised drive portfolio, and extensively improved chassis technology, the three-cylinder petrol engine has a maximum power output of 122 hp and is combined with the latest version of the 7-speed dual-clutch transmission Steptronic as standard. Power is transmitted to the road via the front wheels, and the vehicle accelerates from 0 to 100 km/h in 9.8 seconds.

The all-new BMW X3.

A new design language gives the fourth generation of the Sports Activity Vehicle (SAV) for the premium midsize segment enhanced exterior presence and an aura of dynamic grace. The portfolio of powertrains comprises not just highly efficient 2.0-litre petrol engines in the form of the all-new BMW X3 20 xDrive which generates a maximum output of 208 hp, but in the range-topping all-new BMW X3 M50 xDrive, featuring the most powerful six-cylinder in-line petrol engine yet fitted in an M Performance model. Its maximum output of 398 hp is channelled to the road via an eight-speed Steptronic Sport transmission and BMW xDrive intelligent all-wheel drive.

The BMW 530i Signature.

The BMW 530i Signature provides customers with another engine option for the popular business sedan. Increased engine output sees the drive unit generate a maximum power output of 258 hp and a maximum torque of 400 Nm. The acceleration figures from zero to 100km/h are 6.2 seconds. M Sport stylings on the exterior and interior of the car come as standard, paired with a refined and luxurious cabin that features open-pored fine-wood trim in Grey Blue Ash. 60 units of this limited-edition model will be available.

New Owners Lounge.

This year, BMW Asia goes all out with a two-storey booth at the Singapore Motorshow, where the upper level is dedicated to new owners who purchase a BMW at the exhibition. As part of the BMW Group Pavilion, new owners who purchase a BMW at the Singapore Motorshow will be able to enjoy the elegant lounge, elevating the start of their ownership journey. Exclusive perks include curated food options, exclusive cocktails and mocktails, and an opportunity to engrave their new owner’s gift, a 18oz Ace Bottle from Montigo. New owners will also have a chance to capture their first moments with their new BMW using 3D-rendering software that will provide almost photo-realistic quality visuals of their vehicle.

BMW Lifestyle.

For the first time ever, limited-edition BMW Surprise Boxes will be available for purchase at S$88 during the Singapore Motorshow. Five boxes with BMW Lifestyle merchandise, worth more than S$200, will be available at flash sales occurring at 1:15pm and 5:15pm daily from Friday, 10 January to Sunday, 12 January. During each flash sale, an Ultimate Surprise Box worth more than S$500, will also be up for grabs.

Additional BMW Lifestyle offers include:

• 15% off regular priced lifestyle products for Current BMW owners by simply flashing their car key at the payment counter.
• 10% off regular priced lifestyle products for regular members of the public.
• BMW Travel bundle: BMW Pocket Umbrella and BMW Boardcase with a discount of 28% at S$444.
• BMW On-the-go bundle: BMW Logo Cap and BMW Thermo Mug with a discount of 31% at S$111.
• Purchase a BMW M Stick Umbrella for 30% off at S$128 with every purchase of Original BMW Accessories & Lifestyle merchandise.

Fun for all.

Old-school waffles will be filling the stomachs of hungry visitors shopping for their new BMW, with a variety of popular fillings to choose from like black sesame, Nutella, peanut butter, and kaya. This year, BMW Asia has also partnered with Nespresso to bring a coffee bar to visitors for a quick and delicious power up with daily specials customised for the Singapore Motorshow. In addition, balloons with tickets to redeem a free affogato on-site by Nespresso will be distributed to 20 lucky visitors every two hours. To complete the experience, bubble tea from the fan-favourite Koi Thé is available.

Little ones will get to enjoy creative and sustainable fun by colouring in their dream BMW with seed paper and colouring pencils. Once the children are content with their artwork, the seed paper and colouring pencils can be taken home to plant. Made from recycled materials, they contain a variety of seeds that will bloom into stunning herbs and flowers.

Model showcase.

BMW Asia, Eurokars Auto, and Performance Motors are showcasing the following models at the Singapore Motorshow 2025:

1. BMW 116
2. BMW 216i Gran Coupe
3. BMW 216i Active Tourer
4. BMW 318i
5. BMW 530i
6. BMW i4 eDrive35
7. BMW iX2 eDrive20
8. BMW iX3
9. BMW X1 sDrive16i
10.  BMW X3 20 xDrive
11.  BMW M135 xDrive
12.  BMW X3 M50 xDrive

                                                            -End-

- Check against delivery –

Ladies and Gentlemen,

Good morning,

SLIDE 2: BMW Group Half-Year Report to 30 June 2024

The BMW Group remains on track and confirms its targets for 2024, despite the volatile market environment.

After a successful start to the year, we again achieved an EBIT margin for the Automotive Segment within our full year target range of 8-10 percent in the second quarter, thanks to our attractive product portfolio.

At the same time, we are continuing to invest in our future model line-up and securing the company’s long-term competitiveness.

SLIDE 3: Highlights of BMW Group Performance in Q2 2024

As of June, BMW Group global sales remained on par with last year.

The BMW brand grew by 2.3 percent globally or 6.2 percent if we exclude the Chinese market.

Global growth drivers are our all-electric vehicles and models from the upper premium segment, both of which saw a double-digit increase.

The Group EBT margin came in at 10.5 percent for the second quarter and 10.9 percent for the first half-year.

The Automotive EBIT margin reached 8.4 percent in the second quarter and 8.6 percent for the half-year, both within our full year target range of 8 to 10 percent.

Excluding the depreciation resulting from the purchase price allocation of BBA, the margins came in at 9.4 percent for the second quarter and 9.6 percent through six months.

Ladies and Gentlemen,

The BMW Group is committed to maintaining its strategic focus.

We have a clear plan and a long-term strategy that we are implementing systematically.

At the same time, we remain highly flexible in our execution and are able to respond swiftly to market developments.

This enables our operating business to deliver consistently good results.

SLIDE 4: BMW Group in Q2

Let’s take a look at the financial figures in the second quarter in more detail, starting with a brief overview of the Group.

BMW Group revenues were on par with the previous year.

Group earnings before tax totalled around 3.9 billion euros, resulting in a Group EBT margin of 10.5 percent.

SLIDE 5: Automotive Retail Units, BEV Units, Auto Revenue and Auto EBIT

On this slide you can see how the Automotive Segment performed across key figures.

In the second quarter, the BMW Group delivered approximately 619,000 BMW, MINI and Rolls-Royce vehicles to customers.

The BMW brand reported sales growth of 2.2 percent.

MINI, on the other hand, saw a significant decrease from the previous year, due to the planned model changeover across the entire product range.

However, in the second half of the year, the brand will benefit from the ramp-up of the New MINI Family, with the Countryman* and Cooper*, both available in several drivetrains, as well as the all-electric Aceman*.

We continue to see sales growth of our all-electric vehicles.

The BMW Group delivered about 108,000 BEVs to customers in the second quarter. This represents 17.4 percent of our total sales.

Our electrified vehicles – in other words, BEVs, plus plug-in hybrids – accounted for almost 24 percent of total sales in the second quarter.

Segment revenues increased slightly by 1.4 percent.

Adjusted for currency translation effects, revenues saw an increase of 2.1 percent.

The significant growth in all-electric vehicles and models from the upper premium segment contributed to this. The current trend is also expected to have a positive effect on revenues for the remainder of 2024.

Revenue per wholesale unit across the entire product portfolio is expected to be in line with last year’s level.

EBIT for the period from April to June totalled 2.7 billion euros.

The EBIT margin came in at 8.4 percent for the quarter and 8.6 percent for the half-year.

Excluding the depreciation resulting from the purchase price allocation of BBA, the EBIT margin was 9.4 percent for the second quarter and 9.6 percent through six months.

That brings me to the EBIT bridge, to explain in more detail the changes in the operating result, compared to the second quarter of the previous year.

SLIDE 6: Automotive Segment EBIT in Q2

The net balance of currency and commodity positions provided a tailwind of 500 million euros over last year’s second quarter.

For the full year 2024, we anticipate a positive net balance from currency and commodity positions.

This is expected to nearly offset material cost headwinds. However, we see additional requests for supply chain support.

The net balance of volume, model mix and pricing effects in the second quarter was about 300 million euros lower year-on-year.

Volume development and the model mix made a positive contribution to this.

The global price environment for new and used cars continued to normalise in the second quarter.

The Chinese market, in particular, remains highly competitive.

For the full year 2024, we expect the net effect from volumes, model mix and prices to be neutral over last year.

Research and development expenses increased by about 100 million euros compared to the prior-year quarter.

The BMW Group's research and development expenditure remained at a high level through the end of June, totalling almost 4.2 billion euros.

The R&D ratio according to the German Commercial Code was at 5.7 percent after the first six months.

The capitalization ratio for development costs, which is relevant for R&D costs according to IFRS, was 34 percent in the second quarter and 30.8 percent as of June.

Selling and administrative expenses increased by around 100 million euros compared to the previous year, primarily driven by personnel costs and expenses for IT projects.

The headwind of 200 million euros from Other Cost Changes can mainly be attributed to manufacturing costs. Here, inflation in material costs continues to have an impact.

SLIDE 7: Automotive Segment Free Cash Flow in Q2

Free cash flow in the Automotive Segment totalled 1 billion euros in the second quarter.

The change in working capital, amounting to 500 million euros, is largely due to the planned increase in inventory levels. This ensures we can continue to meet global demand for our products in the second half of the year.

The net effect from capital expenditure and depreciation reduced free cash flow by 400 million euros in the second quarter.

Total investments for April to June amounted to around 2.6 billion euros.

The capex ratio came in at 5.8 percent for the second quarter and 4.7 percent for the half-year.

As in the previous years, the major share of capital expenditure will occur in the second half of the year and especially in the fourth quarter.

We expect a capex ratio of more than six percent for the full year.

Changes to provisions positively impacted free cash flow in the second quarter by around 100 million euros.

The change in the position Other of around 800 million euros mainly reflects regular tax payments.

After the first six months, Automotive Segment free cash flow had reached just over 2.3 billion euros.

The difference in free cashflow compared to 2023 is due to the capex increase of around 1 billion euros.

We expect to see a positive contribution from a reduction in working capital.

For the full year, we are targeting a free cash flow of over six billion euros.

Since 2022, we have made a paradigm shift in our shareholder return strategy by adding a share buyback programme that supplements our annual dividend payout.

In doing so, we have increased the payout ratio of Automotive Free Cashflow by paying dividends in our target corridor of 30 to 40 percent as well as using the share buyback program.

BMW AG is continuing with its share repurchase programme as planned. At the end of June, it had acquired shares equivalent to 5.51 percent of the existing share capital as of June 30th.

The second tranche of the second programme, totalling 500 million euros, was completed in June.

The third tranche of 500 million euros, which began in June, will be concluded no later than December 31st.

By the end of 2024, BMW AG will have repurchased shares valued at 1.5 billion euros as part of the second programme, which amounts to 2 billion euros.

SLIDE 8: Net Financial Assets

Ladies and Gentlemen,

The BMW Group has a solid and robust balance sheet, confirming the company's considerable financial strength.

This is also underscored by our net financial assets in the automotive business, which totalled just over 43 billion euros.

Starting with the Half-Year Report 2024, we are changing the way we report net financial assets in our automotive business.

In addition to the Automotive Segment’s NFA that was previously reported, the new figure also includes the NFA of holding companies within the Other Entities Segment, which receive regular distributions from their subsidiaries.

I trust that this new, comprehensive definition of Net Financial Assets provides you with useful additional information.

SLIDE 9: Financial Services Segment in H1

Let’s move on to the Financial Services Segment.

Here, the positive trend in new business continues – for financing of both new and used vehicles.

A total of about 850,000 new leasing and credit financing contracts were concluded in the first half-year. This represents a significant increase of 16.5 percent year-over-year.

The volume of new business, encompassing all new credit financing and leasing contracts, climbed 18.2 percent to around 32 billion euros.

This positive development in new business is also reflected in the portfolio. The total value of all contracts managed surpassed 143 billion euros for the first time.

Segment earnings amounted to just under 1.5 billion euros. This year-on-year decrease of 13.1 percent resulted mainly from lower income from the resale of end-of-lease vehicles, which reflects the continued normalisation of the used car market.

During the reporting period, the credit loss ratio for the entire credit portfolio was 0.25 percent (2023: 0.15 percent).

The segment’s overall business performance was better than anticipated. For this reason, we are raising our full-year guidance for Return on Equity (RoE) from a range between 14 and 17 percent to a range between 15 and 18 percent.

SLIDE 10: Motorcycles Segment in Q2

In the Motorcycles Segment, second-quarter deliveries increased by 2.6 percent compared to the prior-year quarter.

EBIT in the second quarter totalled 110 million euros, with an EBIT margin of 11.1 percent.

SLIDE 11: Outlook 2024

Ladies and Gentlemen,

the BMW Group is on course to meet its targets for the year.

The market development in China in the first half of this year has not met our expectations.

We expect that the various measures taken by the government, including the cut in lending rates in July, will lead to a stabilisation of the market starting in the third quarter.

Our overall business environment will remain challenging throughout the rest of the year.

Our guidance assumes that geopolitical and macroeconomic conditions will not deteriorate.

Group earnings before tax will decrease slightly.

We expect to see a slight increase in demand, with sales in the Automotive Segment slightly higher than the previous year. The percentage of all-electric vehicles will increase significantly.

We are targeting an EBIT margin between 8 and 10 percent and a Return on Capital Employed (RoCE) between 15 and 20 percent.

Deliveries are projected to increase slightly in the Motorcycles Segment. The EBIT margin should come in between 8 and 10 percent, with a Return on Capital Employed (RoCE) between 21 and 26 percent.

In the Financial Services Segment we are now forecasting a Return on Equity (RoE) in the range of 15 to 18 percent for the full year.

SLIDE 12: BMW Group with Consistent Strategy and Focused Execution

Ladies and Gentlemen,

The BMW Group is pursuing a clear strategic approach, focused on long-term success.

Our company maintains a globally balanced footprint. We are leveraging this balance and the high flexibility of all our systems to mitigate market volatility and consistently provide our customers with the best products to suit their needs.

We continue to systematically implement our electrification and digitalisation strategy and make targeted investments in our future model line-up.

In 2024, we are setting a decisive course for our future. Research and development spending and capital expenditure will therefore respectively peak, as planned.

We expect our R&D ratio for the full year to exceed five percent, with a capex ratio of more than six percent.

Despite these high upfront investments, we were still able to deliver a solid financial performance in the second quarter, thanks to our attractive product range.

Across global markets, we are carefully steering our performance in line with individual market conditions.

At the same time, we are maintaining a high level of cost discipline.

Whether manufacturing costs, fixed costs, or capital expenditure: at the BMW Group, we have always constantly optimized our cost structures and will continue to do so.

I am confident that our clear long-term strategy, combined with focused execution in our operational business, will keep us competitive and successful – both now and in the future.

Thank you.

- Check against delivery –

Ladies and Gentlemen,

In the past few days, several automotive manufacturers have released their half-year results: A glance at the numbers shows just how differentiated our industry is.

The basic principles are the same for everyone – which reveals even more clearly how different strategic approaches are performing in the current environment. All those who are broadly diversified are reaping the benefits.

Our own ambitions are underlined by the first six months: In the face of headwinds, we can capitalise on our competitive strength in the market.

In the first half of 2024, BMW Group deliveries were at the same high level as the previous year. Our core BMW brand is growing.

In terms of financial performance, we also deliver consistently high profitability.

For the past ten consecutive quarters, our EBIT margin in the Automotive Segment has been within our strategic target range of eight to ten percent, or higher.

At 10.9 percent, the Group EBT margin once again outperformed our strategic target of 10 percent.

Above all, our all-electric vehicles and models in the higher-priced upper segments of our BMW and BMW M brands remain in very high demand.

In our view, e-mobility will continue to be the core drive technology of the future and our primary growth driver.

We anticipated this development early – which is why we have one of the most comprehensive and attractive EV portfolios in the marketplace today. We already offer at least one BEV model in nearly every segment that is relevant for us.

This wide-ranging offering lays the foundation for our continued dynamic growth in BEVs – even in the current more challenging market environment.

In absolute terms, BMW comes in a strong third in electric vehicle sales among all OEMs worldwide.

Our impressive performance in ramping up electromobility becomes even clearer when we look at the rate of growth in the first half of the year.

With growth of 34 percent, the BMW brand is number one worldwide among all relevant major players.

Take the example of the BMW X1, a customer favourite, and our luxury sedan, the new BMW 7 Series: In the case of both vehicles, one in five customers is already opting for the all-electric iX1* or i7* variant.

In the first half of 2024, our fully-electric sport coupé, the
BMW i4*, remained our line-up's best-selling electric vehicle – once again posting double-digit growth.

I have emphasised many times that following the hype without careful consideration is not a strategy. Emotionality and nervousness have never been good counsellors.

Our strategy is grounded in facts, experience and a continuous, realistic assessment of the current situation. It has proven robust – especially in turbulent times.

The approach to drive technologies rooted in this strategy makes us resilient and secures our market success.

With our globally aligned, highly flexible production network, we are capable of responding to fluctuations in demand better than others.

Supply chain management is increasingly critical to success.

We have established processes to identify risks in our supplier network at an early stage. This enables us to take action before a risk becomes an issue. We have not had any major impact recently.

This also ensures that we can respond to regional differences in customer preferences as needed – whether for cars with internal combustion engines, plug-in hybrids or BEVs.

As a result, we have consistently outperformed EU CO2 requirements for years.

One thing is clear: The most impactful contributions to climate protection are those we can make today: In other words, every tonne of CO2 we can save today – not sometime in the future – counts.

This also entails demanding and promoting the use of low-CO2 fuels like e-fuels, E 25 or HVO100 – as quickly and as widely as possible.

These fuels could immediately improve the carbon footprint of the existing fleet of more than 250 million vehicles in the European Union.

At the moment, however, we see a significant risk of eFuels being politically instrumentalised in the debate about the ban on combustion engines from 2035.

There are currently many indications that the EU Commission is striving for a bogus solution in which the ban on combustion engines is relaxed simply by ostensibly opening up to eFuels.

However, if it then does nothing to accelerate the ramp-up of low-CO2 fuels and make their use practicable, this would be a deliberate ban on combustion engines through the back door.

We continue to believe that a categorical ban on combustion technology is wrong. And we are also publicly committed to our highly efficient engines and plug-in hybrid technology, such as that used in our new BMW X3.

As a hybrid version, the high-volume X3 enables locally emission-free premium mobility well beyond city traffic.

The new X3 will be released onto the market in the fourth quarter – initially in the US and Europe.

You all know how popular our X models are. Last year, the current X3 was the best-selling model across our entire BMW product range.

When the all-electric NEUE KLASSE ramps up at our specially-built plant in Debrecen in late 2025, it will initially launch with an X model. This will be followed soon afterwards by a sporty sedan from Plant Munich.

With the NEUE KLASSE, our aim is to once again expand our technology leadership. Preparations are in full swing and progressing according to plan – despite the challenging conditions.

Our technology clusters allow us to quickly deploy the technologies of the NEUE KLASSE across our entire vehicle portfolio – elevating it to a whole new level, regardless of the drive technology.

Mastering this degree of integration and executing it efficiently are highly complex tasks. This is precisely where future competitiveness will be decided in our industry.

It is why we continue to focus on optimising interaction between all technologies – creating a holistic mobility experience for all our customers.

Our automated driving functions provide a good example of our technological edge.

A few weeks ago, we released a world first onto the market: We are the first automotive manufacturer to offer the combination of Level 2 and Level 3 driver assistance systems exclusively in Germany in the new 7 Series.

We have already obtained Level 2+ approval for numerous BMW models in the US, Canada and – making this another field where our technology clearly sets us apart. We will solidify this leading position with the NEUE KLASSE.

Ladies and Gentlemen,

The automotive industry is a major driver of the global economy – which increasingly makes it the focus of geopolitical interests.

