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The 106^th BMW Annual General Meeting!

A very warm welcome to all our shareholders!

Welcome to our most important event of the year. This is our opportunity to stand before you and answer your questions. We commit to doing so objectively, based on the facts. What you can always expect from BMW is confidence! Confidence is not a mood or an attitude. It is an active decision – especially when what we know becomes fragile. In hindsight, difficult situations often appear less dramatic than they do at the time.

It is our responsibility to set the right course. We refer to this as making robust decisions: decisions that are geared towards the company’s long-term success, based on data, facts and informed analysis. We assess developments with nuance, both globally and regionally – because that is how our world works. We make decisions with the future in mind.

This is possible because our investors also take the long view – especially our anchor shareholders, Stefan Quandt and Susanne Klatten – as well as our many institutional investors. For BMW, this is a privilege; for our employees, it is a source of stability and support; and, in a competitive environment, it is an advantage. This is one of the reasons why BMW turns external crises into opportunities for progress. In the current environment, many things are uncertain. That is why antifragility is our strategic tool of choice for ensuring the long-term future of your company.

Building on a foundation of continuity, we can achieve major advances in innovation – connecting brands, products, technologies and markets.

Standing here beside me is the new 7 Series – the latest example of BMW’s innovative strength. In April, it celebrated its world premiere at the Auto China trade show. The full Board of Management was there.

The 7 Series is the first vehicle already on the market to incorporate the technologies of the NEUE KLASSE. From this day forward, all future BMW models will feature its technology clusters and new design across all drive technologies – as promised. There will be more than 40 vehicles released in total between now and 2027. The NEUE KLASSE is our launchpad for the future.

You, Ladies and Gentlemen, know us well and support us.

What currently defines the BMW way?

1.    Robust strength in a dynamic environment:
Our financial year 2025.

2.    The race is on:
The NEUE KLASSE is realising its potential and generating excitement.

3.    Global player BMW:
Antifragile and future-proof.

These are the topics I would like to discuss.

Ladies and Gentlemen,

We met the following goals in financial year 2025:

•      Our target profitability range for the Automotive Segment.

•      Group earnings before tax of over 10 billion euros.

•      A 10-cent increase in our dividend – to 4.40 euros per share
of common stock.

We achieved all of this despite unfavourable currency translation effects, a difficult market situation in China and tariff headwinds.

We managed our business in an extremely disciplined manner, with everyone fully on board. We have saved 2.5 billion euros across all cost categories, while reducing our R&D spending and capital expenditure. Everything is progressing as planned – because we invested early in the NEUE KLASSE. Our people really gave it their all. So, I would like to say a big thank you to our BMW team worldwide.

Others are cancelling bonuses. We are paying our employees in Germany an attractive profit-sharing bonus for 2025. Our business model is robust. Models and markets are good indicators of this.

In 2025, we delivered more than 2.46 million vehicles to customers.

That is more than the previous year. All brands are contributing to this:

•      BMW leads the global premium segment.

•      BMW M GmbH increased its sales for the 14th consecutive year.

•      The MINI brand posted growth of around 18 percent, with the
new model family being very well received.

•      At Rolls-Royce, the number of handcrafted motor cars remained at the same high level as the previous year. We are now expanding our workshop in Goodwood to give our luxury brand more space for its Bespoke models and top-of-the-range Coachbuild products.

•      BMW Motorrad sold more than 200,000 two-wheeled vehicles in the segment above 500 cc, although the total market declined during the same period.

Let’s move from models to markets.

In Europe, we were – and still are – really strong. For the first time since the pre-Covid era, we once again delivered more than one million vehicles to customers. Although the US market is considered saturated, we made gains there. This is also thanks to our long-standing presence in the US. Spartanburg is our largest plant. It exports worldwide, with an export volume of more than 100 billion dollars over the past ten years. BMW remained the country’s largest automotive exporter by value in 2025. A fact that is recognized and appreciated in US political circles.

Every market is important, including the many markets outside the main regions, where we also recorded growth overall.

Let's turn our attention to China. China receives a great deal of coverage – and you, our shareholders, also have questions about it. More than 24 million vehicles were sold in China in 2025. China is also one of our industry’s most important technology hubs. However, the market there is normalizing, with fewer purchases being made.

Local manufacturers are increasingly entering the market and trying to gain market share. Competition is extremely intense.

Our objective for 2025 was to stabilize sales – and we achieved that, delivering 625,000 vehicles to customers in China. In the first quarter of 2026, the total market continued to decline. This is also affecting domestic suppliers and, specifically, the smaller vehicle segments. In this situation, BMW outperformed the market overall.

Our measures are taking effect. Three core areas are particularly important in China: local relevance, speed and software.

1.    We create value locally: This applies at our plants in Shenyang, our engine plant and the new battery center – all through our BBA joint venture.

2.    We responded quickly to the changing environment by consolidating development and purchasing activities and by reducing costs through increased local sourcing. Our new sales structure is making rapid progress.

3.    Digitalized vehicles: This is a key issue in China, where we have strong local technology partners in Momenta, DeepSeek and Alibaba Banma. Together, we are integrating innovations into our models.

Local relevance, speed and software are essential conditions for strengthening our competitive position. In China, we also benefit from BMW’s ongoing dialogue with policymakers in Liaoning Province and at national level. In February, I was part of Federal Chancellor Merz's business delegation to China. Our goal is very clear: We intend to resume our growth in China.

Our approach to this is the following: In China. For China. With China.

We develop products that are tailored to the wishes of our Chinese customers. Just a few weeks ago, we unveiled three new BMW models in Beijing: the 7 Series and the long-wheelbase versions of the iX3* and the i3.

These long-wheelbase versions are the most China-centric cars we have ever built. The media was impressed by the driving dynamics and digital experience offered by the iX3L.

In China. For China. With China.

That also includes exporting from China. This is where the European Commission's punitive tariffs on imports of fully electric vehicles from China are hurting us. They are among the highest tariffs we have to pay. That cannot be in the EU's interest. Tariffs are like a boomerang. Who pays them? The customer.

The same applies to the tariffs between the EU and the US. Imports into the US are subject to tariffs of 15 percent. For us, this means higher financial outlays. On the other hand, we would benefit from the new tariff rate for imports into the EU, which is expected to fall to 0 percent. The emphasis here is on “expected to.” The new rate has not yet been implemented by the EU.

The tariff debate remains dynamic and highly complex. The fundamental principle here is that tariffs do not protect; they cause damage – on all sides. A global production and supply network is a strength. Any industry that is supposedly shielded by tariff barriers is weaker – and ultimately shrinks.

We make this point clearly wherever we engage in political dialogue. Who knows better than we do in Europe that exports and free trade lay the foundation for innovation and for jobs. The European Commission generally has good intentions, but the execution often falls short. Take the “Made in Europe” initiative.

Every industrial policy measure should

•      recognize that exports drive value creation – especially in Germany,

•      and ensure continuity in cooperation with international trading
partners.

This is crucial for our globally interconnected industry. E-mobility, in particular, is not possible without global value chains.

Another example of “good idea, poor execution”: the CO₂ requirements from 2035. The current proposal does not support technology-openness and ignores market realities. For more than 90 percent of vehicles across the EU, a de facto ban looks set to remain in place. Strict electrification quotas are also planned for company fleets.