The issues range from growing regulation to protectionist measures in the major economic areas of the US, China and the European Union.

We are seeing global competition for raw materials and access to strategically critical technologies, such as high-voltage batteries and semiconductors, as well as advancements in AI applications.

Each region and individual state is seeking to protect its own economic interests. This also includes localising the entire automotive value chain, including supply chains.

At the BMW Group, we remain committed to open markets and opposed to artificial barriers such as punitive tariffs.

The introduction of additional import duties, like those recently imposed by the EU, leads us down a dead-end street – and will ultimately not make European manufacturers any more competitive.

On the contrary, EU tariffs on BEVs from China instead penalise European manufacturers like the BMW Group – since they also produce vehicles in China for the European market.

Additional customs duties also limit the choice of electric cars for European customers and could therefore slow down decarbonisation in the transport sector.

Measures always lead to countermeasures. Let us not forget that implementation of the Green Deal in Europe also relies heavily on raw materials and technology from China, in particular.

Ladies and Gentlemen,

The BMW Group cannot entirely escape current market and geopolitical developments. However, with our long-term, yet flexible strategy, we are in the driver's seat.

We adapt quickly and effectively as conditions evolve.

We see no reason for hasty action or fundamental course adjustments.

We will continue on our path in the future. That means, sometimes we do things differently – but always out of conviction, not merely on principle.

This is what makes us strong and successful in the long term.

The fact of the matter is: The automotive industry will remain a growth sector in the future – and we intend to make sure the BMW Group in particular benefits from it.

Thank you.

Current photo and video assets can be downloaded from the BMW Group Classic Media Server:
https://www.bmwgroupclassic-downloads.com/Events

Munich / Cernobbio. We are all privileged to look back on a weekend full of spectacular automobiles representing their era. The dreamlike flair of the Grand Hotel Villa d’Este on the shores of Lake Como offered the perfect stage to experience the magic of mobility at this year´s edition of the Concorso d’Eleganza Villa d’Este in all its fabulous
diversity. The world’s arguably most exclusive and traditional heritage festival for automobiles captivated a host of visitors from 24th May to 26th May at the venue. The Jury selected the ultimate stellar winner from the participants campaigning in the eight glamorous classes.

An Alfa Romeo 8C 2300, styled in the coachwork design of a spider by Figoni from the 1930s, won the contest. On Sunday the proud owner of the HM Collection from Belgium, received the prestigious winner’s prize Trofeo BMW Group – Best of Show. It was presented by Helmut Käs, Head of BMW Group Classic and President of the Concorso d‘Eleganza Villa d´Este, and Wilhelm Schmid, CEO of A. Lange und Söhne. Alongside the stunning trophy, the winner selected by the Jury also received a unique model of the 1815 Chronograph in white gold. The exclusive watch was created by A. Lange und Söhne especially for the winner of the Best of Show.

This year’s winner of the Coppa d’Oro Villa d’Este selected by Public Referendum was the McLaren F1 from the year 1995. A supremely successful supercar in the form of the racing car presented by Tony Vassilopoulos from Great Britain gained the highest number of votes from visitors to the event.

The BMW Group Cocktail started the official program in glamorous fashion with the presentation of the 20th BMW Art Car designed by Julie Mehretu. For the start of a festive first night BMW kicked things off with two stunning world premieres: the BMW Concept Skytop, influenced by its historic ancestors the BMW Z8 and BMW 503, and the BMW R 20 concept, a daring homage of the Big Boxer Roadster by BMW Motorrad. Rolls-Royce not only celebrated the 120th anniversary of the brand with a historic class at the Concorso d'Eleganza Villa d'Este, but also presented the Rolls-Royce Cullinan Series II, a bold evolution of the world´s pre-eminent super-luxury SUV.

BMW Group Classic captivated a diverse public audience on both Public Days. At Wheels & Weisswürscht – Amici & Automobili held on the Saturday, a large number of BMW automobile clubs and clubs from other marques in North and Central Europe celebrated the automobile diversity of different brands from the 1930s to the present day. They joined together to salute over 150 models from this period.

The Concorso d´Eleganza Villa d´Este Public Day – il Festivale and its numerous highlights attracted an audience of nearly 12,000 visitors and was already sold out in the early afternoon. The exhibition in the Rotunda set in the park of Villa Erba featured the 20th BMW Art Car styled by Julie Mehretu, alongside additional iconic BMW Art Cars with Le Mans racing history.

The sporty, elegant BMW Z8 was a real crowd-pleaser on the shores of Lake Como to mark its 25th anniversary. At the BMW Group Innovation Isle, the company provided information about new drive systems and technological innovations in its current model portfolio. A special tribute was dedicated to the great Marcello Gandini – master of modern Italian automobile design – who passed away recently. Young visitors and game fans were able to have fun on the Carrera Track and Sim Racing simulator, pitting their skills against pro Bruno Spengler. The Public Day also enabled the spectators to celebrate their common fascination for automobility as they watched the spectacular parade of all the Historic Cars competing in the award classes of the Concorso d´Eleganza Villa d´Este 2024. This cavalcade presented an impressive show spanning the arc from past to future.

After the conclusion of the Parade held on Sunday, Helmut Käs (Head of BMW Group Classic and President of the Concorso d'Eleganza Villa d’Este), Carlotta Fontana (Board Member of Villa d´Este) and Massimiliano di Silvestre (President of BMW Italy) presented the income from ticket sales on the Saturday and an additional amount from BMW Group Classic as a donation totalling € 50,000 to Matteo Monti (Mayor of Cernobbio) for the local authority’s children’s nursery in Cernobbio.

“The Concorso d´Eleganza Villa d´Este 2024 enables us to highlight the fascination of mobility in all its facets and connect the iconic automobile past with the present and the future. We see this not simply as creating an exclusive event but most importantly also as forging an event on the Public Days for all aficionados of Historic Cars,” explained Helmut Käs (Head of BMW Group Classic and President of the Concorso d´Eleganza Villa d´Este).

“Villa d'Este is proud to honour the timeless elegance, class, and passion for automobiles that have characterised the Concorso d’Eleganza since 1929. The success of the event lies in the unique cars showcased but also in the emotion and passion shared by generations of motor enthusiasts. We are thankful to BMW Group for the long-lasting partnership and the great collaboration with Villa d’Este,” commented Davide Bertilaccio (CEO Villa d´Este Hotels).

We are already looking forward to welcoming you once again at our rendezvous in May 2025 on the shores of Lake Como. Until the time comes round again and we can announce the first details of the next edition, we invite you to indulge in a review of all the highlights of the Concorso d´Eleganza Villa d´Este 2024 at
www.concorsodeleganzavilladeste.com. Naturally, you can also enjoy the multifarious memories on our Instagram and Facebook channels.

Please find the full list of all winners in the attached document.

Munich/Cannes. Glittering movie premieres, stars gracing the red carpet and a high-performance vehicle that looks like nothing else: this is the ##Cannes Film Festival## and yesterday it hosted the world premiere of the ##BMW XM Mystique Allure##. This one-off creation is based on the first high-performance sports car from ##BMW M GmbH## powered by the ##M HYBRID## drive system. Blending progressive luxury with extravagant looks, it is inspired by British supermodel ##Naomi Campbell##, was designed using exclusive materials from the world of haute couture and has a unique soundtrack devised in cooperation with film score composer Hans Zimmer.

The BMW XM Mystique Allure is the latest product of the collaboration between BMW and Naomi Campbell. The partnership took its first steps last year with the “Dare to be You” launch campaign for the ##BMW XM##, which puts the confidence to be yourself and go your own way at centre stage.

The BMW XM Mystique Allure and Naomi Campbell: making a grand entrance at Cannes.

The 77th Cannes Film Festival was the ideal choice of setting for the world premiere of the BMW XM Mystique Allure. Against the stunning backdrop of the French portside resort, Naomi Campbell presented the one-of-a-kind creation inspired by her to an audience of selected guests, before making her way in the car to the red carpet outside the Palais des Festivals et des Congrès. “Witnessing BMW's vision for the BMW XM Mystique Allure come to life has been truly incredible,” says Naomi. “I feel deeply honoured to have sparked the inspiration for their first-ever high-fashion show car, which stands as a unique masterpiece in every aspect.”

This is the third year in succession that BMW has stepped up as Official Automotive Partner of the Cannes Film Festival. And it will lay on an exclusive shuttle service of more than 200 vehicles – among them the all-electric BMW i7, BMW iX and BMW i5, and the plug-in-hybrid BMW XM – to give participants and guests at the event the experience of locally emission-free premium mobility.

First BMW designed with high-fashion materials.

The BMW XM Mystique Allure is the first vehicle in the brand’s history to be designed using materials from the high fashion industry. This unusual tie-up showcases the BMW XM in a whole new light: expressive, avant-garde – and stylish and luxurious in equal measure.

Inspired by Naomi’s favourite colour, the vehicle’s exterior boasts a deeply saturated ultramarine shade, accentuated by a lustrous matte finish. A contemporary translation of high-fashion materials from luxury textile manufacturers, the design seamlessly brings the inside to the outside, featuring rich velvet and shimmering Frozen metallic sequins casting hues ranging from intense violet to deep ultramarine.

The iridescent surfaces were created with precise handcraftsmanship and a fine eye for detail. They take their cues from the eye-catching geometric forms of the BMW XM and bring a special visual richness to the car’s extrovert aesthetic. The design of the BMW XM Mystique Allure provides a meeting point for high performance and haute couture, and paints a unique picture of progressive luxury that continues into the interior. All of the surfaces inside the car, including the M Lounge in the rear, are covered in purple velvet.

BMW IconicSounds Electric: exclusive driving sound from the collaboration with Hans Zimmer.

The bold appearance of the BMW XM Mystique Allure is complemented by an acoustic character also very much its own. At its heart is a bespoke adaptation of the BMW IconicSounds Electric developed as part of the collaboration between BMW Group Sound Design and film score composer Hans Zimmer.

The driving track created for the Naomi Campbell-inspired one-off projects the supreme confidence of the car’s exterior design onto the soundscape of locally emission-free driving. In the M HYBRID drive system’s all-electric operating mode, every movement of the accelerator is accompanied by an emotionally engaging sound that authentically represents the car’s outstanding performance and magnetic visual allure.

The BMW XM: the most powerful series-produced model from BMW M GmbH.

The BMW XM is the first model since the legendary BMW M1 to be conceived solely as a standalone high-performance car from BMW M GmbH. It blends dynamic potency with innovative luxury and an enticingly extravagant design composed of muscular proportions and powerful contours. Two-piece split headlight units, Iconic Glow contour lighting for the BMW kidney grille, accent bands along the sides of the car, light-alloy wheels up to 23 inches in size and the vertically stacked and hexagonally formed pairs of exhaust tailpipes integrated into the rear apron ensure the exterior of the XM has an inimitable visual presence.

The BMW XM is also breaking new ground with its M HYBRID system, which has made the XM the first high-performance car from BMW M GmbH to feature an electrified drive system. In BMW XM Label Red form (electric power and petrol consumption – weighted, combined: 33.5 kWh/100 km and 2.0 l/100 km [141.2 mpg imp]; CO₂ emissions – weighted, combined: 45 g/km (WLTP); fuel consumption with discharged battery: 12.9 l/100 km [21.9 mpg imp] as per WLTP; CO₂ classes: with discharged battery G; weighted, combined B), the plug-in hybrid model – with its maximum output of 550 kW/748 hp – is also the most powerful series-produced, road-legal car yet produced by BMW M GmbH.

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Official fuel consumption, CO₂ emissions, electric power consumption and electric range figures were determined based on the prescribed measurement procedure in accordance with European Regulation (EC) 2007/715 in the version applicable. Where a range is shown, the WLTP figures take into account the impact of any optional extras
Only official figures based on the WLTP procedure are available for new models that have been type tested since 01.01.2021. In addition, according to EU Regulation 2022/195, the NEDC values will no longer be included in the EC certificates of conformity as of 01.01.2023. Further information on the WLTP and NEDC measurement procedures can also be found at www.bmw.de/wltp.
Further information on official fuel consumption figures and specific CO₂ emission values of new passenger cars is included in the following guideline: 'Leitfaden über den Kraftstoffverbrauch, die CO2-Emissionen and den Stromverbrauch neuer Personenkraftwagen' (Guide to the fuel economy, CO₂ emissions and electric power consumption of new passenger cars), which can be obtained free of charge from all dealerships, from Deutsche Automobil Treuhand GmbH (DAT), Hellmuth-Hirth-Str. 1. 73760 Ostfildern-Scharnhausen and at https://www.dat.de/co2.

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In the event of enquiries please contact:

Corporate Communications
Cypselus von Frankenberg, Product Communication BMW Automobiles
Telephone: +49-89-382-30641
E-mail: Cypselus.von-Frankenberg@bmw.de

Alexandra Landers, Head of Product and Brand Communication BMW
Telephone: +49-89-382-30871
E-mail: Alexandra.Landers@bmw.de

Internet: https://newsroom.bmwgroup.com/global/en
E-mail: presse@bmw.de

- Check against delivery –

Strong today – Strong tomorrow.
Our BMW way into the future

Dear Shareholders!

A warm welcome from BMW Welt in Munich. A lot of people talk about the transformation of mobility and the automotive industry – how one will replace the other. At BMW, we do things a little differently. We call it: continuous progress. 

Becoming a little bit better every day – that is what we aspire to. And what I, myself, am measured against. Never being satisfied with the status quo brings us closer to our ambitious goals. Step by step. Or, more fittingly, when talking about cars: mile by mile. That may sound very grounded and methodical, but it certainly yields highly effective results.

We always look to the future. That is part of BMW's vast array of experience. It gives us strength and empowers us, time and again, to take bold action: We know what we are capable of! That is why BMW is still here after 108 years. 

The film showed our Board of Management – but we are only as good as our global team. Together, we bring our combined know-how to the roads – in a very literal sense. There are currently more than 150,000 of us worldwide – representing nearly every nationality there is, united by the BMW Spirit. In autumn of last year, we surveyed all our associates around the world: 85 percent said they fully support the company’s goals and strategy. And even 93 percent are proud to work for the BMW Group.

What a boost for us!

We are mobilising them all for the next massive leap, because your company is once again reinventing itself – at precisely the right time.

You, too, my dear shareholders, are part of our BMW team. Your support for our direction gives us the momentum and latitude we need to make decisions with a long-term perspective. This traces back to legendary entrepreneur Herbert Quandt. What a legacy! The next generation is carrying forward that legacy – much like we do at the company.

We always base our strategic decisions on facts and informed analysis. This certainly requires experience and, sometimes, plain common sense, as well. This makes your company robust and ensures that we remain composed in a turbulent environment. All of this comes together in the BMW way. This approach guarantees that the following always holds true for your company:

“Strong today – strong tomorrow”.

For financial year 2023: Should you approve our proposed dividend, you will receive a payout equivalent to 33.7 percent of our unappropriated profit. During the financial year, we had revised our guidance upwards. At year-end we met all our targets. We posted solid growth in sales, reaching a new all-time high of more than 2.55 million vehicles. In fact, we are the only German OEM to have regained our pre-pandemic level.

Our Group EBT margin of 11 percent came in higher than our strategic target of 10 percent. We are consistently performing at a high level, as confirmed by our EBIT margin in the Automotive Segment, which has been within our defined target range of eight to ten percent for the past nine quarters, including the first quarter of 2024.

This allows us to continue to make substantial investments.

Our capital expenditure, as well as our research and development spending, will peak this year. We will once again be making major investments – because our actions are always geared towards the future.

Individual mobility offers tremendous potential for profitable growth and gaining market share.

Today, let's take a look at how we continue to forge our BMW way –
in four chapters.

1. Future to the max: Turning visions into reality.
2. Following our own convictions: Technology openness is effective.
3. Global success today means acting regionally.
4. The car as digital companion: We are making mobility more human, more intelligent and more sustainable.

These focal points also shed light on the topics you requested through the shareholder portal.

Turning visions into reality.

This is the first topic I would like to talk about today.

What you see right here is nothing less than the future: pure BMW – taken to a whole new level. This is where all the big topics of future mobility come together: Electric. Fully digitalised. Sustainable.

For now, they are still Vision Vehicles – but they will be on the roads in a very similar form very soon. Last year, I promised you a new Vision Vehicle, which we then unveiled at the IAA MOBILITY. The BMW Vision Neue Klasse celebrated its premiere here in Munich. You’ll see right away that it’s a sporty sedan.

No other car at the IAA received as much media coverage and positive feedback – which is just one more reason to bring along another highlight for you today: The BMW Vision Neue Klasse X – a car that very clearly reimagines the BMW X philosophy in a totally new way.

Both vehicles will compete in high-volume segments – because we want our innovations to have a broad impact, not just in niche segments. Both vehicles underline that the NEUE KLASSE is consistent and broad at the same time.

Consistent – in terms of design, technology and sustainability. Broad – with respect to the other models that will follow.

These are the two bookends of the NEUE KLASSE – with lots of room in-between that we intend to exploit. And we deliver on our promises:

Within 24 months of the start of production, there will be at least six different models on the market.

Our industry has never seen speed quite like this before – but if anyone can do it, then it’s us at BMW. We are picking up the pace on a massive scale.

Our new plant in Debrecen, Hungary, will lead the way, with the launch of the first X model in late 2025. This will continue seamlessly in 2026 with the Sedan at our main plant in Munich, as well as Plant Shenyang in China. In 2027, the NEUE KLASSE will also ramp up in San Luis Potosí, Mexico.

Our customers ask: How far can I drive on electric power? How quickly can I charge my car?

We are able to tell them: at least 30 percent farther and 30 percent faster. In practice, this means that: It only takes ten minutes to charge your car for a 300-kilometre trip – hardly enough time to grab a coffee!

This is possible thanks to the new sixth-generation round cells.  We are using them for the first time in the NEUE KLASSE – which means you can look forward to an even higher-level “BMW driving experience”.

What might look like a Playstation is actually four super-brains, each integrating several highly intelligent control units. This opens up new possibilities – from powertrain and driving dynamics, to automated driving, to how we interact with our cars.

The most important aspect for our customers is: What does the NEUE KLASSE feel like on the road? The Board of Management already had the chance to drive the pre-series – and, believe me, it gave us goosebumps.

The magnitude of the technological wave we are unleashing becomes even clearer when you realise:

The innovations of the NEUE KLASSE will be incorporated into all BMW models in the coming years, regardless of their drive technology. In simple terms: Soon, all BMW technology will be NEUE KLASSE. The NEUE KLASSE is set to become our innovation and technology booster for all future areas of activity, including design.

We aren’t just taking mobility to a new level; the BMW Group is also becoming a NEW company. I believe this is entirely in your interest as our shareholders.

My second topic for today reflects our belief in the effectiveness of technology openness.

The heart of the NEUE KLASSE is electric – running on its own, new architecture. If demand for electric vehicles continues to grow as forecast, we will be able to leverage corresponding economies of scale.

But the world is a big place – which is why we continue to serve all markets with premium products. With us, everyone can find the right drivetrain to suit their needs. Anything else would be unwise from a business perspective.

Using technology clusters and modules enables us to be highly flexible. Think of it like this: We can roll out innovations and technological advances across all architectures and segments, and scale them efficiently.

We don’t distinguish between “old” and “new” vehicles – instead, we deliver cutting-edge technology across all areas. And, moreover, we offer the best overall package. This is what we aspire to – and it is perhaps the underlying secret of your company’s success.

Let me give you a current example: Following on from the new BMW 5 Series Sedan, the new BMW 5 Series Touring also comes in four drive technologies. The BMW i5* is all-electric, with an impressive everyday range of over 500 kilometres.

Plug-in hybrids also remain extremely popular. For the new BMW 5 Series, the PHEV variant could account for about 20 percent of our sales in Europe.

This shows we are right on track with our ten attractive PHEV models. And of course, the new 5 Series is also well received as a highly efficient combustion engine.

Focused technology openness is not something that is achieved overnight. You know my position: Building cars is a highly complex task. New market players are realising this too.