Following the ban on the supply side, restrictions on the demand side are now also set to be introduced. This benefits neither customers, nor European industry, nor the environment.

If key areas of the e-mobility value chain are to be located outside of Europe, we risk becoming unilaterally dependent. The European Parliament and the European Council have a clear responsibility in this regard. Things cannot remain as they are.

BMW shows how it can be done: with a technology-neutral approach. Our vehicles with conventional drive trains remain in demand. They, too, can achieve an even smaller climate footprint through the use of renewable fuels. At the same time, we are growing with our fully-electric models – BEVs for short – and our plug-in hybrids, or PHEVs.

We consistently outperform EU CO₂ targets and did so again in 2025 – by a significant margin of 2.9 grams. Based on our preliminary calculations, our fleet-wide emissions came in less than 90 grams of CO₂ per kilometer in Europe. We achieved this entirely through our own efforts – without “pooling” with other manufacturers or “averaging” across multiple years.

We are also setting our own targets, with goals that are realistic, reliable and ambitious. What matters most to us is the overall impact. That means every ton of CO₂ we can avoid emitting. Scope 3 upstream is becoming increasingly relevant in this respect: In other words, reducing the carbon footprint throughout the supply chain.

The overall balance determines the climate impact – not the drive train alone. Our plants require 36 million parts every day. These are delivered by 2,700 direct suppliers and another 65,000 second-tier suppliers. By 2030, we aim to reduce our CO₂ emissions by at least 40 million tonnes compared to 2019 levels. You already know that. Now, we are aiming even higher, targeting a further 20 million tons of CO₂ by 2035. As you can see: We are on track to reach NET ZERO by 2050. To achieve this, we are relying even more on secondary materials and CO2-free energy.

Germany carries significant weight as an industrial location within Europe.

Here, academic research, technological development and industrial implementation are closely intertwined.

However, we are falling behind:

•      Energy and labour costs are substantially higher than in
other countries.

•      The European Commission does not reward innovation and export orientation, but rather downsizing. It is replacing effective market mechanisms by bans and protectionism.

We are already feeling the effects of this trend. However, BMW is standing firm. In 2025, we built more than one million vehicles in our home country. About a quarter of all cars produced in Germany now come from BMW.

Our plants are operating at high capacity:

•      Regensburg was our highest-volume plant in Germany in 2025,
operating in three shifts.

•      Leipzig is our only plant where BMW and MINI vehicles are built on a single line – also in three shifts.                 

•      At our main plant in Munich, the new BMW i3 is also ready to go.
From 2027, the plant will produce only EVs. This follows a 650-million-euro investment in extensive remodelling in line with the principles of the BMW iFactory.

•      In Dingolfing, the two-millionth BEV has just come off the production line: a BMW i5* that we are delivering to Spain.

We can build different models and drive trains on the same production line – not only in Germany, but worldwide. So, when demand fluctuates, we are able to balance it out. Your company, esteemed shareholders, remains financially solid – capable of taking action and making investments.

In 2026, deliveries are forecast to be on a par with last year. The same applies to our BEVs. Our electric models have recently achieved strong year-on-year growth. Model cycles are now beginning to have an impact. The dynamics of the market regions and regulatory frameworks are shifting. In both the US and China, e-mobility now receives less government support.

The situation is different in Europe: In the first three months of the year, BMW recorded its highest-ever new orders for a first quarter: BEV sales are up more than 60 percent on the previous year, with well over 50,000 orders for the BMW iX3 alone since the IAA International Motor Show.

Our sales of fully electric vehicles have already surpassed last year’s strong performance in Europe. This, too, shows that different regions of the world are developing at different rates. In this context, our technology-neutral approach is proving all the more effective.

We have strong momentum across all brands and all drive technologies. That brings me to my second point:

The race is on.

The NEUE KLASSE is realising its potential and generating excitement.

Ladies and Gentlemen,

Many of you were with us at our Annual General Meeting in the Olympiahalle last year, when we unveiled the first two production models of the NEUE KLASSE live. Then, they were still wrapped in camouflage foil. Today, the iX3 is already driving on the roads, and we have already introduced the i3.

In January, we handed over the first iX3s to their new owners. The iX3 has been in European showrooms since March, with the US and Asia set to follow in the coming months. We are winning many new customers with the iX3. In Germany, one in three customers ordering an iX3 did not previously drive a BMW.

We are producing the iX3 at our new plant in Debrecen. Because demand is so high, we introduced a second shift in February – significantly earlier than planned. The iX3 can drive 805 kilometers on a single charge, according to WLTP. Our engineers like to test limits, so they wanted to show that it can do even more. A small team set out to drive the iX3 from Plant Debrecen to Munich – precisely 1,007 kilometers – without charging. No one has ever achieved that before with a vehicle in this class.

When they arrived at BMW Welt, they still had two percent charge left in the high-voltage battery. This record-breaking drive demonstrates the potential of the technologies in the NEUE KLASSE.

The eighth generation of the 3 Series now brings the NEUE KLASSE right to the heart of the BMW brand.

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Video.

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Ladies and Gentlemen,

There are cars that belong to history – and then there are cars that make history. The BMW i3 definitely falls into the second category. We celebrated the i3 premiere with around 40,000 employees at the BMW Park in Munich. The atmosphere was incredible.

We will begin series production in August, and the i3 will be launched shortly afterwards in Europe. The technical specifications of the i3 are truly exceptional – boasting a range of up to 900 kilometers in the WLTP cycle.

In just ten minutes, it charges enough energy to drive up to 400 kilometers. This is made possible by the sixth-generation e-drive with 800-volt technology.

The BMW i3 brings together all the technologies we have developed for the NEUE KLASSE – for the powertrain and driving dynamics, battery technology, operating concept and the digital driving experience.

The 3 Series is more than just a sedan – and it will remain that way in the future. The 3 Series Touring is very popular with families and business customers, which is why we have already confirmed this model.

Our M GmbH is inseparable from BMW: The first fully electric M model will debut in 2027. Thanks to the technologies of the NEUE KLASSE, this M model will also excel on the racetrack, if desired.

At the core of the NEUE KLASSE lies a completely new electronic and digital architecture. Many functionalities are enabled, expanded and continuously improved through software.

We can roll out new features and updates wirelessly via mobile communications or Wi-Fi. This allows us to react faster, scale innovations and meet regional customer needs.

Take BMW Panoramic iDrive, which combines display, operation and intelligent voice control in an intuitive and driver-oriented concept. It is typically BMW and, at the same time, locally customizable.

In China, we are working with Alibaba Banma to realize this. Together, we are bringing next-generation voice control into our vehicles. We are also enhancing the BMW Intelligent Personal Assistant with the functionality of the Chinese AI model DeepSeek.

In Europe and other markets, we will be integrating Alexa+ to make the voice assistant even more interconnected, intelligent and personalized.

We are relying on technology clusters as part of our modular approach.

In this way, we can integrate market-specific functionalities quickly and selectively into the vehicle, within a globally scalable system.

We are strengthening our research and development capacity in the regions accordingly. The NEUE KLASSE gives us the flexibility to respond precisely to regional requirements. The same applies to our driver assistance systems. Our objective is for them to be intelligent, symbiotic – and, above all, safe. We also have strong partners in this area: In China, we are working with Momenta, a leading supplier of ADAS technology; outside of China, we are collaborating with Qualcomm.

With the software-defined NEUE KLASSE, we maintain control over our systems and can roll out innovations worldwide. At the same time, we are able to rapidly integrate local technology stacks. This ensures that a BMW remains a BMW everywhere in the world. Nevertheless, every BMW offers precisely those features that local customers expect.

Now to the third key aspect that defines our BMW way.

How many global manufacturers do you think there are in our industry?

Not even a handful – but BMW is one of them. What does GLOBAL even mean in this context? Naturally, a global footprint across production, research and development, and sales. We call this local for local. It is how we secure access to individual markets, strengthening our local supply chains to make ourselves more resilient.

One example of this is our five new locations for high-voltage batteries – in Europe, the Americas and China. A global manufacturer has global brands – like we do with BMW, MINI, Rolls-Royce and BMW Motorrad.

We offer our customers a broad range of products across all key segments – from the urban compact-car segment to the absolute luxury class. And now, they are joined by BMW ALPINA, a highly exclusive brand with a strong tradition. With BMW ALPINA, we are tapping into a highly profitable, high-growth segment positioned above the BMW brand’s top models and below our Rolls-Royce luxury brand.

On the drive train side, we also offer battery-electric vehicles in all relevant segments. By end of the year, we will have 20 BEVs across all brands. Our plug-in hybrids also remain important. In 2028, BMW will add a further drive train: hydrogen. The next generation of our BMW X5 will then be available with five drive train variants.

Dear Shareholders,

Resilience is a word we hear a lot these days. But we are taking it a step further: We are making BMW antifragile. That means more than being resilient. Resilient companies withstand challenges, while antifragile companies use them to become better and to grow. This mindset transforms uncertainty into strategic clarity and pressure into momentum.

Difficult circumstances generate forward impetus that makes our company even stronger. Our global team makes this possible. In the autumn, we once again surveyed all our employees worldwide.

More than 90 percent said they support our goals and our strategy and 92 percent said they are proud to work at BMW.

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Video.

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What you see here is genuine. It is authentic. That is our BMW spirit, my dear Shareholders! At BMW, it is never about the individual – not the Board of Management; not the CEO.

It is always about our products and our brands; about the company – and its success. This is what we work for and strive towards. Because we can – and because we want to. Because it makes sense and unlocks potential. And because it brings joy – to our customers and to us in our daily work.

For almost seven years, since August 2019, I have been responsible for your company. Seven months after I took office, the coronavirus brought the world – and our plants – to a standstill. As you know, the period that followed remained turbulent.

We invested and initiated the NEUE KLASSE, the mega-project you see before you today. And we will continue – just as we always have at BMW for the past 110 years.

Tomorrow, dear Milan Nedeljković, you take over as Chairman of the Board of Management. The two of us have worked well together on the Board of Management.

Strategy is the responsibility of the Board of Management, and our strategy is focused on the long term. We consider and prepare for different scenarios. Decisions are made jointly by the Board of Management.

We implement them unanimously and with a united approach. Everything is done calmly and consistently, with a clear focus on the road ahead.

The appointment of new the Chairman of the Board of Management was decided and communicated in the same spirit.

Milan, I wish you and the Board of Management team continued strength in shaping the future. You, ladies and gentlemen of the Supervisory Board, continue to support us with critical and constructive guidance in true BMW style – always solution-oriented and focused on our shared success.

The fact that the entire Supervisory Board is present at our Annual General Meetings visibly underscores the support you give us,
Ladies and Gentlemen.

Those who invest expect their investment to be worthwhile, dear Shareholders. At the BMW Group, there are many compelling reasons why this will continue to be the case in the future.

Allow me to say, from the bottom of my heart:

Thank you for 35 intense and exciting years at BMW!

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Ladies and Gentlemen,

Good morning.

Before I'm talking about the quarter figures, I would like to address a tragic loss that has deeply touched many BMW fans around the world.

On May 1, race car driver, longtime BMW works driver, and company ambassador Alessandro Zanardi passed away unexpectedly.

“Alex” was an impressive personality, an unwavering optimist, and an inspiration to many people worldwide. He demonstrated what is possible in life with dedication, willpower, and ambition.

The BMW Group has lost a fascinating humanitarian representative, and BMW M Motorsport has lost an ambitious and successful works driver.

Ladies and Gentlemen,

Walter Mertl has taken you through the results after the first three months of 2026.

As we outlined in March at our Annual Conference, we knew that there would be several headwinds we would face throughout this year.

For us, it is about minimizing their impact, while consistently leveraging opportunities that arise.

At the same time, we remain firmly on course with our long-term strategy – a strategy that has provided clear direction and enabled us to navigate an increasingly unpredictable global business environment over recent years.

Three characteristics in particular define the BMW way:

First: Our strategy of technological neutrality

Second: The BMW Group’s global footprint and

Third: Inspiring brands and fascinating products.

Since 2021, the BMW Group’s long-term product and technology orientation has focused on the NEUE KLASSE.

Building on an exceptionally strong foundation of products and successful technologies delivered to customers over many years through to today, we are now making a huge leap forward in nearly every area of technology with the NEUE KLASSE. This will pay off as we roll these technologies out rapidly across the whole product portfolio.

Last year in September, here in Munich at the IAA Mobility, we presented the BMW iX3*, the first vehicle of the NEUE KLASSE. With this all-new vehicle generation BMW is entering into a new era.

The launch of the iX3 has been extremely successful.

Just a few weeks ago, in March, we handed over the first BMW iX3 vehicles to customers across Europe.

Over the past weeks, the model has also reached showrooms throughout the region.

Pre‑orders in Europe now exceed 50,000 units, underscoring the strong interest in this vehicle.

The iX3 also continues to win notable major international awards.

Most recently, it won two awards at the renowned World Car Awards. An international jury of 98 automotive journalists presented the BMW iX3 two prestigious titles: the 2026 “World Car of the Year”, beating out competitors across all powertrain categories; as well as 2026 “World Electric Vehicle” accolade.

With the first NEUE KLASSE model, BMW has delivered a clear step forward in technology and design – one that is resonating strongly with experts, journalists, and customers alike.

Given the very high market demand, we already pulled forward the second shift of BMW iX3 production at our Debrecen plant in February.

Further rollout across the US and Asian markets is planned for the coming months.

And the iX3 was just the beginning – a lot has happened since our annual conference. The NEUE KLASSE is gradually making its mark across the entire BMW portfolio.

In March, we unveiled the next step with the world premiere of the new BMW i3 at BMW Park in Munich.

Since 1975, the 3 Series has inspired dreams. At the core of the brand, each of the eight generations embodies progress and innovation. And with the BMW i3 we are building our future on this rich legacy.

This event provided a unique opportunity to celebrate this milestone not only with media and other key stakeholders, but especially and perhaps most importantly with our associates.

More than 30,000 employees joined the celebrations over days, underscoring the strong bond our team feels with the brand and their pride in this incredible moment – both for the company and for their achievements in bringing this vehicle to life.

As the second model of the NEUE KLASSE, the BMW i3 perfectly symbolizes the journey BMW has taken over the last years.

It is, of course, a completely new vehicle with a reimagined design and seamless integration of advanced technologies.

At the same time, the BMW i3 represents the progress of the BMW Group itself – from the systematic modernization of our production facilities through new ways of working that enable efficiency, scalability, and our long-term competitiveness.