It is a strength of your company – and I believe it is also a unique selling point: The ability to master this complexity, seamlessly, and to effectively orchestrate, scale and further develop technologies.

Our sales figures confirm this: BMW is maintaining its leading position in the global premium segment. Our strongest growth last year came from the upper premium and luxury class, as well as our all-electric models, or BEVs for short. We delivered over 375,000 BEVs to customers in 2023 – an increase of almost 75 percent over the previous year. 

This dynamism is also reflected in our share of the global BEV market: At 4.1 percent, it is already significantly higher than our share of the total global market, which remains stable at 3.3 percent.

Demand for BEVs will continue to climb – although not in a linear fashion; it will be dynamic and market-specific. We reiterate this time and again – and it holds true in multiple markets.

We see e-mobility as the fastest-growing drive technology – today and in the future. By 2030, all-electric vehicles should account for about half of our deliveries. We remain committed to this goal and are steering the ramp-up in line with demand. We will stay flexible – even well into the 2030s.

We are aligning our strategic planning accordingly – and enabling our architectures. In this way, we can respond quickly at all times. More than 15 BEV models will be available this year across all BMW Group brands.

Here, you can see the MINI Aceman*.

In April, it celebrated its world premiere at AUTO CHINA. The Aceman is offered exclusively as a all-electric vehicle.

It fills the gap between the Cooper* and the Countryman*, which has now grown significantly in size. The new Cooper is already sold out – at least for the next four months. The only thing missing is the new MINI Convertible, which will be released in the second half of the year.

Together, these models form the NEW MINI Family, which is effectively the counterpart to the NEUE KLASSE at BMW: MINI's leap into the future.

And: We produce the New MINI Family worldwide: at our Spotlight joint venture in China; in Oxford, in the UK; and, for the first time, also in Germany, at Plant Leipzig.

We talked about bookends earlier. Now, with our brands, let's jump from MINI go-kart feeling to our luxury brand, Rolls-Royce. Spectre* certainly hit the ground running. What a phenomenal start! 

In the first quarter of this year, this model alone accounted for 38 percent of Rolls-Royce deliveries. That is how we do e-mobility in the luxury class. Spectre glides along effortlessly, like a flying carpet. Our luxury brand's vehicles have never been as compelling and as differentiated as they are today. And let’s not forget that they also earn a significant contribution margin for the company.

BMW Motorrad is also reporting profitable growth, having celebrated its centenary in September. German Chancellor Olaf Scholz attended the anniversary celebrations at Plant Berlin-Spandau.

We shared two major milestones with him:

First, the inauguration of the new “BMW Motorrad Welt”. What BMW Welt in Munich is to cars, we now also have in Berlin for our two-wheeled vehicles. Second, the world premiere of the R 1300 GS. Many people – myself included, as a motorcycle enthusiast – have been eagerly awaiting the next-generation GS. The trade press was practically euphoric about it.

For those who prefer an electric ride in the city, BMW Motorrad’s second electric model, the CE 02, is perfect.

Our core BMW brand also has a slew of upcoming, exciting vehicles, with 14 launches and numerous model variants this year alone.

The BMW 1 Series will be released onto the market in the compact class.

And we will launch the new BMW X3 – one of our most popular models overall. The new X3 will be available with a highly-efficient combustion engine and as a plug-in hybrid variant.

We recently presented our new and future vehicles to our retailers, including 1,500 retailers from all over Europe in Amsterdam. We did the same in Las Vegas for over 1,000 dealers from the Americas region. I got the sense at both events that our retailers are genuinely excited about what is to come.

Especially for Europe, I have to stress: The retailers will remain by our side in the new sales system – that won’t change. We are already using direct sales for MINI in China and reporting positive experiences in the first European countries. We will be transitioning the BMW brand to the new direct and fully digitalized sales model in Europe from 2026, as planned.

You, our shareholders, also wanted to know:

How are we progressing with hydrogen?

Our BMW iX5 Hydrogen* is currently on a world tour, undergoing real-life testing. It is very well received, everywhere it goes. Our pilot fleet is raising awareness of hydrogen's role in the energy transition – both for mobility and across industries. You rightly expect us to meet the European Union's CO₂ requirements.

In 2023, the BMW Group significantly outperformed the CO₂ fleet limit set for us by the EU by more than 20 percent. This year, we expect to see another slight reduction, with all brands and drivetrain variants contributing.

Technology-centric, with a clear focus on e-mobility – we are always consistent in our actions: This is how we are reshaping perception of your company.

What the New York Times writes is precisely researched.

In March, the New York Times praised our drivetrain strategy as far-sighted and consistent. It described BMW as a “winner in electric vehicles” – and Tesla's only serious competitor. We can certainly live with that. People expect us to consider things carefully and come up with practical solutions – because we consistently demonstrate our ability to do so.

In part three, I’ll look at the reasons for our global success – which, now, more than ever, requires us to act regionally. If you look closely, your company stands out as one of the automotive industry's few “truly” global manufacturers.

Something like this has to grow systematically – and we have been expanding our footprint for this purpose over the decades.

Let me give you three examples:

China – our biggest single market; Europe – our most important sales region; the US – our “second home”:

First: China, where we employ about a fifth of our workforce. It is – after Germany – our second-largest R&D location. BMW enjoys a high level of trust there – and not just among our own customers. We are highly regarded as a company, because we enter into serious, long-term commitments.

This year, we are celebrating 30 years “at home in China” and more than two decades of commitment in Shenyang.

In April, we signed a new investment agreement with Liaoning Province, worth 20 billion renminbi or 2.5 billion euros. The Shenyang production site of our BBA joint venture is transforming into a BMW iFACTORY.

Also in April, I was part of German Chancellor Scholz's economic delegation to China. Shortly after that, I was in Beijing at AUTO CHINA, where Prime Minister Li Qiang visited precisely one non-Chinese manufacturer – and that was the BMW Group.

A phrase I hear a lot in China is “China speed”. This is a dynamic country – and we are picking up the pace to keep up: Just last week, our six-millionth vehicle produced in Shenyang since 2003 rolled off the assembly line. We only reached the five million mark about a year earlier. This means we turned out one million vehicles in just 15 months – that is true “China speed”.

Second: Europe.

We sell nearly a third of all our vehicles in the European Union, where we operate ten plants and maintain a broad supplier base. We all benefit from a united Europe – every single day – and should channel all our collective efforts into preserving it.

BMW maintains a global outlook. This is something the chair of the General Works Council and I have reiterated. We urge our associates to pay close attention whenever seemingly simple solutions are proposed for complicated issues.

Enjoying democracy means living democracy – and that includes participation, exercising your right to vote and raising your voice to stand up for democracy. That is why we have asked everyone to vote on June 9.

What applies to Europe, applies even more to Germany: We need the best minds – and the smartest minds think very carefully about where they want to go. That is why we support the “We stand for values” initiative.

In Germany, we have many debates about emotionally charged trigger points. There is broad consensus on meta-topics. This is how sociologist Steffen Mau describes it. His latest study comes to the conclusion: We are not a divided society.

As a result, we shouldn’t speak ill of our country and Germany as a location, but leverage our potential. I can only agree with that.

Third: the USA.

We refer to the US as our “second home”. Next year will be our 50th year in the United States.
In 2023, your company was once again one of the largest net exporters of vehicles from the US by value. Germany is the only place where we have a higher purchasing volume than the US, which currently totals 6.7 billion euros annually.

For over 25 years, we have been a local partner – particularly in South Carolina. Today, Spartanburg is our largest plant – and the whole of the surrounding region has grown with us.

China, Europe and the US: Three examples of how our local presence forges close ties with the regions and markets.

We are living proof that everyone benefits when people work together. That is also one of the reasons why your company continued to grow in all major regions of the world in 2023.

We do business around the globe – and benefit from an integrated global economy.

Now, our global world order is evolving – from a “unipolar world” to a “multi-polar world”, especially in the last 10-15 years. Authors like Carlo Masala talk about the highly integrated and largely self-sufficient economic areas now emerging. We remain committed to open markets and free trade.

I also say this with a view to the European Union's current deliberations over Chinese imports of electric cars. A 360-degree perspective would be better: 20 percent of all BEVs sold in Europe last year came from China; well over half were western brands, including BMW.

Protectionism triggers a spiral effect: Tariffs lead to new tariffs, with protectionism rather than cooperation.

My over 30 years of experience at BMW suggest that solutions come about when we reach out to one another – and when we are prepared to make compromises ourselves.

That is how we build a consensus that makes us stronger as a society and an economy and enables us to take action.

You are justified in asking how your company secures access to diversified, fragmented markets.

The answer is: by continuing to invest at local level. Also, by finding local solutions and partners for the upstream value chain.

“Local for local” is our recipe for success – and we are now applying this same principle to producing cells for the batteries needed for e-mobility.

Who has control over technological expertise and urgently needed raw materials? That is what decides the competitiveness of companies and economic areas. We locate production facilities for BMW high-voltage batteries close to our vehicle plants – in Hungary, the US and China. Just a few days ago, we laid the foundation stone for the high-voltage battery assembly in San Luis Potosí, Mexico.

The benefits for us are clear: Short transport distances and supply stability in the event of unforeseen events around the globe.

And to get really local: Have you heard of Irlbach-Straßkirchen in Lower Bavaria? It will supply Gen6 batteries for our plants in Bavaria from 2026 onwards. The process wasn’t entirely straightforward. Residents wanted to know: What are the benefits for our region? We engaged in in-depth discussions with them to build trust. Ultimately, an overwhelming majority voted in favour of the new BMW location.

As you can see: Global only works at local level – and this also applies to our supply chains.

We have learned in recent years how vulnerable and susceptible to disruption they can be. Take a guess: How many parts do you think our plants worldwide need to be supplied with every day? The answer is:
36 million. The right quantities have to be in the right place, at the right time, in the best quality.

Our digitalised “i Supply Chain” strategy ensures resilient supply chains.

Our “RiskHub” uses AI and data analytics to identify quality issues in the supplier network early. We also adopt a proactive approach to avoid supply bottlenecks.

You might already have heard of Catena-X. There’s tremendous potential here: Automotive manufacturers, suppliers and, soon, recyclers, are creating a shared data ecosystem that makes sprawling supply chains transparent and allows us to track the carbon footprint of individual components. The type, quantity and source of the raw materials installed can also be digitally documented, allowing us to “trace” them.

And we are about to embark on a pilot project: Plant Landshut produces the kidney grille for the BMW iX* – one component made of many individual components. We will be using data from Catena-X to measure the total carbon footprint of production.

Wherever we collaborate with suppliers, we do so as partners, always treating each other as equals. This is important to me.

Chapter four of my speech focuses on the car as a digital companion: We are making mobility more human, more intelligent and more sustainable.

The world of bits and bytes is highly dynamic. Digitalisation, hand in hand with artificial intelligence, is fundamentally changing how we experience mobility. The questions you submitted through the shareholder portal indicate that this interests you, too.

Intelligent, self-learning systems have long been part of our strategy for the automotive production of the future. You know this as BMW iFACTORY.

Digital added value can be experienced directly in our vehicles, but our approach here remains: Not everything that is possible also makes sense in a car.

Our Head-Up Display is a classic. 20 years ago, we brought this technology from the aeroplane into the car. Now, we are revolutionising this display concept in the NEUE KLASSE.

Take a look for yourselves: Our “BMW Panoramic Vision” uses the full width of the windscreen. Pure high-tech. But we also use digitalization to increase security. In this case, we reduce distraction while driving.

We have grown used to always getting the latest updates from our digital devices – and people expect the same from their cars. Over the air means we can update software in the vehicle at any time, without bringing it in to the workshop. We chose this route early.

Today, your company has the world’s largest fully upgrade-compatible fleet in the market. We can already reach more than 7.5 million vehicles. 

The BMW 5 Series sets the standard for automated driving. It is the first car in Germany to be approved for partially automated driving at speeds up to 130 km/h on motorways.

This means you can take your hands off the steering wheel while driving. Your car can also change lanes by itself, when you briefly glance in the side mirror. Active Lane Change Assistant with eye confirmation – a somewhat unwieldy name for a genuine world first.

Since March 2024, Highway Assist has also been available in the BMW 7 Series, X5, X6, X7, iX and XM*. That's level 2+.

The new BMW 7 Series does even more:

You can even temporarily turn your attention away from the road. It fascinates me, every time the car regulates its own speed, distance and tracking. That is Level 3 highly automated driving – available in the new BMW 7 Series since March. A digital driving experience needs to ensure the safety of all road users.

That is why your company only introduces mature technical solutions onto the road– no beta versions. No experiments at the expense of our customers. You can always rely on that.

Since summer 2023, we have been testing automated driving and parking functions all the way up to Level 4 fully automated driving at our new centre for automated driving in Sokolov in the Czech Republic.

Esteemed Shareholders,

The US publication Time Magazine and the online platform “Statista” analysed and compared 750 international companies: Your company did exceptionally well to make it into the top ten and was, in fact, the highest-ranked automotive manufacturer. 

Revenue growth, sustainability and employee satisfaction – many people consider these to be conflicting goals. We find a way to reconcile them.

Our markets are dynamic and the geopolitical environment uncertain. This impacts us – just like it does other companies.

You are counting on us to remain successful – and, indeed, we will! We have ambitious plans for the current financial year. We expect to see a slight increase in sales, compared to the previous year, as well as a significantly higher percentage of all-electric vehicles.

The first fourth months of 2024 show that we are on track for all key performance indicators.

As CEO of BMW, I travel the world a lot. Everywhere I go, I see not only how valuable individual mobility is for many people, but how essential it is.

My experience is also that the BMW Group is appreciated and recognised in all corners of the globe. All of this encourages us to continue forging our own BMW way.

We are able to withstand the headwinds when we have confidence in our direction – which we usually do.

Your company is part of the global community. We engage with it – and evolve in and alongside it. That is extremely important.

The BMW way is also about our capacity for resonance – a term from physics that is also used in sociology.

So, what do I mean by capacity for resonance?

I’m talking about our ability to perceive and understand our relationship with the world – in Germany and elsewhere. We pay attention to developments, absorb them – and give something back to society in return. 

This is a natural process we actively participate in and control.

We remain open to all input, but never allow ourselves to be influenced without careful consideration or emotionalised by trigger points. Above all, we avoid drifting aimlessly.

We are in permanent resonance with our evolving society – consciously and for our mutual benefit. And always focused on effectiveness.

The following therefore holds true for your company:

“Strong today – strong tomorrow”.

Another compelling reason for you to continue to stand by us!

Thank you.

Ladies and Gentlemen,

The figures for the first quarter of 2024 underline once again that: Our strategy for long-term, profitable growth is robust and effective – especially in the dynamic environment in which we operate.

These conditions are the same for all players within our industry. However, there are currently three distinct groups of commercial actors, each with their own approach.

1. The newcomers: the ones who generate a lot of hype with single products. They often have only individual technological highlights, such as maximum performance, the largest range or the largest screen. 
It remains to be seen whether the overall package will meet high customer expectations, especially in the premium segment, over the entire lifecycle.
Additionally, they face the challenge of managing complexity as they scale up and expand. Market entry is also bought with aggressive price positioning.

2. Then, there are the established manufacturers, who are trying to copy these new players’ approach, but run the risk of losing their own identity.

3. And, finally, there are a number of manufacturers who are struggling to keep pace with change – and therefore remain entrenched in their traditional business models.

In this competitive space, the BMW Group continues to chart its own, balanced course.

And we remain true to ourselves.

We analyse and anticipate both current and future trends without prejudging the outcome. From this, we develop our strategic approaches. The ability to respond to market developments, customer needs and new technological approaches is essential.

This has earned us a leading position in e-mobility and, at the same time, allowed us to maintain consistently high profitability, even in a volatile environment.

For nine quarters in a row, our EBIT margin in the Automotive Segment has been within our target range of 8 - 10 percent or higher, like it was in the first quarter of 2023. Walter Mertl already explained the reasons for this.

Our development efforts are focused on technologies that deliver real added value for our customers. Decades of market experience have taught us what our customers want throughout the entire customer journey. We use this knowledge and our technological expertise to create the perfect overall concept.

This is not easy to replicate.

The BMW Group is also one of the few “true” global players in the automotive industry. From production, to sales, to suppliers – we are in a strong position in all major markets.

We have well established footprints in each region along with a local-for-local mindset.

This global approach is our greatest strength. It creates resilience, opens up opportunities and keeps us flexible.

We are building on this to leverage our business success – today and in the future.

A look at global regions shows that markets and customer demand continue to develop in a highly diversified way. Maintaining a presence in all major sales markets enables us to balance out these different trends.

Our unique BMW approach allows us to respond flexibly to changing demand, especially when it comes to drive technologies.

But let me be quite clear: We continue to ramp up e-mobility at a fast pace that our competitors can barely keep up with.

Just a few weeks ago, we hit an important milestone: Since the market launch of the BMW i3, we have delivered more than one million all-electric vehicles to customers. This confirms the appeal of our fully-electric product range.

This is also backed up by our current figures in the Chinese BEV market. With growth of more than 18% in China in the first quarter, BMW outperformed both the total market for electric vehicles and the electric premium segment.

This means: We are gaining segment share in the world’s biggest e-mobility market.

However, our success in China is not just evident from the numbers. The BMW Group is held in high regard there as a "local player".

I experienced this when I was part of the business delegation led by German Chancellor Olaf Scholz in April. And we were also very pleased that Premier Li Qiang took the time to visit the BMW Group stand at Auto China in Beijing.

We are confident about long-term economic prospects in China. We are therefore comprehensively preparing our joint venture BBA's production site in Shenyang for future vehicle models.

In late April, we signed a Memorandum of Understanding to this effect in Shenyang, for investments totalling around 2.5 billion euros.

Our highly diversified electric offering, across BMW, MINI and Rolls-Royce, is not just in demand in China, but worldwide.

With sales up by about 28 percent, fully-electric vehicles once again made an important contribution to the BMW Group's sales growth and earnings in the first quarter of 2024.

At Auto China, a few weeks ago, we presented two vehicles that will reinforce this trend:

the all-new fully-electric MINI Aceman* and an update to the electric BMW i4*.

The BMW i4 comes straight from the heart of the BMW brand and is a success story in its own right. People love its combination of e-drive, design and signature driving dynamics – all the things they associate with the BMW brand.

More than 80,000 customers bought a BMW i4 last year – making it one of the best-selling BEVs in the entire premium segment.

MINI is also continuing on a path that is just as brand-authentic and modern.

The “New MINI Family” is a real game changer that reimagines the brand's unique British heritage in an entirely new way for the future.

The all-electric MINI Aceman brings fresh impulses. With this latest addition, the New MINI Family now features three models that serve different segments and appeal to new customer groups.

This will enable us to continue and expand the MINI success story in our global markets.

Our growth and economic success today are laying a solid foundation for the future.

We are investing more than ever in developing new products, efficient technologies and automated driving functions, as well as in digitalisation.

As the biggest single investment in the history of the company, the NEUE KLASSE shows how we are redefining the BMW brand for the future.

From design, to drive trains, to totally new forms of digital interaction between human and machine – the NEUE KLASSE represents a massive leap into the future across virtually all fields of technology.

All future BMW models will benefit from this – regardless of their drive technology. In this way, we are able to ensure that our customers always have the latest technology on board.

The NEUE KLASSE will start out with a Sports Activity Vehicle and a sedan in the current 3 Series segment.

We provided a glimpse of what this future will look like for BMW at our Annual Conference.

The BMW Vision Neue Klasse and the BMW Vision Neue Klasse X showcase both the consistency and the breadth of the NEUE KLASSE.
There is plenty of room between the two vehicles for innovation and new models – and we intend to use it.

Ladies and Gentlemen,

The BMW Group is growing – despite the many different challenges we face. Even in times of change, we deliver positive financial results at a consistently high level.

The course we are charting today will enable us to build on this success in the future – across all our brands and products, with next-generation technologies and within the company.

We are in a strong position globally and maintaining our leadership of the global premium segment.