The i3 will be produced at our main Plant in Munich. With an investment of around 650 million euros, the facility has been completely remodeled following the principles of BMW iFactory – lean, green, digital.

Production of up to 1,000 vehicles a day continued uninterrupted during the shopfloor adaptations over many months.

Beginning in 2027, the plant will exclusively produce electric vehicles.

The plant also continues to make great progress in realizing cost efficiencies. When the i3 rolls off the line for customers, we will have reduced overall production costs at the Munich plant by an additional 10%.

These improvements are driven by optimized production processes, targeted automation and digitalization, as well as the vehicle construction improvements enabled by NEUE KLASSE technologies.

Series production of the BMW i3 begins in August, followed by the market launch in Europe a few weeks later.

Several additional NEUE KLASSE models will soon be manufactured in Munich, including the BMW i3 Touring.

The BMW i3 leverages all the technologies developed for the NEUE KLASSE. From driving dynamics to powertrain, from battery technology to operating concept and the digital user experience.

And of course you can choose between different drive variants. Because we remain technology-open.

Each element is perfectly attuned to the characteristics of the 3 Series – creating a whole new dimension of sheer driving pleasure.

This is also confirmed by initial reviews and feedback from customers and journalists, which have been very positive.

This was also evident just two weeks ago at Auto China in Beijing, the world’s largest automotive trade fair.

We presented not 1, not 2, but 3 new models:

The BMW iX3 and BMW i3 Long Wheelbase for the Chinese market as well as the world premiere of BMW 7 Series model update with NEUE KLASSE technologies and design elements.

The China-specific NEUE KLASSE vehicles have been developed in close collaboration with our local R&D teams and local partners in China – think global, act local.

This enables us to leverage the know-how of leading Chinese tech players and integrate local digital ecosystems and technologies to meet the specific needs of our Chinese customer needs – for example, in voice assistant features and automated driving solutions.

The momentum generated by the NEUE KLASSE in China will provide a powerful impulse for our portfolio and marks the beginning of the next chapter in BMW’s tailored innovation and technology leadership in this key market.

In 2026, the seven millionth BMW vehicle will roll off the lines at our Shenyang production base. This remarkable milestone underscores our long-term commitment to China. And we are constantly strengthening our local footprint to underpin this momentum.

Through deeper localization across the value chain and expanded China-based decision making, we are faster, more robust, and even more synchronized with local customer expectations and market dynamics.

The new BMW 7 Series we unveiled in Beijing will kick off the roll-out of Neue Klasse technologies across all powertrains and into other product lines, and segments.

Coming in the middle of its lifecycle, it is the most extensive model revision in BMW's history and will take the 7 Series to a whole new level.

The technology-open drive offer covers all customer needs. The updated BMW i7 with new round battery cells features up to over 700 kilometers of range according to the WLTP cycle, meaning an increase of 100 kilometers from the current version.

Start of production will begin in our plant at Dingolfing in July.

The new 7 Series exemplifies BMW’s ability to industrialize the latest technologies at speed, integrating them into series vehicles and making them available directly to our customers.

This summer, we will also unveil the next generation of our BMW X5. It will be the first BMW model to be offered with five different drivetrain variants: highly efficient conventional powertrains, plug-in hybrid, battery-electric and – from 2028 – also hydrogen.

In this way, we are laying the foundation to successfully meet the diverse needs of our customers around the world, both today and in the future.

Ladies and Gentlemen,

Our products continue to enjoy strong demand globally. We are well positioned to meet the needs of customers across different regions and markets.

In the first quarter we leveraged the strength of our current portfolio in a shifting environment – supported by a broad offering across brands, segments, drivetrain technologies and geographies.

Consistent with our balanced, global approach to sales, the performance in Europe helped to partially offset weaker dynamics in other markets. Sales were particularly robust in Germany, where Group registrations increased by more than 10% year-on-year.

In China and the U.S., the BMW Group performed better than the overall declining market.

BEV orders in Europe were up by around 62%, with European sales of fully-electric vehicles exceeding the previous year’s high level.

For the fifth consecutive quarter, the MINI brand delivered global growth, with sales increasing by 6%.

As we roll out the NEUE KLASSE, we can look ahead with confidence. Its technologies and design language will provide fresh momentum into our already strong BMW products. Offering individual mobility solutions tailored to the needs of customers across markets worldwide.

At the same time, the company is prepared to weather differing dynamics in global markets and to seize opportunities.

That combination is what sets the BMW Group apart.

We have stayed on course, consistently implementing our long-term strategy and are now ideally positioned to reap the rewards.

This is very much part of our DNA. Time and again, the BMW Group has proven resilient from the pandemic through supply chain disruptions and semiconductor shortages and the energy crisis.

Throughout, we have remained true to our technology‑open approach, which has proven its strength as global automotive markets continue to transition and delivered stronger results in new technologies.

As this will be my final quarterly call as CEO of the BMW Group, I want to extend my sincere thanks to the media and capital market communities who have accompanied me throughout my tenure since 2019.

I have always valued our dialogue – at times challenging, but consistently constructive – and I am grateful for the professionalism and engagement you have brought to these exchanges.

I hope you will extend the same openness and warm welcome to my successor, Milan Nedeljković.

I wish you all the best – and look forward to answering your questions one last time.

Thank you.

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SLIDE 2: BMW Group Quarterly Statement to 31 March 2026

Ladies and Gentlemen,

Good Morning.

The year 2026 started off with sound financial results for the BMW Group, in line with our expectations.

SLIDE 3: BMW Group Performance in Q1 2026

In the first quarter, Group revenues totaled 31 billion euros.

Group earnings before tax amounted to 2.35 billion euros, approximately 25 percent lower than in Q1 2025.

With this result, we generated a Group EBT margin of 7.6 percent, on the level of the 2025 full year.

The operating profit in the Automotive segment was 1.345 billion euros.

Consequently, the EBIT margin in the Automotive segment stood at
5 percent, in the middle of our full-year guidance corridor of 4 to 6 percent.

As you know, we consistently focus on our reported figures. Accordingly, the five percent represents our reported
EBIT margin without any adjustments.

The Q1 extra tariff burden of 1.25 percentage points is accounted for in this margin.

In addition, the EBIT margin includes the depreciation from the BBA purchase price allocation of 1.2 percentage points.

SLIDE 4: Automotive Retail Units, BEV Units and Auto Revenue

Let me now provide more details on the Automotive Segment’s performance across key metrics.

In the first quarter, the BMW Group delivered around 566,000 BMW, MINI and Rolls-Royce vehicles to customers. This represents a slight decrease of 3.5 percent compared to the same period last year, driven by the sales decline of all-electric vehicles in the US and China.

The BMW brand saw a decline of 4.6 percent year-on-year.

This was driven by shifts in regional and powertrain sales.

The MINI brand continued its growth following the successful renewal of its model portfolio, achieving a solid sales increase of 6 percent.

Let’s take a closer look at our sales performance across regions.

Starting this year, we have slightly adjusted our regional sales reporting to reflect our sales organization structure rather than geographical continents.

In our largest sales region, Europe, deliveries increased slightly by 3.0 percent. We saw growth across all powertrains – combustion engine vehicles, all-electric vehicles and plug-in hybrids.

The BMW brand’s order intake in Europe showed strong growth across the entire product portfolio in Q1, with an order bank reaching well into the second half of the year.

In our sales region Asia-Pacific, Eastern Europe, Middle East, and Africa, deliveries declined by around 6,700 units – or 8.3 percent – year-on-year. This development was influenced by multiple factors, predominantly the macroeconomic environment and the diverse competitive landscape throughout the region, while the conflict in the Middle East had a limited regional sales impact in Q1.

In the Americas region, retail sales decreased by 4.0 percent year-on-year, primarily due to the US.

Here, sales of all-electric vehicles dropped significantly following the discontinuation of IRA support in the fourth quarter of last year. Our product portfolio enabled us to largely offset this decline and fulfil customer demand with our attractive ICE vehicles.

When comparing US sales to previous year, we must also remember that Q1 2025 was positively influenced by strong customer demand, driven by expectations of customs duty increases starting in April 2025.

Overall, we performed better than the total US market, which declined by 6.6 percent in the first quarter.

In China, the overall market declined sharply by over 17 percent in Q1, driven by reductions of government subsidies and changes of regulations.

By comparison, BMW Group sales decreased by 10 percent and therefore outperformed the overall market in Q1.

Switching gears to BEV retail sales:

In the first three months, the BMW Group delivered over 87,000 all-electric vehicles to customers worldwide.

Sales of electrified vehicles, including both BEVs and plug-in hybrids, amounted to approximately 133,000 vehicles.

This represents a BEV share of total sales of 15.5 percent and an electrified vehicle share of 23.4 percent.

In Europe, BEV sales continued to grow and order intake increased by more than 60 percent year-on-year, especially due to strong demand for our all-new iX3* and the iX1*.

In China and the US, the removal of incentives and the reduction of subsidies for electrified vehicles had a noticeable impact on BEV sales year-on-year, reflecting the country-specific market dynamics.

Automotive Segment revenues declined moderately by 7.0 percent to
27.2 billion euros in the first quarter.

Adjusted for currency translation, mainly from the US-Dollar and the Chinese Renminbi, the decrease was 2.9 percent.

It was driven by lower sales volumes and intense global competition.

Let’s now take a closer look at the year-on-year changes in the operational result on the following slide.

SLIDE 5: Automotive Segment EBIT in Q1 2026

In the first three months, changes in currency and raw material positions accounted for a negative impact of around 400 million euros.

As anticipated, the adverse FX development from the second half of 2025 continued into the first quarter of 2026.

The net effect of volume, model mix and pricing resulted in a negative impact of around 700 million euros compared to Q1 2025.

In addition to the impact from lower sales volumes, this decline was driven by intense competitive pressure across all major markets.

Ladies and Gentlemen,

We are continuing cost reductions across the company to tackle the overall headwinds.

In the first quarter of 2026, we have further reduced both R&D and capital expenditure, thanks to early investments in the NEUE KLASSE.

As of March, Group R&D expenditure totalled around 1.8 billion euros, a significant decrease of around 12 percent compared to the previous year.

The R&D ratio according to the German Commercial Code came in at 5.7 percent.

Despite this significant reduction, research and development expenses in the P&L increased by 100 million euros due to two factors:

An increase of 200 million euros in depreciation, resulting from capitalized development costs in prior years.

And a lower R&D capitalization ratio compared to Q1 2025, which decreased by 4.3 percentage points to 31.4 percent.

Our ongoing commitment to reducing operating costs is further visible by the development of selling and administrative expenses, which decreased by around 100 million euros year-on-year.

Other Cost Changes provided a tailwind of around 400 million euros compared to the first quarter of 2025.

This includes various factors, most notably manufacturing costs and warranty expenses as well a year-on-year tariff burden.

Overall, Automotive EBIT amounted to 1.3 billion euros in the first quarter.

The decline of approximately 700 million euros compared to Q1 2025 was driven by headwinds from FX, tariffs and depreciation.

SLIDE 6: Automotive Segment Free Cash Flow in Q1 2026

Free cashflow in the Automotive Segment amounted to around 800 million euros in the first quarter of 2026.

The net change in working capital reduced free cashflow by around
500 million euros, as expected.

This mainly reflects the typical Q1 inventory build-up, with production exceeding sales volume.

The impact of higher inventories was partly compensated by an increase in trade payables, which rose in line with production levels.

The net effect of capital expenditure and depreciation contributed about 600 million euros to free cashflow.

Depreciation exceeded capital expenditure in the first quarter, positively impacting free cashflow.

We expected this position to flip versus previous years, as we continue to reduce capex and see depreciation from earlier investments take effect.

This trend will continue throughout 2026.

The capex ratio for Q1 was 2.0 percent, reflecting the typical low level seen in the first quarter of the year.

The change in provisions reduced free cashflow in the first quarter by
300 million euros, primarily due to the consumption of warranty provisions.

The change in the position other reduced free cashflow by 300 million euros, mainly due to regular tax payments.

For the full year, the BMW Group is targeting a free cashflow in the Automotive segment above 4.5 billion euros.

Ladies and Gentlemen,

The BMW Group remains firmly committed to its shareholder return strategy, which includes both dividend payments and share buybacks.

The second tranche of our third share buyback program with a volume of 625 million euros is currently underway and is scheduled for completion by the end of August at the latest. The third tranche is planned to follow thereafter.

SLIDE 7: Financial Services Segment YTD March 2026

Let’s now turn to our Financial Services Segment.

In the first quarter, the number of new contracts concluded with retail customers increased slightly by 4.3 percent year-on-year, reaching 420,000 contracts.

The penetration rate for lease and loan offerings increased to 51.6 percent in the first quarter.

This development was supported by changes in the competitive environment in China. Mid-2025, local banks significantly reduced commissions related to brokering financing and insurance products for end customers.

Adjusted for FX effects, new business volume grew by 4.1 percent to about 16 billion euros.

Segment earnings for the first quarter amounted to 381 million euros, a decrease of 269 million euros compared to Q1 2025.

This decline results from an addition to an already existing risk provision in the UK. At the end of March, the Financial Conduct Authority (FCA) issued its final cross-sector compensation program for customers who were sold automotive financing products under certain commission models.

Unfortunately, the published program reflects only a few of the many amendment proposals made to the initial draft by both the UK Finance and Leasing Association and the BMW Group.

As a result, the compensation payment volume will likely exceed previous estimations.

Additionally, income from the resale of end-of-lease vehicles was lower year-on-year, as expected.

The credit loss ratio across the entire credit portfolio remained low at 0.27 percent.

SLIDE 8: Motorcycles Segment in Q1 2026

In the Motorcycles Segment, first-quarter deliveries declined slightly by 4.2 percent year-on-year.

Segment EBIT for the first three months rose to 89 million euros, with an EBIT margin of 11.4 percent.

Finally, one remark on the Other Entities result, which increased by around 300 million euros.

This was driven by positive valuation effects from interest rate derivatives, resulting from the sharp rise in long-term interest rates in March.

SLIDE 9: Outlook 2026

Ladies and Gentlemen,

Let me now turn to our outlook for 2026 and briefly outline some of our current assumptions.

The situation in the Middle East currently remains highly uncertain. Our outlook assumes that the ongoing conflict is temporary.

The expected tariff impact on our 2026 results can still only be estimated based on our existing assumptions.

We expect import duties from the EU to the US to remain at their current levels.