We recognise that there are a lot of new players looking to gain a foothold in this highly attractive segment – and, of course, we are taking this very seriously.

But this is not a one-way street. You can be sure of that: Every player in this industry, whether an ambitious newcomer or an established manufacturer, is also keeping a very close eye on the BMW Group.

Ladies and Gentlemen,

Good morning,

SLIDE 2: BMW Group Quarterly Statement to 31 March 2024

The BMW Group had a successful start into 2024.

Both sales and earnings for the first quarter were in line with our expectations. This results from the focused implementation of our strategic priorities.

At the BMW Group, we have strong brands and attractive products, which create ongoing high demand and a profitable operational business.

SLIDE 3: Highlights of BMW Group Performance in Q1 2024

In the first three months, the BMW Group delivered just under 595,000 vehicles to customers. This is a slight increase of 1.1 percent over the same period of last year.

Our all-electric vehicles, in particular, made an important contribution, with growth of 27.9 percent.

If we look at the BMW brand alone, that number was 40.6 percent.

At the same time, sales of models in the upper premium segment also recorded significant double-digit growth of more than 21 percent.

The Group EBT margin for the first quarter came in at 11.4 percent, which is above our strategic target of 10 percent.

The EBIT margin in the Automotive Segment was 8.8 percent. This falls clearly within our target corridor of 8 to 10 percent.

Ladies and Gentlemen,

This quarter confirms once again that the BMW Group's operating business consistently delivers strong results.

We have a clearly defined long-term plan. And we have significant flexibility in our systems and processes. This allows us to adapt quickly to developments and take advantage of market opportunities.

On this basis, we expect to operate at a consistent level throughout 2024.

SLIDE 4: BMW Group in Q1

Let’s take a look at the financial figures for the first quarter in more detail.

I’ll start with a brief overview at Group level.

BMW Group revenues were on par with the previous year.

Group earnings before tax totalled around 4.2 billion euros, resulting in a Group EBT margin of 11.4 percent.

SLIDE 5: Automotive Retail Units, BEV Units, Auto Revenue and Auto EBIT

And now more details on how the Automotive Segment performed across key metrics.

In the first three months, the BMW Group delivered 595,000 BMW, MINI and Rolls-Royce vehicles to customers.

The BMW brand reported growth of 2.5 percent.

Due to the upcoming model changeovers MINI sales were down 9.4 percent from the previous year. The New MINI Family, comprising the Countryman*, the Cooper* and the Aceman*, will boost MINI sales – particularly in the second half of the year.

This sales development is also reflected in segment revenues. Adjusted for currency translation effects, revenues saw a slight increase of 1.5 percent.

Both the higher sales volume and positive product mix effects from the upper price segment and BEV contributed to the increase in revenues in Q1 2024.

This is expected to provide a tailwind for revenues also in the remainder of 2024.

Furthermore, prices across the product portfolio are expected to be in line with last year’s level.

The electrification of our product line-up continued to generate substantial sales momentum in the most recent quarter.

Almost 83,000 fully-electric vehicles were sold – or 13.9 percent of our total sales.

Taken together, BEV and plug-in hybrids accounted for about 21 percent of total sales in the first quarter.

EBIT for the period from January to March was 2.7 billion euros, with an EBIT margin of 8.8 percent.

This means that the first quarter of 2024 is in line with the consistent trend in profitability since the beginning of 2022.

Q1 2023 was exceptional, as the effects of inflation were not yet fully reflected in the operating result.

I will provide more details on the Q1 year-on-year development with the EBIT bridge.

SLIDE 6: Automotive Segment EBIT in Q1

Changes in commodity prices accounted for a positive impact of around 200 million euros. Currency effects remained neutral.

For the full year 2024, we anticipate a positive net balance from currency and commodity positions.

The net balance of volume, model-mix and pricing effects is about 300 million euros lower than for the first quarter of 2023.

Increase in volumes made a slight positive contribution.

The double-digit growth by models in the upper price segment almost entirely compensated the effect from the higher BEV share.

Starting with the second quarter of 2023, we began to see increased competition due to better availability of vehicles in the market. This led to a gradual softening of the global price environment for new and used cars, which has continued into the first quarter of 2024.

For the full year 2024, we expect the net effect from volume, mix and pricing to be slightly positive, as planned.

We expect additional momentum from models like the new BMW 5 Series, which is currently ramping up in markets across the globe. In China, it launched after the Lunar New Year holiday and has therefore only been in showrooms for a few weeks.

Full availability of the BMW 7 Series will also have a positive effect.

Moving on, we come to research and development expenses – which were 200 million euros higher than in the prior-year first quarter.

Based on Group R&D expenditure, the R&D ratio according to the German Commercial Code came in at 5.4 percent.

Our R&D activities remain focused on the electrification and digitalisation of our entire vehicle fleet. We are constantly developing attractive new models, like the NEUE KLASSE or the next generation of the BMW X5.

Sales and administrative costs were 100 million euros higher than the previous year. This is largely due to IT projects and the increase in personnel costs, which was implemented from the third quarter of 2023.

The headwind of 700 million euros from Other Cost Changes essentially results from two areas.

The first is manufacturing costs.

Sales margins in the first quarter of 2023 still benefitted from a lower level of purchasing prices in 2022.

This led to a positive EBIT effect in Q1 2023 as inventories with lower manufacturing costs were sold.

Starting in Q2 2023, we saw an elevation in costs that has carried through into Q1 2024.

Another reason for the difference in other cost changes is income from the resale of end-of-lease vehicles.

As expected, income was lower than in the first quarter of 2023, yet remains positive.

The normalisation we have been seeing in the used car market over the past twelve to fifteen months has gradually continued.

SLIDE 7: Automotive Segment Free Cash Flow in Q1

Free cashflow in the Automotive Segment totalled about 1.3 billion euros in the first quarter of 2024.

The difference to the first quarter of 2023 mainly results from the lower EBT.

Inventory levels rose during the first quarter, in line with planning. This contributed to the change in working capital, which amounts to 1.2 billion euros.

The increase in stock will ensure that we can service the expected customer demand.

The net effect from capital expenditure and depreciation also reduced free cash flow by 200 million euros.

Capital expenditure for January to March totalled around 1.3 billion euros. This was mainly allocated to new models and structures, with a clear focus on electrification and digitalisation as well as automated driving systems.

The capex ratio for the year to the end of March was 3.6 percent.

Changes in provisions and in the position other, such as tax payments, had no net impact on free cash flow.

In the first quarter of 2024, investments totalling 2.3 billion euros were made into future models and innovations. Nevertheless, the Automotive segment generated 1.3 billion euros in free cashflow.

For the full year, the BMW Group is targeting a free cashflow above 6 billion euros in the Automotive segment, despite the planned peak investments in R&D and capex in 2024.

The strong underlying free cashflow generation supports our ongoing and consistent shareholder return.

As part of the share buyback program BMW AG has acquired shares equivalent to 5.03 percent of the share capital in place on March 31st.

The second tranche of the second program with a volume of 500 million euros is currently in progress and will be completed no later than June 28th.

Currently we see no reason not to continue with tranche three immediately after conclusion of tranche two.

SLIDE 8: Financial Services Segment in Q1

In the Financial Services Segment, the positive trend in new business from the second half of 2023 continued through the first three months of 2024.

The number of new contracts concluded with retail customers increased significantly by 21.5 percent year-on-year to reach 422,000 contracts. Financing for both new and used vehicles contributed to this growth.

In line with this, the volume of new business grew by 22.1 percent to just over 15.6 billion euros.

Segment earnings for the first quarter amounted to 730 million euros – a decrease of 215 million from the previous year.

This can be attributed both to higher credit risk provisioning and the normalisation of income from the resale of lease returns.

The credit loss ratio across the entire loan portfolio remained at a low rate of 0.21 percent.

SLIDE 9: Motorcycles Segment in Q1

In the Motorcycles Segment, first-quarter deliveries decreased slightly by 3.1 percent year-on-year.

EBIT for the year to the end of March totalled 106 million euros, with an EBIT margin of 12.2 percent.

SLIDE 10: Outlook 2024

Ladies and Gentlemen,

After a successful first quarter, we expect the solid business performance to continue throughout the year 2024.

Therefore, our guidance for key performance indicators remains unchanged.

This is based on the assumption that geopolitical and macroeconomic conditions do not deteriorate.

Group earnings before tax are projected to decrease slightly.

In the Automotive Segment, we are planning for slight year-on-year sales growth – with the percentage of all-electric vehicles set to increase significantly.

We expect to see an EBIT margin of between 8 and 10 percent and a Return on Capital Employed (RoCE) of between 15 and 20 percent.

Sales should be slightly higher in the Motorcycles Segment, too. The segment's EBIT margin should come in at between 8 and 10 percent and Return on Capital Employed (RoCE) should be between 21 and 26 percent.

In the Financial Services Segment, we are targeting a Return on Equity (RoE) in the range of 14 to 17 percent for the full year.

SLIDE 11: BMW Group with Consistent Performance

Ladies and Gentlemen,

The BMW Group combines a robust financial performance in its current business with a long-term perspective for the future.

We have a range of highly attractive products in the market and we are continuously developing new models that will set the standard for driving experience, digitalisation and connectivity.

As planned for and previously announced, our research and development spending, and our capital expenditure, will respectively peak in 2024.

We expect our R&D ratio for the full year to be above 5 percent, and the capex ratio above 6 percent.

Our underlying profitability allows us to finance these investments in the future and at the same time yield attractive returns to our shareholders.

We continue to steer the company in line with our strategic priorities. And we deliver what we promise.

Our flexibility allows us to quickly adapt to market fluctuations and to meet customer demand across the globe.

This ensures that we capitalize on market developments and deliver strong results through consistent execution.

Thank you.

San Luis Potosí. BMW Group Plant San Luis Potosí is gearing up for production of the Neue Klasse: Construction of a local high-voltage battery assembly has now begun, along with expansion projects for the body shop, assembly and logistics areas. A total of 800 million euros will be invested in expanding the Mexican production site.

The Neue Klasse will also be produced in Mexico from 2027 onwards. The Sports Activity Vehicle model will be launched at the new BMW Group Plant Debrecen in Hungary as the initial derivative of the Neue Klasse in late 2025, while the Sedan will ramp up in Munich in 2026. Just one year later, additional production capacity will be available in Mexico – initially, for the Sports Activity Vehicle. The future high-voltage battery assembly at Plant San Luis Potosí, covering an area of more than 80,000 square metres, is key to integrating the Neue Klasse at the production site.

“The battery assembly in San Luis Potosí will be part of our global production network. For our new sixth-generation e-drive alone, we are building five locations on three continents,” explained Milan Nedeljković, member of the Board of Management of BMW AG responsible for Production, at the start of construction in Mexico. The BMW Group is committed to the “local for local” principle worldwide. “Locating battery factories close to vehicle manufacturing makes production more resilient.”

Close links between battery factory and vehicle production

In line with its “local for local” principle, the BMW Group locates its high-voltage battery assembly facilities worldwide as close as possible to its vehicle plants. In addition to the location in San Luis Potosí, assembly sites for sixth-generation high-voltage batteries are also being built in Debrecen (Hungary), Shenyang (China), Woodruff, near Spartanburg (USA) and Irlbach-Straßkirchen (Lower Bavaria). This approach safeguards production, even in the event of unforeseen political and economic developments. Existing locations are also being strengthened, securing jobs. The short distances involved reduce the carbon footprint of vehicle production.

The BMW Group will use its newly developed round cells for the first time in the Neue Klasse. This leap in technology will boost the energy density of cells by 20 percent and improve charging speed by up to 30 percent. Range will be extended by 30 percent. 

Further development of Plant San Luis Potosí

As well as integrating battery assembly, other changes are being made at Plant San Luis Potosí: Just under 20,000 square metres will be added to the body shop, resulting in a total area of over 90,000 square metres. Assembly and logistics areas are also being expanded by almost 10,000 square metres.

“With this further development of our site, we are also gearing up in Mexico for the launch of the next BMW model generation. As the first premium OEM producing fully-electric vehicles and high-voltage batteries in Mexico, we are at the forefront of our industry and, at the same time, continuing to reduce our environmental footprint,” said Harald Gottsche, president and CEO of BMW Group Plant San Luis Potosí.

Photovoltaic output to double

When it comes to efficient energy supplies, the BMW Group uses site-specific solutions at its locations around the world. “In Mexico, we are planning to expand the photovoltaic systems within the plant, to double the output from the solar panels,” said Nicole Haft-Zboril, Head of Real Estate Management at the BMW Group. “The plan is to generate more than 20 percent of the electricity we need at the moment – directly on the factory premises.” The wastewater treatment plant has also been expanded, with an investment of 3.3 million euros significantly increasing the reuse of treated wastewater.

Extensive skills development programme

BMW Group Plant San Luis Potosí is also stepping up its commitment to skills development, aimed at ensuring employees are highly qualified and prepared for the challenges of the future. Training will include topics such as safety awareness around production of high-voltage systems and the use of robotics in manufacturing processes.

The BMW Group plant in San Luis Potosí started production in 2019. Around 3,700 employees currently produce the BMW 3 Series Sedan as well as the BMW 2 Series Coupé and the BMW M2 models for the global market.

Munich/Indio. Bursting with colour, fizzing with energy and overflowing with confidence: the exhilarating atmosphere of the Coachella Valley Music & Arts Festival in California and the spectacular landscape and architecture of the Coachella Valley provide the ideal setting in which to showcase the unique design of the BMW XM to stunning effect. With its dynamic lines, expansive surfaces, muscular proportions and sharp edges, the first electrified high-performance model from BMW M GmbH exudes presence and confidence. And the visually impactful design of the Sports Activity Vehicle gains even greater intensity with the addition of exclusive BMW Individual special paint finishes.

Colour shades including BMW Individual Urban Green, BMW Individual Petrol Mica metallic, BMW Individual Anglesey Green metallic and BMW Individual Sepia metallic give the extravagance of the BMW XM a very personal note. This visually imposing spectrum of colours – all beguiling shimmer effects and arresting deep gloss – provide a dynamic counterpoint to the spectacular desert landscape and modern take on mid-century architecture that give the Coachella Valley its inimitable aura.

Collaboration with co-creators produces emotionally engaging images with a unique aesthetic.

An international and diverse team of artists, creatives and sportspeople like Icelandic actor and former professional footballer Rúrik Gíslason, German rapper Badmómzjay and TikTok luminary Lena Mantler feed off the unique vibe and the easy glamour of the Valley to inspire each other, build multimedia content for their social media channels and frame the BMW XM in a new light. The line-up of international stars is joined by a broader circle of key opinion leaders from the worlds of music, art and sport – the likes of Jon Batiste, Yusra Mardini, Nemanja Gasic, Chase Hudson, ARTLANTA, Chris Brickley and Gashi.

2024 sees BMW and Coachella partnering up for the sixth time. Through its cultural engagement, the Bavarian premium carmaker seeks to engage with up-and-coming creatives at the cutting edge and influential key opinion leaders from various spheres, while also offering a platform for co-creators to express themselves with full authenticity. Photo and video sessions are both on the agenda at Coachella, with locations in the festival’s immediate surroundings and beyond sure to inspire some amazing work.

Located to the east of Los Angeles, the Coachella Valley is known for its scenically captivating contrast of rugged desert landscape and green oases dotted with date palms. As well as its numerous dapper cafés and bars, the character of the Valley is shaped most prominently by modern villas in an expansive bungalow style. The iconic architecture here and the proximity to unspoilt nature provide a canvas for photos and video with an incomparable aesthetic and create the perfect backdrop for a progressive vehicle like the BMW XM.

BMW XM: Poster boy for the successful combination of luxurious high performance and electrification.

With its confident use of form, extremely comfortable interior and advanced plug-in hybrid drive system, the BMW XM represents the optimal combination of luxury, high performance and electrification. Depending on the model variant, its M HYBRID system uses a powerful six-cylinder in-line engine or a punchy petrol V8. Add the adaptive M suspension Professional and M xDrive intelligent all-wheel-drive system with M Sport differential (both standard) to the mix and the BMW XM serves up potent dynamics and eye-catching figures for the 0 to 100 km/h (62 mph) sprint.

With its bold exterior design, the BMW XM also makes a big statement for individual lifestyle, the high-quality BMW Individual special paint finishes increasing the scope for personalisation further still. All BMW Individual special paint finishes are applied in a separate manufacturing process – with a higher proportion of the work carried out by hand – and benefit from an ultra-precise surface treatment. This meticulous finish ensures an impressive depth of colour and exceptional lustre.

In the event of enquiries please contact:

Corporate Communications

Cypselus von Frankenberg, Product Communication BMW Automobiles

Telephone: +49-89-382-30641

E-mail: Cypselus.von-Frankenberg@bmw.de

Alexandra Landers, Head of Product and Brand Communication BMW

Telephone: +49-89-382-30871

E-mail: Alexandra.Landers@bmw.de

Internet: https://newsroom.bmwgroup.com/global/en

E-mail: presse@bmw.de

The BMW Group

With its four brands BMW, MINI, Rolls-Royce and BMW Motorrad, the BMW Group is the world’s leading premium manufacturer of automobiles and motorcycles and also provides premium financial and mobility services. The BMW Group production network comprises over 30 production sites worldwide; the company has a global sales network in more than 140 countries.

In 2023, the BMW Group sold over 2.55 million passenger vehicles and more than 209,000 motorcycles worldwide. The profit before tax in the financial year 2023 was € 17.1 billion on revenues amounting to € 155.5 billion. As of 31 December 2023, the BMW Group had a workforce of 154,950 employees.

The success of the BMW Group has always been based on long-term thinking and responsible action. The company set the course for the future at an early stage and consistently makes sustainability and efficient resource management central to its strategic direction, from the supply chain through production to the end of the use phase of all products.

www.bmwgroup.com

Facebook: http://www.facebook.com/BMWGroup

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Munich/Cernobbio. On 24 – 26 May 2024, BMW Group Classic will host the legendary Concorso d’Eleganza Villa d’Este in cooperation with the Villa d’Este luxury hotel.

This year’s Concorso d’Eleganza Villa d’Este includes the following competition classes, in which around 50 of the most spectacular vehicles of their eras will be presented to the high-calibre Jury:

CLASS A - THE DAWN OF THE PERFORMANCE AGE
CLASS B - SHAPED BY THE WIND: THE EVOLUTION OF AERODYNAMICS
CLASS C - “THE BEST CAR IN THE WORLD” FOR 120 YEARS: ROLLS-ROYCE CELEBRATES AN HISTORIC BIRTHDAY
CLASS D - “FASTER!” THE ARMS RACE ON THE ROAD
CLASS E - THE BEST OF ITALIAN GRACE AND PACE: MASERATI AT 110
CLASS F - GENTLEMAN DRIVERS: STYLE FOR THE FORTUNATE FEW
CLASS G - TIME CAPSULES: CARS THAT THE OUTSIDE WORLD FORGOT
CLASS H - THE NEED FOR SPEED: SUPERCAR STARS OF THE VIDEO GENERATION

Awards will also be presented in a special category for spectacular concept cars from various manufacturers.

The Concorso d’Eleganza parade on the terrace of the Villa d’Este will take place in customary style on the Saturday of the event. The Best of Show will be crowned by the Jury, with the vehicle in question being presented with the Trofeo BMW Group on Sunday evening. Beyond the top prize, the participants and competing vehicles at the Concorso will each battle it out for victory in their individual categories, for the Coppa d’Oro prize awarded by Public Referendum and for an array of other distinctions such as the Trofeo del Presidente, which will be presented by Helmut Käs, Head of BMW Group Classic and President of the Concorso d’Eleganza Villa d’Este.

Speaking of awards, star tenor and BMW Group Classic brand ambassador Jonas Kaufmann will once again present the Trofeo Il Canto del Motore for the best engine sound, as chosen by the Jury.

And the guests and media representatives can also look forward to two rather special world premieres: a sporty one of a kind with a maritime twist and rock ’n’ roll on two wheels.