Following the recent positive vote in the European Parliament, we anticipate that tariffs on imports from the US to the EU will drop to 0 percent effective in the second half of the year.

Similarly, tariff reductions for imports into the US from Mexico and Canada are also expected to take effect in the second half of the year.

We continue to anticipate a full-year negative impact of around
1.25 percentage points on the Auto EBIT margin from the increased tariffs, after 1.5 percentage points in 2025.

In China, we are making good progress with our set of measures to support market performance.

The overall vehicle market in China declined more sharply than anticipated throughout the first quarter, already prompting several revisions of official market forecasts for the year by the CPCA.

In light of this trend, our focus will remain on achieving the right balance between sales volume, transaction prices, and dealer profitability.

Based on our assumptions, our full-year guidance parameters remain unchanged.

Group earnings before tax are expected to be moderately lower than in 2025.

In the Automotive segment, we forecast global deliveries to be at last year’s level.

The EBIT margin is expected to be within a corridor between 4 and 6 percent.

The EBIT margin in the Motorcycles Segment should also come in at between 4 and 6 percent.

In the Financial Services Segment, we are targeting a Return on Equity (RoE) in the range of 13 to 16 percent for the full year.

SLIDE 10: Q1 Profitability in the middle of full-year guidance corridor

Ladies and Gentlemen,

The year 2026 started off with sound financials for the BMW Group, with an Auto EBIT margin in the middle of our full-year guidance corridor.

Within our global business model, we continue to leverage flexibility across powertrains and regions, as we ramp up our NEUE KLASSE.

This flexibility enables us to effectively mitigate risks as they arise.

The prudent management of R&D, capex, and operating costs is clearly reflected in our Q1 results, underscoring our strong commitment to financial discipline.

With that, the BMW Group remains on track to meet its operational targets as we advance our strategic plan.

And as we roll-out the NEUE KLASSE technologies across the entire portfolio, we at the BMW Group and all of our stakeholders have plenty to look forward to.

Thank you.

- Check against delivery –

Statement

Walter Mertl

Member of the Board of Management of BMW AG, Finance

Annual Conference 2026

BMW Welt in Munich , 12 March 2026, 08.00 a.m.

Good morning,

Ladies and Gentlemen,

For the BMW Group, 2025 was marked by fully leveraging our operating model to deliver solid results in the face of a challenging environment.

The year was heavily impacted by tariffs, developments on currency markets, especially in the second half of the year, as well as the intense market situation in China.

In the face of these headwinds:

• we executed consistently on our strategy and took advantage of our flexible global structures.
• we balanced sales across our regions and our brands.
• we reduced R&D and capex thanks to early investments in the NEUE KLASSE; and
• we drove further cost reductions across the entire company.

SLIDE: OVERVIEW OF PERFORMANCE FY 2025

With this, we were able to deliver on major KPIs in our operational business:

• a stable Group-EBT margin of 7.7% – the same as 2024 – with Group earnings of more than 10 billion euros;
• volume growth to 2.46 million Group vehicles;
• the continuation of our electrification story with an increase in BEV share to almost 18% and xEV share to over 26% of total sales;
• an electrified share in Europe of over 40%;
• a CO₂ fleet emissions figure in the European Union of 90.0 grams per kilometre – 2.9 grams below the applicable target;
• an Auto EBIT margin within our guided corridor;
• over 3 billion euros Free Cash Flow;
• and solid capital returns.

As I promised at the Annual Conference one year ago, we have addressed all aspects of cost – R&D, SG&A, manufacturing and material costs – to secure a consistent year-over-year reduction in every quarter. This amounted to an overall Auto EBIT tailwind of approximately 2.5 billion euros for the year.

With our diligent management of the business, we have been able to offset a large share of the challenges we faced. Without the full-year tariff burden of approximately 1.5 percentage points of EBIT margin, both our Group earnings as well as our Auto EBIT would have been above the previous year.

Let me now take you through our financial figures in detail.

SLIDE: GROUP FIGURES

For the full year, Group revenues totalled 133 billion euros. Earnings before Tax at Group level amounted to over 10 billion euros, as anticipated at Q3. This represents a single-digit percentage decline of 6.7%. The resulting Group EBT Margin remained stable at 7.7% for the year. Earnings per share even rose slightly year-on-year.

SLIDE: SEGMENT PERFORMANCE

If we look at the breakdown of the Group performance by segment:

The Automotive Segment delivered 6.3 billion euros in earnings with an EBIT margin of 5.3%.

Motorrad EBIT reached 178 million euros with a margin of 5.7%.

Financial Services generated 2.4 billion euros in earnings before tax and a Return on Equity of 14.3%.

All three operational segments were therefore within their respective guidance corridors.

Other Entities improved to just over 1 billion euros in EBT. The positive trend after nine months continued into Q4.

And finally, Eliminations amounted to an EBT of 629 million euros. This reflects the positive development in Q4, as anticipated.

Let’s look at how the Automotive Segment performed across key metrics:

SLIDE: BMW GROUP SALES GLOBALLY AND BY REGION

Over the course of 2025, the BMW Group sold over 2.46 million BMW, MINI and Rolls-Royce vehicles to customers worldwide, an increase of 0.5% over 2024.

Looking at the regions, we see our global model at play, as we steer effectively across geographies. As Oliver Zipse highlighted before, sales in Europe and the United States outperformed the market, delivering an increased market share and overcompensating the development in China.

We delivered a stable monthly run-rate for the BMW brand of around 50,000 vehicles throughout the entire year in China – despite the intense market environment. During the course of the year, we have taken actions to consolidate dealer structures and address pricing, which will underpin this stability in the market.

Excluding the Chinese market, global Group sales in 2025 grew by 5.9%.

SLIDE: BMW ELECTRIFIED AND BEV SALES GLOBALLY AND BY REGION

Electrified vehicles are both a foundational pillar in our strategy, and also a key growth driver – thanks to our expanding portfolio of attractive products.

Oliver Zipse has already taken you through the figures in detail. But the highlights were:

• a total of 642,000 electrified vehicles delivered in 2025;
• representing solid growth of 8.2% and an overall xEV share of over 26%.
• and deliveries of all-electric vehicles of 442,000 units for a share of almost 18%.

SLIDE: AUTOMOTIVE SEGMENT REVENUES

Revenues in the Automotive segment came in at nearly 118 billion euros, 5.9% below 2024. Approximately half of this decrease is due to negative currency effects. The remainder results mainly from global pricing pressure.

SLIDE: AUTOMOTIVE EBIT BRIDGE

Let’s look at the year-on-year Automotive EBIT result in detail, coming from our previous year’s earnings.

The net balance of currency and raw material positions resulted in a headwind of 600 million euros. Negative trends in FX outweighed the slight positive effects from raw materials, particularly in the second half of the year. This adverse FX development is expected to carry into the first half of the current year, mainly in Q1.

Compared to 2024, the net effect of volume, model mix and pricing weighed on Automotive EBIT by a total of 1.8 billion euros. The overall mix effect was positive, driven notably by a strong share from the mid-class including 5 Series growth as well as a record M performance. For the full year, pricing was a significant headwind of 2 billion euros.

In line with our planning, we continued to decrease operating costs in 2025. As planned, we reduced R&D expenses following the peak in 2024 – with a nearly 800-million-euro reduction year-on-year. SG&A savings represented 900 million euros, continuing the trend from the first nine months.

Other Cost Changes amounted to a headwind of 800 million euros. This development resulted from a few areas:

On the one hand, tariffs had a negative impact of approximately 1.5 percentage points on the Auto EBIT margin. In addition, a softening market on residual values weighed on earnings. They remained positive, but lower than the previous year.

On the other hand, warranty expenses were significantly lower year-on-year, as outlined at Q3. An additional positive effect came from a high three-digit million saving in manufacturing and material costs.

Overall, we reduced costs by 2.5 billion euros for the full year through our active steering of R&D, SG&A and manufacturing and material costs. Through this, we were able to offset all headwinds except a portion of the approximately 1.5 percentage point tariff burden, resulting in a net year-on-year decrease of 1 percentage point in EBIT.

In total, segment earnings in 2025 reached 6.3 billion euros.

The reported Automotive EBIT margin came in at 5.3%. Excluding the 1.3 billion euros depreciation resulting from the PPA of BMW Brilliance Automotive, the EBIT margin reached 6.4% for the year. And that still includes the headwind of approximately
1.5 percentage points from tariffs.

As you know, our focus is consistently on our reported figures. Due to different approaches in the industry, however, consideration of PPA and Tariff burden ensures better comparability of operational performance.

SLIDE: R&D EXPENDITURE

Looking at R&D and Capital Expenditure in detail:

We made early investments to implement our strategy, which we see as we look at R&D and CapEx development in 2025.

Group expenditure for research and development according to the German Commercial Code for the year amounted to 8.3 billion euros. This is a decrease of nearly 800 million euros, or 8% below the peak of 9.1 billion euros in 2024. This translates to an R&D ratio of 6.2%. Given the lower revenue, the ratio only declined slightly year-on-year.

SLIDE: GROUP CAPITAL EXPENDITURE

Group capital expenditure totalled 7.2 billion euros, a year-on-year decrease of over 1.8 billion euros from the peak of 9.1 billion in 2024 – or a 20% reduction. This resulted in a ratio of 5.4%. The capex ratio excluding right-of-use assets came in at 4.9%.

As promised, R&D and capital expenditure have already significantly decreased from their peak in financial year 2024. Despite the rollout of models of the NEUE KLASSE, we will maintain this trend going forward. This means in both absolute and relative terms, we’re heading back towards our strategic corridors, which are 4 to 5% for R&D and less than 5% for Capex – by 2027.

SLIDE: AUTOMOTIVE FCF BRIDGE

Moving to free cash flow:

Total segment earnings before tax amounted to 5.9 billion euros for the year.

Working Capital contributed positively with 900 million euros, mainly due to strict management of inventories.   

The net effect from capital expenditure and depreciation reduced free cash flow by 2.3 billion euros.

Changes to provisions had a negative impact of 1.3 billion euros, mainly due to the utilization of warranty provisions.

Following the 2.7-billion-euro figure communicated at Q3, free cash flow developed positively in Q4 and reached 3.2 billion euros at year-end. This was in line with our expectations of above 2.5 billion euros for the year.

Our financial strength is further underscored by our Automotive net financial assets. At year end, this came in at over 44 billion euros.

SLIDE: FINANCIAL SERVICES SEGMENT

Let’s now turn to our Financial Services segment.

As a key component of our BMW ecosystem, the segment consistently contributes to Group profitability.

In 2025, new business developed positively throughout the year with nearly 1.73 million new financing and leasing contracts concluded. This represents growth of almost 2% year on year.

The increase is due in particular to the positive business development in Europe as well as the changed competitive environment in China in the second half of the year. Since the end of June, the market situation has been influenced by the significant reduction in commissions from local Chinese banks in connection with the brokering of financial and insurance products for end customers.

Penetration rates for lease and loan offerings increased by 4.0 percentage points to 46.6%.

Overall, new business volume at Financial Services reached an all-time high, growing by 2% to 65.8 billion euros, despite negative currency effects.

Segment earnings before tax reached 2.4 billion euros. The moderate decrease compared to 2024 is due to lower income from the resale of end-of-lease vehicles, as well as a tax payment related to changed assessments of operating taxes from previous years. Residual values remain positive, but lower than the previous year.

The credit loss ratio of 0.28% was within our expectations.

Return on Equity for the full year reached 14.3% and therefore within the guided target corridor of 13 to 16%.

SLIDE: DIVIDEND AND PAYOUT RATIO

Ladies and Gentlemen,

In 2025, the BMW Group achieved Group earnings before tax of 10.24 billion euros. Thanks to a stable year-on-year profit attributable to shareholders of BMW AG amounting to 7.29 billion euros, the Board of Management and the Supervisory Board will propose to the Annual General Meeting a total dividend payment of 2.67 billion euros.

The proposed dividend represents a payout ratio of 36.6%, which is consistent year-over-year and in the upper half of our strategic target range of 30 to 40%. This amounts to a dividend of 4.40 euros per share of ordinary stock and 4.42 euros per share of preferred stock.

Additionally, we completed the second share buyback program in early 2025 before starting the third program after the AGM in May. The total from both programs amounted to a payout of 1.25 billion euros in 2025. Our third share buyback program will run until April 2027. We are currently running the second tranche of this program – with a volume of 625 million euros for ordinary shares – that will be completed by August 31, 2026, at the latest. The third tranche is earmarked for after that.

For the financial year 2025, the total shareholder return of close to 4 billion euros – comprising the proposed dividend and share buyback – exceeds free cashflow in the Automotive segment. This further underscores our commitment to capital returns.

SLIDE: OUTLOOK 2026

That brings me to our outlook for the current financial year.

What are our expectations for 2026?

In Europe and the USA, we see some growth potential.

In China, we have responded to the market environment by taking a number of steps to stabilise transaction prices. Average sales figures over the past few months indicate that sales in China could reach last year's level.  

Consequently, we forecast global deliveries of BMW, MINI and Rolls-Royce vehicles to be at previous year’s level. Due to model cycle effects as well as shifting regulatory and market dynamics, we also expect the share of fully electric vehicles to be at the same level as previous year.  

Turning to Auto EBIT development: we continue to work diligently on reducing costs and will see tailwinds from reduced investments, lower manufacturing and material costs, declining R&D expenditure as well as reduced SG&A in the 2026 financial year. We anticipate a negative impact of approximately 1.25 percentage points from tariffs on the Auto EBIT margin – compared to the 1.5 in 2025.

Given the significant investments made into NEUE KLASSE in preceding years, we will see a material increase in depreciation and amortization from both capex and capitalized R&D. While we will continue to make significant reductions in R&D expenditure, the additional depreciation and a lower R&D capitalization ratio, which is expected in the 30% area, will result in a significant P&L burden. Other headwinds in 2026 include FX and raw materials; the measures taken in China to stabilize transaction prices; and, finally, lower income from used car remarketing.

The reductions we will achieve on the cost side will not fully offset these headwinds. We therefore expect an Auto EBIT margin in the corridor of 4 to 6% in 2026. The corresponding RoCE in the Automotive segment is forecast to be between 6 and 10%. 

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

Putting this all together, we expect Group Earnings before tax to be moderately lower than the strong result in 2025.

The full 2026 outlook for all key performance indicators is available in the BMW Group Report.

In addition, we expect a Free Cash Flow in the Automotive Segment at year-end of over 4.5 billion euros.