Art on four wheels will also be on the agenda, as the American abstract painter Julie Mehretu and the 20th BMW Art Car take a detour to Lake Como en route to its big race at the 24 Hours of Le Mans just a few weeks later. Franciscus van Meel, CEO of BMW M GmbH, will join the artist to present her creation. BMW M is traditionally represented by an array of new products around the Concorso locations.

On 4 May 2024, Rolls-Royce Motor Cars marks the 120th anniversary of the first meeting between Henry Royce and The Hon Charles Stewart Rolls. Two men of vastly contrasting backgrounds and skillsets – the engineer and the salesman – united in their mission to create 'the best car in the world'. They gave their names to a dynasty of motor cars that defined, and continue to define, superluxury motoring across the world. They transcended the confines of the automotive world, making Rolls-Royce the global exemplar of excellence in all areas. Practically every product, service, device and technology that has been invented since 1904 has aspired to be 'the Rolls-Royce of…' its industry or sector. The standard they set 120 years ago is still driving innovation and improvement everywhere - including in the company they created.

BMW Group Classic is celebrating the 25th birthday of the BMW Z8 – and the legendary roadster will feature at the Concorso in a variety of ways.

The Concorso d’Eleganza Villa d’Este Public Day – Il festival was a huge success in 2023, welcoming some 10,000 guests and securing its place on the programme again this year. On Sunday, 26 May visitors will enjoy the unique opportunity to experience the full parade of vehicles at the Concorso d’Eleganza Villa d’Este in the beautiful gardens of Villa Erba. The festival day will also serve up an impressive blend of culture, music and automotive attractions for the whole family: from the cross-brand special exhibition “Motorsport Icons” – including the presentation of all the BMW Art Cars that have competed in the 24 Hours of Le Mans to date – to a host of present-day automotive highlights and technical innovations from the BMW Group. In an artist talk with Senior Vice President BMW Group Design Adrian van Hooydonk, Julie Mehretu will give an insight into the collaboration for the 20th BMW Art Car. BMW Group Classic brand ambassadors HRH Prince Leopold of Bavaria (GER) and Bruno Spengler (CAN) will be available to take selfies with fans and sign autographs.

On Saturday, 25 May the Amici & Automobili – Wheels & Weisswürscht event will take place for the third time in the grounds of Villa Erba. Each year since 2022, around 150 captivating vehicles from across the brand spectrum have come together for this community occasion. In 2023, a total of 6,000 visitors enjoyed  the relaxed get-together over a traditional Munich Weisswurst sausage.

Before the Concorso d’Eleganza Villa d’Este itself gets underway, the now traditional Prelude Tour will take centre stage once again. Late in the afternoon on 23 May, the historic cars will arrive at Cernobbio’s harbour, where they will be presented to the public.

“The Concorso d’Eleganza Villa d’Este will lay on a truly spectacular spread of events again this year,” says Helmut Käs, Head of BMW Group Classic. “We will showcase the magic and allure of mobility in all its variety – and in the process connect the automotive world’s iconic past with its present and future. It is important to us that there is something here for everyone.”

"The Concorso d’Eleganza Villa d’Este stands as a distinguished and esteemed affair, one we hold in high regard as hosts” says Davide Bertilaccio, CEO of Villa d’Este Group. It epitomizes a harmonious blend of legacy, reverence, and enduring grace, qualities for which we have long been esteemed. This event promises to be an extraordinary tribute to the automotive craftsmanship of yesteryears, finding its perfect setting within the storied grounds of Villa d'Este. We take pride in reaffirming our enduring collaboration with BMW Group Classic and in championing this latest iteration of excellence."

The winner of the Trofeo BMW Group - Best of Show will be the recipient of a special timepiece from A. Lange & Söhne: the unique 1815 CHRONOGRAPH in 18-carat white gold with solid pink gold dial and hand-engraved Concorso d’Eleganza Villa d’Este crest on the hinged cuvette. Through its partnership with the Concorso d'Eleganza Villa d’Este, which began in 2012, the German watchmaker focuses on the historic links between motor sport and timekeeping. The partnership is also shaped by a shared commitment to tradition, handcraftsmanship and mechanical innovation.

The organisers would once again like to thank long-standing partners A. Lange & Söhne, Vranken Pommery and wwwe GmbH.

The Concorso d’Eleganza Villa d’Este on Saturday, 25 May is already sold out.
Tickets for Amici & Automobili – Wheels & Weisswürscht (25 May, Villa Erba) and the Concorso d’Eleganza Villa d’Este Public Day – Il festival (26 May, Villa Erba) can be ordered here:
https://www.ticketone.it/en/artist/concorso-eleganza/

Keep up to speed via the following channels:
Concorso d’Eleganza Villa d’Este App for iOS and Android

Concorso d’Eleganza Villa d’Este website: https://www.concorsodeleganzavilladeste.com/
Instagram: https://www.instagram.com/concorsodeleganza_vde/

BMW Group Classic Media Server for downloads:
https://www.bmwgroupclassic-downloads.com/Events

Ladies and Gentlemen,

Good morning!

2023 was another successful year for the BMW Group. We delivered strong results in the current business, while securing our future viability through targeted investments.

Strong demand for our attractive products, better availability of vehicles and an easing of the supply situation led to a positive volume development. After the halfway mark in the year, we accordingly raised our guidance for both deliveries and EBIT margin in the Automotive Segment.

Thanks to our disciplined management of the business, we delivered yet again on all our targets. I’ll now take you through our results. 

SLIDE 3: BMW Group with Strong Performance and Solid Sales increase

For the full year, we delivered 2.55 million vehicles worldwide, which is 6.4% over 2022. We achieved significant growth with our all-electric vehicles. Deliveries reached more than 375,000 units, or approximately 15% of total sales.

At 9.8%, the EBIT margin in the Automotive Segment was well within the increased corridor of 9.0 to 10.5%. Excluding depreciation and amortisation for BBA assets from the purchase price allocation of 1.4 billion euros, the EBIT margin was 10.8%.

The Group EBT margin of 11% exceeded our strategic target of 10%.

We also continued to reduce CO2 emissions in our European fleet. With 102.1 grams per kilometer, we were 26.4 grams – in other words 20.5% - below the target set by the European Union.

SLIDE 4: BMW Group full-year 2023

At Group level, our revenues reached 155.5 billion euros, which is 9% higher than 2022. Adjusted for currency translation effects, revenues increased by 13.1%. The increase was driven by the higher delivery volumes and positive product mix effects.

In 2023, our earnings before tax at Group level amounted to 17.1 billion euros. It is important to note that Group earnings in 2022 of 23.5 billion euros included a one-off profit of 7.7 billion euros. This was due to a technical accounting effect related to BBA full consolidation, namely the revaluation of our existing equity interests. Without this effect, Group earnings in 2023 were 1.3 billion euros or 8% above 2022.

This also translates through to earnings per share, that were at 15.7 euros in 2022, excluding the one-off profit from BBA. In 2023, earnings per share of 17.7 euros were 12.8% above the previous year.

That brings me to the results of the individual segments.

I’ll start with the Automotive Segment.

SLIDE 5: Automotive Retail Units, BEV Units, Auto 

Revenue and Auto EBIT

The BMW Group delivered 2.55 million vehicles to customers worldwide in 2023. This corresponds to solid growth of 6.4% – in line with our increased guidance. Momentum came in particular from models in the upper price segment, such as the BMW 7 Series, X7, and Ix*, as well as from the all-new BMW X1.

Our all-electric vehicles continue to be a key growth driver.

In 2023, BEVs made up almost 15% of our total sales.

We also delivered over 190,000 plug-in hybrid vehicles. In total, electrified vehicles therefore accounted for over 22% of sales during the year. 

Revenues for the Automotive segment totaled 132.3 billion euros. This amounts to a 7% increase year-on-year.

At almost 13 billion euros, the segment’s operating result was over 20% higher than 2022. This resulted in an EBIT margin of 9.8%. This is both at the higher end of our long-term strategic target corridor of 8-10%, and well within the increased target corridor of 9.0-10.5% for the year 2023.

SLIDE 6: Automotive Segment EBIT full-year 2023

Looking at the operating result in detail, the increase in Automotive EBIT benefited from a net effect of volume, model mix and pricing, yielding a tailwind of 2.4 billion euros. This was mainly driven by the higher volume and higher share of top end vehicles, including BMW M models, which compensated for the higher BEV share. As expected, we saw some price normalization in the new car and used car markets through the end of the year.

Compared to 2022, we see that EBIT in 2023 was impacted by 600 million euros from the net balance of currency and raw material positions. This difference is mainly due to currency effects from the development of the Chinese renminbi and US dollar. Given lower raw material prices through the end of the year, we saw a slight tailwind compared to 2022. However, this was overcompensated by headwinds from increased supplier payments.

SLIDE 7: R&D Expenditure in full-year 2023

As planned, research and development expenditure rose significantly to 7.8 billion euros, almost 600 million euros higher than the previous year. The R&D ratio for the year came in at 5.0%. Due to higher revenues, this is the same level as 2022, although overall spending increased year-on-year.

Expenditure for R&D mainly focused on three areas: the electrification and digitalization of the fleet; automated driving functions; and expenditure for new models.

Due to higher expenses, mostly for IT projects, selling & administrative expenses increased by about 400 million euros.

The position “Other cost changes” reflects, amongst others, higher material costs, as mentioned at Q3, as well as lower residual value profits than the previous year. In 2022, a negative one-off impact of 1.8 billion euros was due to effects related to the first-time consolidation of BBA.

SLIDES 8 & 9: Automotive Segment Free Cash Flow full-year 2023

Moving on to the free cashflow results for 2023.

At year-end, free cash flow in the Automotive Segment reached 6.9 billion euros. It should be noted that free cashflow in the previous year included a positive effect of over 5 billion euros in net cash acquired from BBA. Without this effect, our free cash flow in 2023 was almost 900 million euros higher year-on-year, or an increase of 13%.

The change in working capital of 2.7 billion euros mainly reflects the increase in inventories to maintain stock levels in markets worldwide.  This ensured we have sufficient supply, including for new models, to meet the robust global market demand entering the new year.

SLIDE 10: Capital Expenditure full-year 2023

Capital expenditure for the year totaled 8.8 billion euros. Our investments in 2023 primarily focused on the fifth and sixth generation battery cell technology, digitalization of products and processes, and vehicle projects. In addition, we invested in construction of our plants, for example in Debrecen, Hungary, where we will launch the NEUE KLASSE next year.

The capex ratio for the year was 5.7%.

Changes in provisions had a positive impact on free cashflow of 1.5 billion euros.

The position “other items” reflects primarily tax payments.

SLIDE 11: Financial Services Segment full-year 2023

That brings me to our Financial Services segment, a key enabler for our business.

Financial Services is already an integral part of the customer journey, and will become even more important with the rollout of our direct agency sales model.

In 2023, the number of new financing and leasing contracts concluded with retail customers came in at the same level as the previous year with 1.5 million new contracts. This is a very solid result, considering the business environment with elevated interest rates and a highly competitive landscape.

Business developed positively quarter for quarter. While new contracts with end customers were down 20% in Q1 year-on-year, in Q4 contracts were up by 17%.

The share of new BMW Group vehicles either leased or financed

by the Financial Services segment stood at 38.2% in 2023.

Average financing volume per vehicle increased, due to an improved product mix in the automotive business. Overall, new business volume increased by 3.4% to 57.3 billion euros.

Segment earnings before tax amounted to 2.96 billion euros. The decrease reflects primarily two factors: higher refinancing costs due to rising interest rates, as well as the overall declining contract portfolio.

Revenues from the resale of end-of-lease vehicles remained at a high level, but were lower than previous year as used car prices started to normalize. We expect this trend to continue in 2024, leading to a lower result from off-lease vehicles.

At 0.18%, the credit loss ratio remained at low level.

After increasing the target range for the year to between 16 and 19 percent in August, Return on Equity reached 17.2% for the full-year.

SLIDE 12: Motorcycles Segment full-year 2023

That brings me to the Motorcycles segment.

In its 100th anniversary year, the BMW Motorrad brand achieved record deliveries, with over 209,000 units. An impressive accomplishment!

All major sales regions saw growth in 2023, with particular momentum coming from Europe with 4.7% and China with 2.8%.

The EBIT margin for the segment reached 8.1%.

At 259 million euros, the segment’s operating result was at the same level as 2022.

SLIDE 13: Other Entities Segment / Eliminations full-year 2023

Finally, you see the combined result from the Other Entities Segment and intersegment eliminations.

“Other Entities” recorded a loss in earnings before tax of 100 million euros. The decrease compared to 2022 was mainly driven by negative fair value measurement effects on interest rate hedging transactions.

Consolidations increased in earnings before tax to 1.3 billion euros. Lower eliminations associated with the leasing business had a positive effect compared to the previous year.

SLIDE 14: Dividend and Increased Pay-out Ratio

Ladies and Gentlemen,

At the BMW Group, we remain focused on ensuring that our shareholders benefit from the company’s success.

The Board of Management and the Supervisory Board will therefore propose a dividend of 6.00 euros per share of common stock and 6.02 euros per share of preferred stock to the Annual General Meeting. This results in a total dividend payout of approximately 3.8 billion euros. The higher dividend payout and earnings per share in 2022 reflected considerable one-off effects from the consolidation of BBA in our Group profit. Adjusted for the one-off effect, the dividend as well as earnings per share are higher in 2023.

The proposed dividend for 2023 represents a pay-out ratio of 33.7%. This is within our long-term strategic target range of 30-40% and also notably higher than the payout ratio in 2022.

At the end of June 2023, we successfully concluded the first program of our share buyback at 2 billion euros, which was approved at the Annual General Meeting in May 2022. On July 3rd last year, we launched the second program of up to 2 billion euros, with the first tranche concluding on December 31st. In total, 1.2 billion euros in share buyback were completed in 2023. The second tranche, with a volume of 500 million euros, started on January 2nd, and will be carried out by June 28, 2024, at the latest. The second share buyback program will be completed by December 31, 2025 at the latest.

Taking the proposed dividend and last year’s share buyback together, the total payout of 5 billion euros represents 92% of Auto free cashflow available to BMW AG shareholders.

This underscores the financial strength and robust cashflow generated by our operations, which supports optimal shareholder return.

Moving on from 2023, what are we expecting in 2024?

In the Automotive segment, we expect slight growth in volumes, driven by our young and attractive product portfolio. Specifically, we should see significant growth of our BEV share as well as a double-digit growth in the upper segment.

We anticipate an increase in material costs and supplier payments. However, this should be offset by a net tailwind from FX and commodities. The net impact of volume, mix and price should be slightly positive, and we will take our disciplined approach forward into 2024. At same time, lower profits from off-lease vehicles will weigh on Auto EBIT.

SLIDE 15: CapEx and R&D Ratios 2024

In 2024, we will hit our capex and R&D peak, as planned and communicated.

The continued implementation of our electrification and digitalization strategy will lead to greater research and development costs. Expenditure related to the NEUE KLASSE, such as the further development of the sixth-generation battery technology and preparations in the production network, will also impact the Group’s earnings and results in greater capital expenditure.

For the current financial year, we therefore expect a capex ratio above 6% and an R&D ratio above 5%. After 2024, both ratios will gradually return to our strategic corridors, which remain unchanged. For Capex: that means less than 5%. And for the R&D ratio: between 4 and 5 percent.

Despite the significant investment in future technologies, we will generate above 6 billion euros in Automotive free cashflow in 2024.

Financial services will benefit from the higher auto sales and stabilization of the interest rate environment. However, a decline in used-car values will negatively impact the result. And, given the higher lease penetration rate, we will see a lower eliminations result.

SLIDE 16: Outlook 2024

What do we expect for our key performance indicators in 2024?

In the Automotive Segment, deliveries of BMW, MINI and Rolls-Royce brand vehicles are expected to rise slightly year-on-year. The segment’s EBIT margin should fall within our strategic target corridor of 8 to 10 percent. The share of all-electric vehicles relative to total deliveries is expected to increase significantly compared to 2023.

In the Motorcycles Segment, deliveries are expected to increase slightly, with an EBIT margin within our target range of 8 to 10 percent.

Return on Equity in the Financial Services segment is forecast to land between 14% and 17%.

As expected, supply and demand continue to normalize for new and used cars. It is therefore expected that revenues from remarketing lease returns will be lower than 2023.

For the Group’s pre-tax profit, we expect a slight decrease. This is due primarily to the high level of expenses for research and development and capital expenditure, as outlined before. The decrease in the financial services business will also contribute to the slight decrease in Group profit before tax.

The Group’s headcount is forecast to increase slightly.

Ladies and Gentlemen,

At the BMW Group, our strong brands and attractive products have long formed the foundation for our success – and will continue to do so in the future. We allocate our capital in investments efficiently, in line with our long-term strategy. At the same time, we remain focused on cost discipline and profitability.

Our strategic perspective gives us clarity on our consistent path going forward, while our operational excellence secures our future competitive advantage and the overall health of the business. Our high flexibility allows us to meet market demand and consistently deliver on targets. And in 2023, it underpinned our profitable growth. The increase in our BEV sales to almost 15% put us in a strong position to overachieve the CO2 targets. We also recorded growth in the upper segment, resulting in a balanced and profitable mix.

As you know, our industry is known for its high complexity, for long life-cycles, and for tough regulatory requirements, which are ever-increasing. That is why our planning horizon always spans several years. As the Vision NEUE KLASSE X proves, our strategy ensures that we anticipate trends in the industry to remain ahead.

We are fully committed to deliver on our long-term strategic target of an 8-10% EBIT margin every year.

And we deliver what we promise. We have the right product line-up and the flexibility to meet customer needs across the globe. And our product offering is growing.

We will therefore continue with our profitable growth and also fulfill our targets, assuming market conditions remain stable. As everyone has seen in the BEV market in China, this is not always a given. At the BMW Group, we will maintain our balanced steering of multiple individual objectives to achieve all of our strategic priorities.

Our strong performance today is paving our road to tomorrow’s continued success. We remain confident about the 2024 financial year and beyond.

And now it’s time to hear from Oliver again: he’ll show you what we have in the pipeline across all brands to drive our success in the coming years.

Statement Part I – Vision Neue Klasse X

Ladies and Gentlemen,

In 1999 — 25 years ago — BMW presented the first X5, and with it established the sporty SAV segment. Since then, the X Family has been a pillar of the BMW brand, with around 12 million X vehicles sold worldwide. Today, the X family covers all customer wishes in this segment — from the premium compact class with the X1 to the luxury class with the X7 and XM.

Now, the BMW Vision Neue Klasse X looks ahead to the future of BMW and a totally new generation of BMW X models. This future doesn’t start on some far-off date – it begins next year, when we turn vision into a reality that our customers can experience for themselves.

Last year, we presented the BMW Vision Neue Klasse at the IAA Mobility, an outlook of what a sporty sedan from the NEUE KLASSE could look like. Because we aren’t just ramping-up e-mobility in niche models – but in our most successful, highest-volume segments.

From 2025 on, we expect demand for all-electric vehicles to increase significantly. That is precisely when we will be releasing the NEUE KLASSE onto the market. The NEUE KLASSE represents a start into a completely new model generation. It is redefining the BMW brand. With the NEUE KLASSE, we are taking BMW into the future:
in design, technology and the philosophy of the brand.

For the first time, we are showcasing the systematic implementation of the automotive industry's three major areas of future mobility combined. This means: electric, fully digital, and with a clear focus on sustainability. We have significantly improved each of these aspects.

Take the sixth generation of our battery cells, which we will use for the first time in the NEUE KLASSE: Quantum leaps in energy density will provide our customers 30 per cent more range and 30 per cent faster charging. The potential of digitalization can also be experienced in the NEUE KLASSE in totally new ways. This is made possible by four completely new electronic control units. Each one comes with computing power that is up to ten times faster than current systems.

Our completely redesigned iDrive redefines the interface between humans and machines. At the same time, we are also making impressive advances in the field of sustainability.

We are turning all the dials. In this way, we can significantly reduce our products’ carbon footprint and move even closer to circular use of raw materials. We are sticking to this path – also because our customers expect it from us.

And the most important thing is: These developments do not just benefit the NEUE KLASSE, they benefit all future BMW models.

Ladies and Gentlemen,

All of this shows that: With the NEUE KLASSE, we aren’t just opening the next chapter in the history of mobility – we are writing a whole new book: More Sheer Driving Pleasure. More digital experiences.

More sustainability.

In other words: More BMW than ever before.

Statement Part II - corporate messages

Ladies and Gentlemen,

You certainly couldn’t ask for more BMW or more future! With the NEUE KLASSE, we are rethinking individual mobility from the ground up. And what is more consistent than to apply this new approach to everything that defines the core of the BMW brand?

First of all, that refers to the BMW X philosophy embodied by the BMW Vision Neue Klasse X. But sportiness is also at the heart of every BMW. And it is this characteristic that the BMW Vision Neue Klasse completely reimagines in a sporty sedan.

Today, you can see both Vision Vehicles together on one stage for the first time. On the one hand, it shows how consistent the NEUE KLASSE is – in terms of design, technology and the relevant parameters for sustainability. On the other, it demonstrates how broad the NEUE KLASSE is. Here, you can see the two bookends of what we can imagine. But there is still plenty of room for other models and innovations in-between.

I can promise you today that: We will be taking both of these Vision Vehicles from the stage to the roads in a very similar form very soon. At least six different NEUE KLASSE models will be released in the first 24 months following the start of production. I call this an unprecedented and highly ambitious timeline. But if anyone can do it, then it’s us at BMW.

The NEUE KLASSE will significantly accelerate our ramp-up of e-mobility once again. But BEVs – along with our models in the upper premium and luxury segment – are already our biggest growth drivers. Last year, we sold more than 375,000 all-electric vehicles.

This year, once again, our fully-electric vehicles should see significant double-digit growth.

We will soon have sold more than one million BEVs worldwide. Including plug-in hybrids, we already passed the milestone of two million electrified vehicles. Plug-in hybrids are especially popular with our European customers. That is one of the reasons why it only took us just over two years to double our overall xEV deliveries from one to two million.

For the BMW Group overall, we are anticipating a slight increase in sales in 2024. The foundation for this is our wide range of drive technologies, all of which we are systematically further developing.

In this way, we can ensure we always offer the right products and services at the right time.

This also substantially reduces our carbon footprint. At the end of 2023, we outperformed the CO₂ limit set for us by the European Union by more than 20 percent. This shows that our strategy not only reflects customer requirements, but also ensures effective CO₂ reduction. Climate protection cannot be achieved successfully if it does not take customer needs into account. It just doesn't work. That is why we believe a comprehensive review of CO₂ fleet legislation in the EU is essential. Regulatory frameworks that ignore customer needs and market realities cannot be successful.

Especially, if they are unable to create the necessary conditions for alternative technologies. Then, they only provide objectives but exclude possible solutions. By the end of this year, we will have more than 15 fully-electric models in our line-up – from MINI, BMW and
Rolls-Royce as well as BMW Motorrad.

No matter if on two wheels or on four wheels – we always offer the best of everything. As promised, we offer at least one all-electric model for every brand as well as in every one of our core segments. This dynamism is reflected in our share of the global BEV market: At 4.1 percent, it is already significantly higher than our share of the total global market, which is at 3.3 percent.

We still expect half our deliveries to be all-electric before 2030. However, growth in BEVs worldwide is not linear. That was always clear to us. Development is volatile and market-specific, due to several factors. We remain as flexible as possible – that has been our strategy for years and we have reflected that efficiently in our architectures. We continue to prudently steer our BEV ramp-up in line with differentiated demand in global regions. And we have been successful.

For us, it is important to always maintain a realistic view of the development of e-mobility. BEV growth does not benefit from a purely ideological approach, but from long-term planning and consistent implementation of goals. That is why we are creating the best-possible conditions for this in our production network and supply chain – on a global scale.

The first production vehicles of the NEUE KLASSE will start rolling off the line at our new Plant Debrecen in the second half of 2025. That is where the first SAV model on our new fully-electric architecture will be launched. The sporty sedan, on the other hand, will ramp up from 2026 at our Plant Munich, which we are currently gearing up for the start of production.

Every second BMW produced at Plant Munich is already fully electric today. From late 2027 onwards, our more than 100-year-old main plant will exclusively build electric vehicles. We will also be manufacturing the NEUE KLASSE at our plants in San Luis Potosí, Mexico, and Shenyang, China. This perfectly demonstrates: Whether at a greenfield site or a traditional location, whether in Europe, Asia or the Americas – we are mastering the complexity and leading all our production sites into the future.

As you know, to master e-mobility you need powerful batteries.

We have made it our mission to understand every aspect of battery cells – from cell composition and cell format, all the way to industrial manufacturing.

We are able to recreate the entire process at our Battery Cell Competence Centre in Munich and the Cell Manufacturing Competence Centre in Parsdorf in Bavaria.

We are also applying our local for local principle to cell production for our batteries. Facilities will be located in direct proximity to our vehicle plants. This has led us to build our own production facilities for Gen5, as we are now doing in Thailand, and for the sixth generation of BMW high-voltage batteries in Hungary, the US, Mexico and China. This ensures short transport distances and secures our supply against unforeseen events around the globe.

From 2026, Gen6 batteries for our plants in Bavaria will come from our new location in Irlbach-Straßkirchen. Establishing an industrial site like this is no longer a straightforward process – especially in Germany. We sought frank and open discussion with residents in the early stages and explained the sustainable design and advantages of our location in Lower Bavaria to them.

This is how we build trust. We are very pleased that residents voted strongly in support of our new site. We see this as confirmation of our efforts. The future of e-mobility also entails integrating vehicles into the power grid: With the NEUE KLASSE, we are introducing bi-directional charging, which we have already tested extensively. Our customers can feed electrical energy stored in the vehicle back into their own house, electrical devices like your e-bike or the public power grid: This lowers electricity costs and helps stabilise networks.

As you can see: With the NEUE KLASSE, we are taking mobility to a new level and, at the same time, becoming an entirely new company.

All BMW models will benefit from the innovations of the NEUE KLASSE.

That means: In the near future, you will recognise the NEUE KLASSE in every BMW.

Our BMW Motorrad brand is well on its way to emission-free mobility in urban spaces. I like to ride a motorbike myself, whenever I have the time. So, I am delighted that we are launching many new models this year. Three of them stand out particularly:

Here, you can see the new CE02.

It is the second fully-electric model after the CE04, standing next to it, which is the undisputed market leader in its segment. There is something special about the new CE02 that makes it particularly appealing to young people: In Germany and other countries, you only have to be 15 to ride it.

The M 1000 XR is already the second M motorcycle model.
There are also a lot of fans eagerly awaiting the R 1300 GS Adventure. A comprehensive offering on two wheels: Whatever customers are looking for, they will find it at BMW Motorrad.

Just like BMW Motorrad, our MINI brand has a passionate fan community around the globe. With our NEW MINI Famliy we are taking the brand into a new dimension. Just as the NEUE KLASSE is doing for the BMW brand.

Now, MINI is gearing up for a world premiere: the Aceman.

This will be the third member of the NEW MINI Family and the first MINI we are offering exclusively as an all-electric vehicle. Even if it’s still camouflaged — I can promise you: It is unmistakeably a MINI – inside and out: signature design, go-kart feeling and digitally in tune with the times. And all this combined with a minimal ecological footprint. That describes not only the Aceman, but the entire New MINI family.

The Aceman fills the gap between the Cooper and the Countryman, which has grown significantly bigger. The all-new Countryman has been well received – whether with a combustion engine or all-electric. And the all-new Cooper, which will be available starting in May, is already sold out for the next four months.

Our NEW MINI family will be built at our Spotlight joint venture in China; in Oxford, UK, and, for the first time, in Germany, at Plant Leipzig. In the second half of the year, we will launch the all-new MINI Convertible which many fans are eagerly waiting for.

Together with the 5-door MINI Cooper, our NEW MINI family will then be complete. And now let’s jump from one end of our portfolio to the other. From the MINI typical Go-Kart-Feeling to our ultra-luxury marque.

Spectre* is the first battery-electric Rolls-Royce model to hit the showrooms. With its all-electric drive train we are bringing the driving experience at Rolls-Royce to a whole new level: that feels effortless just like a magic carpet ride.

We have never had so many pre-orders for a Rolls-Royce model. This shows that our exclusive customers acknowledge how perfectly Rolls-Royce and electrification fit together. Rolls-Royce is an unparalleled success story. Our luxury brand, with its unique product portfolio, has never been as strong and as differentiated as it is today. And let’s not forget the significant contribution margin it earns for the company.

And, now, Ladies and Gentlemen, as promised:

the new BMW 5 Series Touring!

BMW is where Touring meets e-drive: No one else in this segment has a vehicle like this on offer. The i5* Touring will be available from May. It delivers an electric range of over 500 kilometres and is especially popular in Europe.

The 5 Series Sedan and the i5 will also be available exclusively in China with a longer wheelbase. Both will be built at BMW Brilliance Plant Dadong.

Our high-performance brand BMW M also offers a technological spectrum: With the i4 M50*, the i5 M60* and the i7 M70* we have
three all-electric models on offer. And by the way, the all-electric i4 M50 is yet again our best-selling M model.

This year, fans can especially look forward to the new edition of the M5 – first, as a sedan, and later, also as a Touring. Both M variants come with an impressive partially electrified drive train. With the BMW M hybrid system, they are able to drive more than 70 kilometres on electric power alone.

Our plug-in hybrids remain an important element of our drivetrain portfolio. Why? Because they provide a boost to e-mobility that should not be underestimated. Many customers discover and come to appreciate the advantages of electric driving in this way.

The 5 Series and the 5 Series Touring are concrete examples of how BMW is implementing a variety of drivetrains to meet very diverse customer needs.

All of this is based on our flexible architecture, which enables us to cover the entire spectrum: from powerful BEVs to smart plug-in-hybrids to highly efficient combustion engines and high-performance M models.

The success of this approach has been reflected in our key figures for several years — in sales and profit margins. With our broad technological approach we are already thinking one step ahead: We have been testing the BMW iX5 Hydrogen* in selected countries under everyday conditions since last year.

Our pilot fleet’s world tour has raised awareness of the role hydrogen can play in the energy transition – not just for mobility, but industry-wide. Our vehicles performed well under various climate and traffic conditions, and the public response has been overwhelmingly positive.

This was no surprise to us, since hydrogen fuel cell drivetrains combine the best of both worlds: the advantages of an emission-free e-drive with the fast refuelling people are used to. That’s why we see hydrogen as an additional alternative drive technology that could make a lot of sense in the mid to long term.

For us, our aspiration to be strong tomorrow means being already strong today.

This is especially true of the new edition of our best-selling X model, the BMW X3, which will be released later this year. The new X3 will be available with a choice of highly efficient combustion engines or as a plug-in hybrid.

At the same time, we are preparing for the next major leap: The NEUE KLASSE is built on a separate new architecture – already tailored today to the electric vehicles of tomorrow. This enables us to make the best possible use of economies of scale as demand for electric models grows.

Vehicle architectures are important, but they are not the decisive lever – that would be our technology clusters. They enable innovations and technological advances to be scaled efficiently across all architectures. Behind this is a modular principle that allows us to roll out technologies to different vehicle concepts and segments.

This ensures that the innovations of the NEUE KLASSE will benefit the entire BMW model line-up in the coming years.

We don’t divide our products into “old” and “new”, but always offer our customers the latest technology – regardless of the vehicle's powertrain.

We are using the NEUE KLASSE as our innovation and technology booster for the entire portfolio and for all major future mobility topics that we implement in our vehicles, including design.

The NEUE KLASSE is our impulse, initiator and enabler to roll out new technologies over the next few years. As you can see: We will continue to serve all markets according to their needs, providing top products in all segments. The full range of four drive technologies, regardless of which architecture they are built on, is just one aspect here.

The BMW Group is a tech company. The ability to manage this complexity, to orchestrate, scale and further develop technologies is one of the BMW Group’s greatest strengths and a unique selling point. With this in mind, we offer our customers the best, coherent overall package. That is our aspiration and our goal. It might even be the most important secret ingredient in our company's success.

We already showcase our innovative strength in automated driving with models like the BMW 5 Series and BMW 7 Series. The new BMW 5 Series is the first car in Germany approved for partially automated driving at up to 130 km/h on motorways. A completely new feature is the Active Lane Change Assistant with eye confirmation. The driver simply glances briefly in the exterior mirror and the car changes lanes.

Starting in March 2024, our customers will be able to experience Level 3 highly automated driving in the BMW 7 Series. This means you can let go of the wheel and temporarily turn your attention to something else.

Your 7 Series takes care of speed and distance control all
by itself, as well as lane tracking.

The steps to automated driving is one of the three main stories on the online version of the “BMW Group Report 2023”. I invite you to click through our online report. Our award-winning online Report will once again provide you with a compact overview of everything we are working on. You can experience what moves us and you try out our interactive KPI calculator. Just like the title says:
Driving the NEXT ERA.

Our spectacular Vision Vehicles show the direction in which we are taking mobility, in line with the major topics of the future. The most important aspect for our customers is: What does it feel like on the road?

In the Board of Management, we already got to drive a pre-series model of the NEUE KLASSE. We all agree that: It is Sheer Driving Pleasure at a whole new level. This is something only we can do! It is typically BMW.

A lot of people talk about transformation. That is when one thing replaces another. But, in our industry, it is more a case of things happening at the same time: Parallel approaches that still unmistakably move us forwards. That is why the BMW Group is committed to continuous and simultaneous progress – through bold leaps in innovation and responsible action.

And that brings us full circle:

Strong today – and strong tomorrow.

Thank you!

Munich. Strong products, strong demand, strong results: Following a successful 2023, in which the Automotive Segment reported its highest-ever operating result, the BMW Group aims to continue on its profitable growth course in the current financial year. Fully-electric vehicles (BEVs) and models from the upper premium segment should remain the main growth drivers again in 2024 – including the BMW 7 Series models, the BMW X7 and the Rolls-Royce model family, with the fully-electric Rolls-Royce Spectre*.

In both segments, the BMW Group expects to see significant double-digit growth in the current financial year. In addition, the BMW 5 Series models, including the BMW i5*, which will also be available for the first time as a fully-electric Touring model this year, plus vehicles from BMW M GmbH, will contribute as well.

Overall, the BMW Group expects to see a slight increase in deliveries in the Automotive Segment in 2024.

“The more challenging the framework conditions become, the more important it is to implement a consistent strategy. As a result, strong products and a high degree of responsiveness will remain our key success factors in 2024. This will continue to make us a reliable partner for customers, investors and stakeholders in the future,” said Oliver Zipse, Chairman of the Board of Management of BMW AG, on Thursday.

R&D spending and capital expenditure to peak in 2024, as planned

The company will maintain its strategic course, as planned, in 2024, with extensive investment in its plants, its range of premium vehicles and innovative technologies. This is seen in the construction of the plant in Debrecen (Hungary) and high-voltage battery assembly facilities in Shenyang (China), Woodruff (USA), San Luis Potosì (Mexico) and Irlbach-Straßkirchen (Lower Bavaria). With extensive expansion at Plant Munich and electrification of the MINI plant in Oxford, capital expenditure is set to peak in 2024. Digitalisation of the company and its products also necessitate higher spending.

In addition to capital expenditure, R&D spending will also reach a new high this year. This will mainly be focused on electrification of the vehicle portfolio, including the products of the NEUE KLASSE, as well as in-car digital innovations, such as connectivity, software stacks and automated driving.

“We are investing in the future of our company like never before. Construction and modernisation of our plants and the planned expansion of our portfolio are progressing quickly this year. Our capital expenditure and R&D spending will reach new levels. We are expecting a capex ratio above 6% and an R&D ratio above 5%. Both metrics will then return to their usual strategic range. Despite these major investments in our future, we are targeting a free cash flow of over six billion euros in the Automotive Segment in 2024. This speaks to the financial strength of the BMW Group,” said Walter Mertl, member of the Board of Management responsible for Finance. “We continue to focus on cost discipline and sustainable profitability – the long-term target range of 8-10% for EBIT margin in the Automotive Segment remains our benchmark.”

The company is also aiming to achieve an Automotive EBIT margin of 8-10% for the current financial year. This includes the continued dampening effect of depreciation and amortisation for BBA assets from the purchase price allocation.

Compelling products – BEV offering as main growth driver

In 2023, the BMW Group significantly increased (+74.2%) its sales of fully-electric vehicles to over 375,000 units, clearly underlining its role as an e-mobility pioneer. The company thus delivered significantly more fully-electric vehicles to customers than its direct European competitors and also significantly more than most of the new-entry players from Asia and the US.

This success is built on the strong product substance of these vehicles, as confirmed by numerous studies. For example, in February, renowned US consumer portal Consumer Reports named BMW “best brand” for the second consecutive year. The platform compared 34 automotive manufacturers and ranked them on the basis of road test scores, reliability, customer satisfaction and safety criteria. All 12 BMW models examined received a clear “buy” recommendation – as did the two MINI models tested, which also earned the brand one of the top positions.

Another double win came in a study conducted by US market research company J.D. Power, which looked at customers’ experience with electric vehicles: The overall winner was the BMW i4*, while the best model in the lower price segment was the MINI Cooper SE*.

With the fully-electric BMW i5, which will also be released onto the market this year as the first fully-electric Touring model, and the New MINI Family, the BMW Group will have a BEV option in virtually all its main segments. There will be more than 15 fully-electric models across all BMW Group brands on the market in 2024.

Combined with the growing efficiency of internal combustion engines, the BMW Group has substantially lowered its fleet-wide CO₂ emissions, specifically in Europe: Based on preliminary figures, EU fleet emissions were reduced to 102.1 g CO₂/km in 2023. The BMW Group thus outperformed its required fleet target of 128.5 g CO₂/ km by more than 20%. A further reduction is expected in 2024.

Diverse product range guarantees growth

The diversity of the BMW Group’s product range has proven to be a guarantee of growth at the start of 2024: In the first two months of the year, the BMW Group was able to increase its sales of fully-electric vehicles by a significant double-digit percentage, compared to the same period of last year. Growth was disproportionately strong in the US, where the company's BEV sales almost doubled in the year to the end of February. In Europe and China, deliveries of fully-electric models also posted significant double-digit growth.

At the same time, deliveries of vehicles with highly efficient combustion engines also rose in the year to the end of February. Strong customer demand for BMW Group models, regardless of the drive technology, combined with the high level of flexibility and responsiveness in the value chain, are important building blocks for the success of the company.

Vehicles with plug-in hybrid technology (PHEVs) also remain an essential component of the BMW brand's electrification strategy. Despite strong BEV growth, especially in Europe, demand for these models should remain stable this year. This technology is also making a valuable contribution to further CO₂ reductions and plays a part in introducing customers to e-mobility. Company-wide, over 560,000 electrified units (BEVs + PHEVs) were already delivered to customers in 2023. This is equivalent to 22% of total BMW Group sales.

The strong popularity of PHEV models has also helped the BMW Group already surpass the total of more than two million electrified vehicles (BEVs + PHEVs) to customers. Around 55% of these vehicles were PHEVs and about 45% BEV models. However, sales of fully-electric vehicles have risen much faster in recent years than PHEV models.

MINI and Rolls-Royce to become electric-only brands

The MINI and Rolls-Royce brands are well on their way to a fully-electric future from the early 2030s onwards. A glimpse of this is already provided by the New MINI Family and Rolls-Royce Spectre, with the first units already delivered to customers. New orders for Rolls-Royce Spectre already extend into 2025. Production of the new MINI Countryman* has now also ramped up for the first time at BMW Group Plant Leipzig, where it will be built as a fully-electric model and with a highly efficient internal combustion engine.

With this extensive range of electric models, the BMW Group expects to maintain its consistent growth trajectory in the years to come. In the second half of the decade, the NEUE KLASSE, with its impressive product substance, has the potential to further accelerate the market penetration of e-mobility. Depending on prevailing market conditions in the second half of the decade, development of raw material prices and availability, and the pace at which a comprehensive charging infrastructure is created, more than 50% of all BMW Group vehicles delivered worldwide could have a fully-electric drive train before 2030. If PHEV models are included, this percentage is correspondingly higher.

NEUE KLASSE in the starting blocks: BMW Vision Neue Klasse X underlines breadth of future BMW model line-up – new level of driving pleasure

Just one year before production of the NEUE KLASSE gets underway, a new Vision Vehicle previews the BMW Group’s future fully-electric SAV segment: The BMW Vision Neue Klasse X brings the philosophy and technology of the NEUE KLASSE to the Sports Activity Vehicle sector, a segment that has accounted for a growing percentage of BMW Group sales in recent years. In 2023, one out of every two BMW vehicles delivered to customers was an X model. “Together with the BMW Vision Neue Klasse, the BMW Vision Neue Klasse X showcases the breadth of our future BMW model line-up. From sporty sedan, with all its derivatives, to modern SAV family: The NEUE KLASSE reflects the variety of models that customers want today and in the future,” said Zipse. “In this way, we are underlining that the NEUE KLASSE is much more than just a car or a specific concept; it is redefining the BMW brand – and, at the same time, will be more BMW than ever.”

The BMW Vision Neue Klasse X also demonstrates how the three main characteristics of the NEUE KLASSE – electric, digital and circular – can be expanded to include a fourth dimension: The driving pleasure that forms the core of the BMW brand is taken to the next level with drive and chassis control developed specially for the NEUE KLASSE and with the sixth generation of BMW eDrive technology. The aim is for the NEUE KLASSE to offer “BMW driving pleasure” at an even higher level.

In the BMW vehicle of the future, this will be ensured by two of the four completely new highly integrated electronic control units, working smartly together on what was previously processed separately. The first control unit integrates the entire powertrain and driving dynamics, with up to ten times more computing power, based on a new software stack developed in-house by the BMW Group. The second control unit will enable the next quantum leap in automated driving. More detailed information on the other two highly integrated electronic control units – one in charge of connectivity and infotainment functionality, the other clustering more than 100 core vehicle functions, from the digital car key, to energy supply, to wire harness communications – will be provided at a later date.

In addition to further improved e-drive units, this sixth generation of BMW eDrive technology also features new, now round, lithium-ion battery cells, with a volumetric energy density over 20% higher than that of the prismatic cells previously used. In combination with the transition to an 800-volt system, this will improve charging speed by up to 30% – allowing vehicles to charge sufficiently for a 300-kilometre range in just ten minutes. The sixth generation of BMW eDrive also delivers up to 30% more range. At the same time, this new technology generation should significantly reduce costs: Compared to today’s Gen5 technology with a comparable range, the cost of the electric Gen6 system, i.e. the high-voltage battery with powertrain, should be 40-50% lower.

When it comes to aerodynamics, the BMW Vision Neue Klasse X boasts an impressive new top figure: Drag has been reduced by 20%, compared to a comparable model in the current line-up. New tyre designs and a special brake system for fully-electric vehicles help boost the vehicle's overall efficiency by up to 25%.

New generation of BMW iDrive takes user interaction to next level

The BMW Group already presented its vision of the future digital experience, both inside and outside the vehicle, with BMW i Vision Dee, at the CES in Las Vegas in 2023. The new BMW iDrive, now showcased in the BMW Vision Neue Klasse X, is based on a highly integrated software architecture and relies on the next-generation BMW Operating System.

In this vehicle, BMW Panoramic Vision projects key information across the full width of the windscreen. This will be complemented in the NEUE KLASSE by the enhanced BMW 3D Head-Up Display. In combination with a newly developed steering wheel with multifunction buttons, the new Central Display and the advanced voice control of the BMW Intelligent Personal Assistant, BMW iDrive takes interaction between the driver and their vehicle to a whole new level.

Technology clusters: Latest innovations – regardless of powertrain

However, going forward, all these innovations and technological advances are not just designed to benefit the models of the NEUE KLASSE, but the whole BMW product line-up. The basis for this is the modular principle the BMW Group has established in its technology clusters. These technology clusters, covering the areas digital, drive train, driving exterior and interior, can be used across segments for most of our product line-up. They are scalable, can be used on all architectures and can thus be modified for different vehicle concepts and segments.

“Our technology clusters give us important leverage for fast and efficient scaling of innovations and technological advances. In this way, we are able to ensure that we offer our customers the latest technology – regardless of the segment and the vehicle’s powertrain,” said Zipse.

NEUE KLASSE test drives now underway

These innovations will be making their debut in the NEUE KLASSE very soon. The first vehicles are currently completing test drives under extreme conditions. Series production will then ramp up in the second half of 2025 at the high-volume core of the BMW brand, with a Sports Activity Vehicle that is previewed in the BMW Vision Neue Klasse X. This will be followed by a sedan in the current 3 Series segment, which the BMW Vision Neue Klasse provided an initial glimpse of at the IAA MOBILITY. We intend to launch a total of at least six NEUE KLASSE models across the BMW Group’s global production network within the first 24 months of the start of production.

The NEUE KLASSE will be launched in 2025 at the new BMW Group Plant Debrecen (Hungary), which will exclusively produce vehicles for the NEUE KLASSE. From 2026 onwards, NEUE KLASSE models will also be built at the more than 100-year-old main plant in Munich, which is currently completing the necessary preparations to transition to BEV-only production from 2027. In the same year, series production of the NEUE KLASSE will begin at Plant San Luis Potosí (Mexico), while the production site in Shenyang (China) is also gearing up for production of the NEUE KLASSE.

Hydrogen fuel cell as further pillar of drive technology

The BMW Group still assumes that not all markets worldwide will have the necessary framework conditions for all customers to transition to pure electromobility in the coming decade. Consequently, a range of products with highly efficient conventional drive technology will still be needed to meet people’s individual mobility requirements, while contributing to CO₂ reduction in the transport sector.

Hydrogen fuel cell technology is also expected to account for a growing percentage of the drivetrain mix from the second half of the decade onwards. The BMW Group is systematically pushing forward with development of this technology as an additional option for sustainable individual mobility and – depending on market requirements and how conditions develop – could envision a potential production vehicle in the second half of the decade. A pilot series of the BMW iX5 Hydrogen* was presented to media from around the world for the first time in 2023. Since then, the fleet has been deployed with great success for demonstration and testing purposes among various target groups.

With its high-performance fuel cell and optimised power battery, the drive system in the BMW iX5 Hydrogen is unique worldwide. The gaseous hydrogen needed to supply the fuel cell is stored in two 700-bar tanks made of carbon-fibre reinforced plastic (CFRP). Together, they hold six kilograms of hydrogen, which gives the BMW iX5 Hydrogen a range of 504 kilometres in the WLTP cycle. Refilling the hydrogen tanks only takes three to four minutes – so, with just a few, short stops, the BMW iX5 Hydrogen is still able to ensure typical BMW driving pleasure, even over long distances.

Sustainability built into strategy

In 2021, the BMW Group became the first German automotive manufacturer to join the Business Ambition for 1.5° C campaign launched by the Science Based Targets initiative and therefore committed to the goal of complete climate neutrality throughout the entire value chain by 2050 at the latest.

To take into account all aspects of holistic sustainability, the BMW Group is leveraging its “secondary first” approach to gradually increase the percentage of recycled and reusable materials used in the vehicles of the NEUE KLASSE. Back in 2021, the BMW i Vision Circular already provided a glimpse of what individual, sustainable, luxurious mobility in the urban environment could look like in 2040: built from secondary material and renewable raw materials – and completely recyclable.

BMW meets all business objectives for 2023, as forecast

In financial year 2023, the BMW Group achieved its business objectives, as forecast. With a total of 2,554,183 premium vehicles delivered to customers (+6.4%), this represented a solid increase. Group revenues for the full year rose to € 155,498 million (+9.0%). In addition to the full consolidation of BBA, revenues were primarily driven by higher sales volumes and positive product mix effects. Earnings before financial result (EBIT) climbed to € 18,482 million (+32.0%).

The pre-tax earnings of € 17,096 million reflect a corresponding base effect: In the prior year, the revaluation of previously held shares in BBA of € 7.7 billion had significantly increased the BMW Group's financial result and Group earnings. In the absence of this effect, pre-tax earnings (-27.3%) and Group net profit (-34.5%) for 2023 were significantly lower than the previous year. Without the one-time revaluation effect referred to, Group net profit for 2023 would have been solidly higher year-on-year.

In the Automotive Segment, earnings before financial result (EBIT) increased significantly to € 12,981 million (+22.1%). Tailwinds came from the full consolidation of BBA, as well as sales growth and an improved product mix. This was offset by headwinds from research and development spending, as well as higher material costs. The EBIT margin for this period was 9.8% (2022: 8.6%). Excluding depreciation and amortisation for BBA assets from the purchase price allocation of € 1.4 billion previously referred to, the EBIT margin was 10.8%.

Thanks to this positive earnings development,the segment’s free cash flow totalled € 6,942 million at the end of December (2022: € 11,071 million/-37.3%), despite higher capital expenditure. The previous year included the positive one-time effect of € 5 billion from the full consolidation of BMW Brilliance.

The BMW Group's capital expenditure amounted to € 8,836 million (+8.5%) in 2023. Substantial expenditure was channelled into the electrification and autonomous driving modules, setting up high-voltage battery production in various markets and plant construction in Debrecen, Hungary.

Group research and development expenses totalled € 7,538 million (+13.8%). In addition to development expenses for the future models of the NEUE KLASSE, R&D spending was primarily focused on further electrification and digitalisation of the vehicle portfolio and automated driving.

Dividend of € 6.00 proposed – profit-sharing bonus for employees

The BMW Group’s high profitability is confirmed by the key figure “earnings per share” (EPS) which was € 17.67 for 2023. The high figure for the previous year of € 27.31 per share reflects the one-time effect from the revaluation of previously held BBA shares in the amount of € 7.7 billion. Without this effect, the figure for 2022 would have been € 15.66 per share, therefore the EPS in 2023 would reflect a significant increase of 12.8%.

The BMW Group reliably shares its success with its shareholders, with a payout ratio within the usual range of 30-40% for financial year 2023. The Board of Management and Supervisory Board will propose a dividend of € 6.00 per share of common stock (2022: € 8.50) and € 6.02 per share of preferred stock (2022: € 8.52) to the Annual General Meeting on 15 May. This represents a preliminary payout ratio of 33.7% (2022: 30.6%).

In keeping with the principle of performance and reward, employees in Germany will also share in the success of the company in an appropriate manner. For example, a skilled worker will receive € 8,400 for financial year 2023 (based on the salary group ERA 5 based on the Metal and Electronical Industry Bavaria), as well as another component for their pension plan. 

Outlook for 2024: BMW Group expects profitable growth

In the Automotive Segment, owing to a slight increase in demand, full availability of new models and the upcoming model launches, deliveries of BMW, MINI and Rolls-Royce vehicles are projected to be slightly higher than the previous year. Fully-electric vehicles’ share of deliveries is forecast to increase significantly, compared to 2023. The EBIT margin in the Automotive Segment should be within the range of 8-10% in 2024.

A slight reduction in the CO₂ emissions of the EU new car fleet is to be expected, thanks to further improvement in vehicle fuel consumption and the rising number of vehicles with an electric drivetrain. The company therefore also expects its numbers to once again be significantly lower than the official targets in the EU.

The stable demand situation is also reflected in the Motorcycles Segment. Combined with full availability of models, including the BMW R 1300 GS, slightly higher deliveries are also expected in this segment. The EBIT margin is projected to be within the target range of 8-10%.

In the Financial Services Segment, RoE is forecast to be between 14-17%. As expected, supply and demand continues to normalise in the used car markets. It is therefore expected that revenues from remarketing lease returns will decrease further as compared to 2023.

Also due to this trend, Group earnings before tax will decrease slightly. Since the BMW Group continues to be a leader among its competitors in digitalisation and electrification of the vehicle fleet and intends to expand this position further, R&D spending and capital expenditure for future projects will peak in the Automotive Segment in 2024. The production network will also be further expanded in 2024 in connection with the NEUE KLASSE.

The above targets will be achieved with slightly higher employee numbers. The percentage of women in management positions at the BMW Group is also forecast to increase slightly.

Growing uncertainty around macroeconomic and geopolitical conditions could cause economic performance in some regions to deviate from the expected trends and developments. This concerns trade and customs policy, security policy and possible intensification of international trade disputes. The war in Ukraine and potential implications for the BMW Group’s business performance are also being closely monitored. The applicable restrictions, due to sanctions, have already been factored into the company’s guidance.

                                                                      * * *

  GLOSSARY – explanatory comments on key performance indicators

Deliveries to customers
A new or used vehicle is recorded as a delivery once it is handed over to the end user (which also includes leaseholders under lease contracts with BMW Financial Services). In the US and Canada, end users also include (1) dealers when they designate a vehicle as a service loaner or demonstrator vehicle and (2) dealers and other third parties when they purchase a company vehicle at auction and dealers when they purchase company vehicles directly from the BMW Group. Deliveries may be made by BMW AG, one of its international subsidiaries, a BMW Group retail outlet, or independent third-party dealers. The vast majority of deliveries – and hence the reporting of deliveries to the BMW Group – is made by independent third-party dealers. Retail vehicle deliveries during a given reporting period do not correlate directly to the revenues that the BMW Group recognises in respect of that particular reporting period.

EBIT

Profit before financial result. Profit before financial result comprises revenues less cost of sales, less selling and administrative expenses and plus/minus net other operating income and expenses.

EBIT margin

Profit/loss before financial result as a percentage of revenues.

EBT

EBIT plus financial result.

Payout ratio

The payout ratio is preliminary. Although the Management Board and Supervisory Board are proposing a fixed dividend per share to the general meeting, the number of dividend-entitled shares is expected to fall even further as a result of the ongoing share buy-back program between now and the Annual General Meeting. Accordingly, the total amount paid out to shareholders until May 15 presumably will also change.

PHEV

Plug-in-hybrid electric vehicle.

If you have any questions, please contact:

BMW Group Corporate Communications

Max-Morten Borgmann, Communications BMW Group

Telephone: +49 89 382-24118

Email: max-morten.borgmann@bmwgroup.com

Eckhard Wannieck, Head of Communications BMW Group, Finance, Sales

Telephone: +49 89 382-24544

Email: eckhard.wannieck@bmwgroup.com

Media website: https://newsroom.bmwgroup.com/global/en

Email: presse@bmwgroup.com

The BMW Group

With its four brands BMW, MINI, Rolls-Royce and BMW Motorrad, the BMW Group is the world’s leading premium manufacturer of automobiles and motorcycles and also provides premium financial and mobility services. The BMW Group production network comprises over 30 production sites worldwide; the company has a global sales network in more than 140 countries.

In 2023, the BMW Group sold over 2.55 million passenger vehicles and more than 209,000 motorcycles worldwide. The profit before tax in the financial year 2023 was € 17.1 billion on revenues amounting to € 155.5 billion. As of 31 December 2023, the BMW Group had a workforce of 154,950 employees.

The success of the BMW Group has always been based on long-term thinking and responsible action. The company set the course for the future at an early stage and consistently makes sustainability and efficient resource management central to its strategic direction, from the supply chain through production to the end of the use phase of all products. 

www.bmwgroup.com

Facebook: http://www.facebook.com/BMWGroup

Twitter: http://twitter.com/BMWGroup

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LinkedIn: https://www.linkedin.com/company/bmw-group/

Singapore. MINI Asia and Eurokars Habitat today presented the MINI Concept Aceman at the Singapore Motorshow 2024, Singapore’s largest annual motoring event held at Suntec City Convention Centre (MINI – Level 4, Booth 116). The concept car is an initial preview of MINI’s future model generation’s new design. The first MINI crossover model for the premium small car segment comes with purely electric drive and a clear and pared-back design language that has been dubbed “Charismatic Simplicity”, along with a new digital interior space experience and a material concept which uses absolutely no leather or chrome.

“It gives me great pleasure to introduce the MINI Concept Aceman for the very first time in Southeast Asia,” said Mr. Daren Ching, Head of MINI Asia. “The MINI Concept Aceman bridges the space between the MINI Cooper and the MINI Countryman, and ushers in a new generation of MINI with an all-electric future. The MINI spirit perseveres in the go-kart thrill behind the wheel, an immersive digital experience, and a strong focus on minimal environmental footprint. It is exhilarating to kick off my first full year with the brand with such an electrifying showcase, and I am excited for everyone to discover the MINI Concept Aceman.”

“We are ecstatic to be back at the Singapore Motorshow and able to display well-loved models like the MINI One 5-Door and the MINI John Cooper Works 3-Door,” added Ms. Cheryl Chiok, Managing Director of Eurokars Habitat. “From everything you know and love about MINI to the dynamic motor sport essence of John Cooper, there is something for every fan and friend of the brand.”

MINI Concept Aceman.

The clear and reduced exterior and interior design of the MINI Concept Aceman heralds the beginning of a new design era for MINI. Distinctive features of the brand’s two most successful models, the MINI Cooper and MINI Countryman, come together to create a modern interpretation of a crossover model. At 4.05 metres long, 1.99 metres wide, and 1.59 metres tall, the functional two-box design with short overhands create maximum space for occupants and luggage on a minimal surface area. Chrome trimmings common in earlier model generations are dispensed with, while strongly contoured wheel arches with large wheels and a striking roof rack emphasise the characteristics of a crossover model for urban driving fun. Flat and geometrically modelled surfaces feature from the bonnet to the wheel arches, expressing clarity in the new MINI design style.

Interior: MINImalism redefined.

Moving to the interior, a holistic experience is offered through a simplistic design appearance with the combination of premium materials and welcoming colours. Digitalisation enables few operating elements to maximise the experience that makes it characteristically a MINI. The flat dashboard styled like a sound bar extends across the entire width of the interior in front of the driver and front passenger’s seats. Its soft knitted textile surfaces create a modern and homey atmosphere, while the dashboard is connected via a support structure displaying the Union Jack pattern, an homage to the brand’s British roots.

Innovative user interface in the form of a circular OLED display.

The central interface combines all the functions of the instrument cluster and the on-board monitor as a round OLED display, with a toggle switch bar set below the large screen. The redesigned toggle switches operate the parking brake, select gears, activate and deactivate the drive, select Experience Modes, and adjust the audio system volume. The Circular OLED display takes up the entire surface of the central interface, making MINI the world’s first car manufacturer to present such technology. Moving image projections can transfer control system content to the entire dashboard, creating a unique digital experience extending right onto the door panels.

Three new Experience Modes for a complete vehicle experience.

Innovative Experience Modes combine specific displays and colour worlds to individualise and personalise the driving experience in the interior of the MINI Concept Aceman. Personal Mode allows the user to transfer an image motif of their choice to the OLED display, while Pop-Up Mode provides eventful navigation with surprising moments. Vivid Mode enables an interactive design of the display area on the OLED display and the adjacent surfaces, providing an innovative entertainment function that can be used during short breaks when stopping at traffic lights and charging the high-voltage battery.

A touch of the display creates coloured ‘letter bubbles’ from the components of the ‘Aceman’ lettering. Lighting and sound come together for a flowing transition before the start of your journey for a holistic and interactive experience, and an exterior light show with an interactive sound emanating from the exterior loudspeakers welcomes the user as they approach the MINI Concept Aceman. A colourful graphic image is projected onto the floor in the entry area in a welcome scenario, completed by the words ‘Hey Friend’ on the display.

MINI at the Motorshow.

Customers can make an appointment with the sales consultants on site for a test drive at the Eurokars Habitat showroom on a separate day. A wide range of the MINI Lifestyle Collection are on display, with up to 20% off on exclusive MINI merchandise. Customers who purchase a MINI at the Singapore Motorshow 2024 will receive complimentary 7 years’ worth of warranty and servicing, MINI Advanced Car Eye Pro, and more.

Model showcase.

• MINI Concept Aceman
• MINI One 5-Door
• MINI John Cooper Works 3-Door

For more information on the MINI booth, please visit this link.

                                                              -End-

Singapore. BMW Asia today launched the first-ever BMW iX1, all-new BMW X2, first-ever BMW i5 M60 xDrive and first-ever BMW X1 M35i xDrive at the Singapore Motorshow 2024, Singapore’s largest annual motoring event. From 11-14 January 2024, visitors can discover the new models at the Suntec City Convention Centre (BMW – Level 4, Booth 115).

“After an exciting and very successful 2023 that concluded with multiple expansions in Singapore from our dealer partners, we are thrilled to kick-off 2024 with the launch of four exciting key models,” said Mr. Lars Nielsen, Managing Director, BMW Group Asia. “The first-ever BMW iX1 and all-new BMW X2 will be offered as Category A COE models, further expanding our premium compact segment offerings and solidifying our commitment to bring greater choice and flexibility to our customers across the model range.”

Mr. Nielsen added, “In a continuation of 2023, the first-ever BMW i5 M60 xDrive is another highlight. After the great success of the BMW i4 M50, the BMW i5 M60 xDrive goes one step further in delivering driving pleasure to M enthusiasts who are conscious about their carbon footprint. Plus, we are introducing the range topping BMW X1 M35i xDrive, building on the spontaneous driving pleasure of the BMW X1.”

The first-ever BMW iX1.

As in all of the brand's current electric vehicles, the first-ever BMW iX1 uses the current fifth generation BMW eDrive technology. A highly integrated drive unit on the front axle of the entry-level model generates an instantaneously available maximum torque of 250 Nm in addition to the maximum output of 110 kW/147 hp. The compact Sports Activity Vehicle (SAV) accelerates from zero to 100 km/h in 10.5 seconds. Its top speed is electronically limited to 170 km/h.

The all-new BMW X2.

The all-new BMW X2 has a distinctive, visually expressive design showing clear differentiation from the brand’s compact SAV, the BMW X1. As such, it is instantly identifiable as a pure-bred Sports Activity Coupé (SAC). Also characteristic of the new model are its dynamically stretched lines and a generous surface treatment. The all-new BMW X2 has grown by 194 millimetres in length over its predecessor to 4,554 millimetres, by 21 millimetres in width to 1,845 millimetres and by 64 millimetres in height to 1,590 millimetres. Plus, its increased wheelbase and wider tracks benefit space in both the five seats and the boot. The all-new X2 has a maximum load capacity of 560 litres.

The first-ever BMW i5 M60 xDrive.

The first-ever BMW i5 M60 xDrive combines an up to 442 kW/601 hp drive with hallmark M performance and specific design features. Two highly integrated drive units on the front and rear axles make up an electric all-wheel drive. The system torque generated is up to 820 Nm when M Sport Boost or the M Launch Control function is activated. This enables the first-ever BMW i5 M60 xDrive to accelerate from zero to 100 km/h in 3.8 seconds. Its top speed is electrically limited to 230 km/h.

The first-ever BMW X1 M35i xDrive.

The first-ever BMW X1 M35i xDrive races to 100 km/h from rest in 5.4 seconds with a maximum output of 300hp, while top speed is electronically limited to 250 km/h. M-specific chassis technology – including the option of M Compound brakes for the first time on a performance model – teams up with BMW xDrive intelligent all-wheel drive to deliver sublime performance characteristics. The sharper character of the first-ever BMW X1 M35i xDrive is clearly apparent both inside and out. The new range-topping model comes with the type of exclusive design and equipment features originally reserved for high-performance cars from BMW M GmbH. These include the two pairs of exhaust tailpipes.

Digitalisation.

For the first time at the Singapore Motorshow, customers have the opportunity to interact with the Emotional Virtual Experience (EVE). Using 3D-rendering software, their vehicle of choice is presented in almost photo-realistic quality, allowing exploration from all available angles, including a detailed look at its interior and exterior in different environments during the day and night.

BMW Lifestyle.

Fans of BMW can show their passion for the brand with the wide range of BMW Lifestyle products available and enjoy the following perks:

• Up to 20% off on merchandise, and exclusive bundles.
• Motorsports Fun Pack with a 20% discount at $158, consisting of the BMW M Motorsport Bottle, BMW M Pocket Umbrella, and BMW M Bucket Hat.
• Up to 70% savings on the Golfsport Umbrella with any purchase of BMW Lifestyle products.

Fun for all.

Visitors can enjoy unique food and beverage from Coffee Break, a second-generation coffee and toast outlet reimagining traditional tastes for modern palettes. They are welcome to pair their latte with a black sesame butter toast or earl grey crème toast for a refreshing delight. Also available is a selection of bubble tea from renowned chain Koi Thé.

Children can create their dream BMW as well, with a Pyssla keychain making station where designs like the BMW iX1 can be created to take home.

In addition, the first 20 visitors each day to snap a photo with any BMW on display, share it on Facebook or Instagram with the hashtag #BMWSGMotorshow2024, and follow @bmwsingapore on Instagram, can redeem an exclusive BMW NETS Flashpay card.

Model showcase.

BMW Asia, Eurokars Auto, and Performance Motors are showcasing the following models at the Singapore Motorshow 2024:

1. BMW 116i
2. BMW 216i Gran Coupe
3. BMW 318i Sedan
4. BMW X2
5. BMW iX1
6. BMW iX3
7. BMW iX
8. BMW i4 M50
9. BMW i5 M60 xDrive
10. BMW X1 M35i xDrive
11. BMW M2

Customers who purchase a BMW at the Singapore Motorshow 2024 qualify for the Sure-Win Spin, where prizes like the Apple iPhone 15 Pro, Apple Airpods Max, and $888 worth of BMW Lifestyle vouchers are up for grabs. Customers can also redeem a BMW-branded Dual-Use Pouch on-site with every purchase.

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Singapore. Fans and enthusiasts are invited to visit MINI Pitstop, a pop-up store by Eurokars Habitat, located at the new One Holland Village shopping mall. Open from 11am to 9pm daily, everyone is welcome to browse and test drive the latest MINI models, and explore the MINI Lifestyle Collection, ranging from apparel to accessories.

“Fresh off the launch of the MINI Clubman Final Edition, we are excited to end 2023 on a high note with MINI Pitstop,” said Ms. Cheryl Chiok, Managing Director of Eurokars Habitat. “The Holland Village area is a distinct lifestyle destination and the perfect setting for the flair and expressiveness of MINI. We feel right at home here and want to bring excitement and buzz to the community with everything MINI. Our MINIs are ready to greet you, so come on down with your family and friends to MINI Pitstop.”

“MINI Pitstop also incorporates the BMW Group’s Retail.Next concept, where a stylish and brand-new interior immediately greets visitors. The existing Eurokars Habitat showroom will undergo a revamp next year to mirror the sprightliness and warmth found in MINI Pitstop,” added Ms. Chiok.

The latest MINI range.

Laid out within the pop-up store for customers to discover are the MINI One 3-Door Frozen Brass Edition, MINI One 5-Door Undaunted Package, and MINI Cooper S Clubman. On-site test-drives of the MINI 5-Door, MINI Clubman and MINI Countryman will also be available, providing a first-hand experience of the unique flair and driving fun that comes with owning a MINI. Customers can also embark on test drive routes that are customised to their liking for maximum thrills.

MINI Lifestyle.

Enthusiasts are welcomed to show big love for the brand with special merchandise from the stylish MINI Lifestyle Collection, with items from apparels to bags, accessories, and even folding bicycles. A lounge area with refreshments is also within reach to fuel up at MINI Pitstop.

Retail.Next Concept.

In 2024, customers can look forward to the new Eurokars Habitat showroom at 27 Leng Kee Road. MINI Pitstop provides a preview of the space, with elements from the Retail.Next concept coming together to create a cosy and inviting environment where the customer is the focus, while still encapsulating the spirit of MINI through interior design and modular arrangements.

MINI Pitstop is designed as an open-concept space, which facilitates a seamless customer journey through the MINI models, to the MINI Lifestyle Collection display, and the lounge area. In addition, curated furniture and the use of different textures and materials reflect the individuality and versatility of MINI.

MINI Pitstop by Eurokars Habitat is located at #01-08 One Holland Village, 7 Holland Village Way, Singapore 275748.

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Organised by BMW Group AG (BMW), the BMW Supplier Matching Day connects Singapore manufacturers with BMW on potential collaboration opportunities to bolster the brand’s regional automotive supplier base and value chain. Supported by Enterprise Singapore (EnterpriseSG), the event saw over 40 participants from 25 local manufacturers which specialise in diverse areas of expertise, such as electronics, battery and charging infrastructure, optics, and advanced materials.

"Our collaboration with EnterpriseSG underscores our dedication to the development of Singapore's business ecosystem, supported by the fact that EnterpriseSG engages local companies and partners closely to develop Singapore’s manufacturing industry," said Steve Chan, Regional Government & External Affair, ASEAN. "The synergy between our company and EnterpriseSG reflects our commitment to fostering innovation and local talent in Singapore. We hope that this strong partnership supports the efforts in co-innovation and collaborations between MNC’s and local SMEs/manufacturers."

“Moreover, our vision extends beyond national boundaries. Bolstered by the success and support within Singapore, we are strategically expanding our sourcing activities to the wider region. The conducive ecosystem and collaborative spirit within Singapore have positioned us to extend our efforts, fostering connections and partnerships across the region,” added Chan.

Amid the post-pandemic evolution of the global supply chain, BMW recognises the strategic importance of Southeast Asia as a top sourcing and manufacturing region to bolster its supply chain resilience. Within Singapore, BMW sees strong potential in the local manufacturing ecosystem, as well as Singapore’s position as a gateway to the SEA region. 

Through the event, BMW aims to identify new suppliers that can contribute to its global supply chain, while also supporting the growth of local businesses. The primary focus is to identify, nurture, and foster local collaborations with Singapore manufacturers in the areas of deep tech and innovation. With EnterpriseSG’s facilitation, BMW was able to engage with local manufacturers in areas such as tech sourcing and innovation solutions.

“Multinational corporates such as BMW are valuable partners to Singapore enterprises. Not only do they play an important role in the validation of the products manufactured by Singapore companies, they also provide them with opportunities to deepen innovation capabilities and access to their wider business networks and supply chains,” said Ms Anne Ho, Director, Advanced Manufacturing, Enterprise Singapore. “We are happy to partner BMW for today’s BMW Supplier Matching Day and will continue to support efforts that enable Singapore companies to access business opportunities and form win-win partnerships with corporates.”

The Supplier Matching Day event serves as a testament to BMW’s commitment to Singapore's vibrant business landscape and the brand’s strategic efforts to expand its footprint in the region, fostering innovation and collaboration beyond borders.

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Singapore. BMW Asia is excited to showcase the BMW i Vision Dee, the BMW Group’s vision of the future digital experience and latest BMW Group vision vehicle, as part of BMW Joy Electrified at Suntec City Atrium (Convention Centre). From 27 to 30 July 2023, 10am-10pm daily, visitors will have the opportunity to experience the emotional capabilities of the BMW i Vision Dee, learn more about the company’s sustainability efforts, and test drive the latest range of BMW i vehicles.

"The future of the BMW Group is electric, circular and digital,” said Lars Nielsen, Managing Director of BMW Group Asia. “The electric future is clearly visible through our range of BMW i vehicles that have been launched, such as the BMW iX, i7 and iX3, and those that will be launched in the coming years. The BMW i Vision Circular, showcased in 2021, represents the BMW Group's project to become the most sustainable manufacturer for individual premium mobility.  

The BMW i Vision Dee, which we are thrilled to showcase for the first time in Southeast Asia, exemplifies the full potential of digitalisation that will transform the car into an intelligent companion. It demonstrates what is possible when hardware and software merge and is about the perfect integration of virtual and physical experiences.”

The ultimate companion.

Standing for “Digital Emotional Experience”, the BMW i Vision Dee is a futuristic mid-size sedan that aims to strengthen the bond between driver and car. Through the use of phygital icons, a personalised welcome scenario can be set combining graphics, light, and sound. The headlights and closed grille also allow the BMW i Vision Dee to produce different facial expressions. This means that the BMW i Vision Dee can talk to people and, at the same time, express moods such as joy, astonishment or approval visually. The BMW i Vision Dee can also project an image of the driver’s avatar onto the side window to further personalise the welcome scenario. The vision vehicle is touring the globe with Singapore as its fourth pitstop after previous showcases in Germany, the USA and China.

E Ink technology.

The body surface of the BMW i Vision Dee is divided into 240 E Ink segments, each of which is controlled individually. This allows an almost infinite variety of patterns to be generated and varied within seconds. The laser cutting process used to trim the films and the electronic control design were developed in partnership with E Ink. The adaptation of this technology for curved surfaces and the programming of the animations, were developed by BMW Group’s in-house engineers – enabling a form enabling a form of customisation that is unique throughout the automotive sector worldwide. The unit on display in Singapore does not come with a full-colour version of the E Ink technology but its closed BMW kidney grille can alternate its colour between black and white.

Advanced BMW Head-Up-Display.

Moving into the interior of the BMW i Vision Dee, the BMW Head-Up-Display is projected across the entire width of the windscreen, allowing information to be displayed on the largest possible surface – which only becomes recognisable as a display once it is activated. In this way, the BMW Group demonstrates the huge potential of projection technology and the BMW i Vision Dee visualises how an advanced Head-Up-Display could also be utilised in the future for the display and operating concept.

BMW Joy Electrified.

Flying in specially to share his insights into design of the BMW i Vision Dee is Matthias Junghanns, Director Automotive Design, BMW Designworks Shanghai. As the Head of BMW i Interior Design in his previous role, Matthias was part of the team who worked on developing the BMW i Vision Dee and he will be delivering presentations daily from 27 to 30 July at 12pm, 4pm, and 8pm – firsthand accounts not to be missed.

In addition, three Mediacorp artistes will make special guest appearances during the event:

• 27 July, 12-2pm: Jean Danker
• 29 July, 1-2pm: Gao MeiGui & Ravi G
• 29 July, 1.30-2.30pm: Elvin Ng

Test drive the latest BMW i vehicles.

BMW i vehicles such as the BMW i4, BMW iX3, BMW iX and BMW i7 will be on display for visitors to experience outside the showroom and learn more about BMW’s efforts in sustainable mobility. Test drives for interested customers will be available on site.

Charge up your knowledge.

Visitors can also stand a chance to win a voucher to four participating cafes within Suntec City by participating in an interactive quiz on going electric with BMW in Singapore.

How the quiz works:

1. Visitors will go up to the touch screens to begin their Electrified Journey.
2. They will be greeted by a virtual Dee, who will prompt them to fill in their basic details.
3. Visitors then participate in a 10-question quiz on BMW electric vehicles.
4. After each question, they will be shown the percentage of correct/wrong answers.
5. After the completion of all 10 questions, their scores will be emailed to them.
6. They are now ready to explore the future with BMW and meet Dee in person!

For more information on BMW Joy Electrified, please visit: https://www.bmw.com.sg/en_SG/topics/offers-and-services/special-offers/bmw-joy-electrified.html

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Munich. The BMW Group will unveil its first pure-electric Gran Coupe on 3 March 2020 at the Geneva Motor Show. The BMW Concept i4 heralds a new era in Sheer Driving Pleasure; it provides a whole new take on the dynamic excellence for which BMW is renowned and blends a modern, elegantly sporty design with the spaciousness and practicality of a four-door Gran Coupe – all while generating zero local emissions.

“The BMW Concept i4 brings electrification to the core of the BMW brand,” says Adrian van Hooydonk, Senior Vice President BMW Group Design. “The design is dynamic, clean and elegant. In short: a perfect BMW that happens to be zero emission.”

Munich. Simultaneously with the world premiere of the first BMW M Performance automobiles, BMW’s concept study of a further model from this new product category will be showcased at this year’s Geneva International Motor Show. The BMW Concept M135i consistently utilises the dynamic potential of the new BMW 1 Series for the concept of the first BMW M Performance automobile featuring a straight six-cylinder petrol engine. The body design of the BMW Concept M135i assigns the youthful and sporty looks of the new BMW 1 Series to a three-door compact model, complementing it with the distinctive athleticism so typical of a BMW M Performance automobile.

Concept study with characteristics typical of a BMW M Performance automobile. With its sporty appearance, the compact three-door car authentically conveys the typical qualities of BMW Performance automobiles to yet another vehicle segment. BMW M Performance automobiles offer an ideal symbiosis of outstanding performance and everyday suitability. Using the expertise gained by the BMW M division from decades of motor racing experience, the supreme performance of its tremendously powerful engines specifically designed to suit each model, the meticulously modified suspension technology and the aerodynamic characteristics are all combined into a harmonious overall concept. As a result, BMW M Performance automobiles have noticeably increased agility, precisely controllable handling characteristics and an emotional design. One look at the BMW Concept M135i and the qualities crucial to that characteristic M Performance feeling are instantly evident.

The employment of a straight six-cylinder petrol power plant featuring M Performance Twin Power Turbo technology with a power output of more than 300 hp creates the ideal prerequisites for maximum dynamics in the premium compact segment and, in conjunction with rear-wheel drive concept still unique in this vehicle class, ensures unsurpassed driving pleasure so typical of a BMW.

Moreover, the characteristic handling precision of BMW M Performance automobiles is obtained through model-specific suspension technology that includes an M sports braking system and is perfectly adapted to match the supreme road performance. 18-inch M light alloys with a double spoke design additionally complement the concept car’s sporting character.

Body features typical M athletic design.

The front apron of the concept car boasts a typical M design, signalising intensive road-orientation, its large air intakes designed to match the cooling requirement of the powerful engine, ancillary components and large brakes. The three-dimensionally designed flaps on the air intakes give indication of the car’s direct association with motor racing.

In addition to intense road-orientation, the specific design of the rear end of the BMW Concept M135i emphasises above all the vehicle’s width. This is supplemented in particular by the three-dimensional modelling of the surfaces and the lower section of the rear apron finished in Dark Shadow metallic. Furthermore, the rear apron accommodates the exhaust system’s double tailpipe that features a dark chrome trim.

The BMW Concept M135i’s exterior mirror caps in Ferric Grey and side window surrounds in BMW Individual High Gloss Shadow Line are a further feature of BMW M Performance automobiles.

Dynamic, stretched appearance. Concept study of the three-door BMW 1 Series.

Compared with the silhouette of the five-door BMW 1 Series, the three-door BMW Concept M135i makes an even more sporting and elegant statement. On the whole, the car has a more dynamic and elongated appearance. Viewed from the side, the car’s athletic, low-slung appearance and its nearness to the road are even more intensely expressed by an entirely horizontal contour line in the area of the doorsills. A dynamically rising character line symbolises the BMW Concept M135i’s urge to move forwards.

The wide doors are a further characteristic feature of the BMW Concept M135i’s body design. Together with the rear side windows, the frameless windows form a coherent window surface reaching back to the rear end, accentuating the body’s dynamically stretched appearance.

In addition, the surface design in the area of the rear side panels helps above all to emphasise the powerfully flared wheel arches. The visual accentuation of this part of the body directs the eye to the rear wheels, where the power of the six-cylinder power plant is transformed into driving dynamics in typical BMW manner.

Attractive prospects for the further development of the BMW 1 Series model range.

Thanks to a distinctively sports-oriented appearance, the BMW Concept M135i offers attractive prospects for the further development of the BMW 1 Series model range. At the same time, a clear signal has been given for the expansion of the new product category of BMW M Performance automobiles. The BMW M Performance automobiles being presented at the Geneva Motor Show and shortly to be launched are powered by the world’s most high-performing six-cylinder diesel engine available for series production vehicles. The petrol-fuelled models in this product category will also assume a similar unique position. The pre-series concept car BMW Concept M135i offers a fascinating outlook on a corresponding offer in the premium compact segment.