Ladies and Gentlemen,

For 2026, we will continue to systematically implement our strategic course, particularly with the launch of NEUE KLASSE product offensive and the rollout of its technologies across the portfolio. We will leverage flexibility in our global business model to tackle the challenging and dynamic operating environment.

At the same time, we will manage our operational business with continued focus on cost discipline. This will enable us to deliver financial results in line with our guidance and generate strong returns to shareholders.

Ladies and Gentlemen,

Let me pick back up on Oliver Zipse’s comments on sustainability and CO₂ emission reporting, before I hand back over to him.

For the BMW Group, we view sustainability holistically and as a competitive advantage. That is why we in our Annual Reporting disclose our sustainability performance fully to our investors and customers.

In line with our strategy and our commitment to the Paris Climate Agreement, the BMW Group considers the CO₂ emissions of vehicles – both for the new and existing fleet –over their entire life cycle: from raw material extraction and parts production to the manufacture of vehicles and across the use phase to end of life. We address all stages of the value chain with ambitious targets.

However, European CO₂ fleet emission regulations focus only on the use phase and do not recognize the full reduction potential along the entire value chain.

When it comes to reporting, emissions shown in sustainability statements do not always correlate to the actual generation of emissions of all vehicles on roads. For the 2025 financial year, the BMW Group reporting includes all vehicles sold in the year across their life cycle, including the CO₂ emissions from the supply chain for vehicles produced in the reporting year; from BMW Group production; from the assumed use phase of 200,000 kilometres for vehicles delivered in the reporting year based on the consumption mix of the reporting year; and from end-of-life disposal for vehicles produced in the reporting year.

However, the use phase emissions reported in line with European reporting frameworks do not consider all existing BMW Group vehicles still in use, but rather only those vehicles sold in the reported year.  

This means that the European reporting framework neglects the reduction potential of the existing vehicle fleet. Here, there is significant leverage to quickly contribute to CO₂ reductions through use of eFuels and carbon neutral fuels such as HVO100. Immediate credit should be given – starting, for example, in 2027 – for the CO₂ reductions achieved using sustainable fuels, which should not be subject to limitations, such as caps on specific gram per kilometre values.

The European regulatory frameworks should reflect this holistic approach towards reducing overall emissions in the here and now – in both the new and existing vehicle fleet.

Because ultimately, every gram of CO₂ saved counts. That is what we at the BMW Group believe and what makes a true societal impact.

I’ll now hand back over to Oliver Zipse to provide additional strategic insights for 2026 and beyond.

- Check against delivery –

Statement

Oliver Zipse

Chairman of the Board of Management of BMW AG

Annual Conference 2026

BMW Welt in Munich , 12 March 2026, 08.00 a.m.

Part I

Good morning, Ladies and Gentlemen,

2025 was, in many ways, a remarkable year for the BMW Group – above all, one that set our course for the future.

First:

We achieved a solid financial result, with Group earnings of more than 10 billion euros. Walter Mertl will provide more detail in just a moment.

Second:

We grew in 2025 – selling more vehicles than the previous year and expanding our leadership of the global premium segment.

Third:

Our technology-open strategy continued to demonstrate its strength. Demand for cars with combustion engines remained stable, while sales of our all-electric and electrified vehicles continued to grow.

Fourth:

Once again, through our own efforts, we significantly outperformed the EU’s CO₂ fleet targets for 2025.

And finally:

We successfully began the rollout of our NEUE KLASSE with the BMW iX3* – giving the BMW brand and the entire company crucial momentum for the future.

All of this shows: We deliver. Consistently. And continuously.

We have set the right course in recent years and do not need to change our strategic direction. In this way, we can keep the company on track for long-term success.

Standing here beside me is the new BMW iX3. This vehicle marks a pivotal moment in the BMW Group’s recent history: the series launch of our NEUE KLASSE.

Production of the iX3 has successfully ramped up at our new plant in Debrecen, Hungary. First customers have already received their vehicles. Since last week, the iX3 has been in European showrooms.

Demand for the iX3 is significantly exceeding our expectations, with strong orders from both private and fleet customers. We are also attracting many new customers who have never driven a BMW before.

Our order books for the iX3 are full and reach well into this year. We are exploiting the flexibility of our production and supplier network and increasing capacity in line with demand.

The NEUE KLASSE is a huge investment. Only a company that enjoys long-term economic success, like the BMW Group, can invest in its future on such a massive scale.

This success is built on three important parameters.

I like to call this the BMW Group’s strategic triangle.

First: Our balanced global positioning in sales and production.

Second: Our attractive product line-up across all brands, serving the entire premium segment.

And third: Our consistent strategic focus on technology openness.

I’ll talk about the last two points in the second part of my remarks, after Walter Mertl has spoken.

In 2025, we delivered around 2.46 million vehicles to customers worldwide – representing sales growth of 0.5 percent compared to the previous year.

This shows that our business model is robust and resilient.

In Europe, we increased our sales by more than seven percent – delivering more than one million vehicles to customers in Europe for the first time since before COVID.

We also made significant gains in the United States, with growth of five percent – even in a saturated market.

In our markets outside the main sales regions of Europe, the U.S. and China, we also posted growth despite the overall downward trend – with an increase of 3.4 percent over the previous year.

China remains our largest single market. However, due to the intense competitive market environment, our sales development fell short of our expectations for the year. Thanks to the strong overall performance in three of our four sales regions, we nevertheless achieved growth worldwide. This confirms the strength of our global footprint.

Our worldwide presence is a decisive competitive advantage.

All BMW Group brands contributed to our 2025 result.

Electrified models across all brands as well as the models from BMW M were the main growth drivers.

The BMW brand once again maintained its position as the global number one in its segment. Demand was particularly strong for core models like the X1, X3 and X5, as well as our 3 Series and 5 Series models.

BMW M continued its success story in impressive style in 2025 – increasing its sales for the 14th consecutive year.

With more than 213,000 vehicles delivered to customers, M reached a historic all-time high. The BMW M5* and M5 Touring* and the X3 M50* were the main drivers of this success.

This provides compelling proof of the enduring appeal and growing demand for top-level performance in the premium segment.

MINI achieved significant growth thanks to its new model family. Sales increased by nearly 18 percent compared to the previous year.

The main growth driver was the most versatile model in the line-up, the MINI Countryman+ – accounting for over 32 percent of the brand’s total volume.

MINI and electromobility are a perfect fit – and our customers clearly agree.

This is underscored by an impressive achievement in 2025: For the first time, the brand delivered more than 100,000 all-electric models to customers in a single year.

That’s more than one in every three MINIs delivered. In this way, MINI is making a major contribution to the electrification of the BMW Group.

At our ultra-luxury Rolls-Royce brand, the number of hand-built motor cars delivered to clients remained on the high level of the previous year.

The value and number of requests for highly individualised Bespoke continued to increase. The Home of Rolls-Royce at Goodwood is currently being modernised and expanded, to provide more space for both Bespoke and the marque’s pinnacle Coachbuild products.

BMW Motorrad confirmed its strong market position in the premium segment in the financial year 2025.

Despite a global decline in the total market for motorcycles above 500 cc, the brand delivered more than 200,000 vehicles for the fourth year in a row.

Most notably, the R 1300 GS and F 900 GS played a key role in BMW Motorrad’s market success in 2025.

Ladies and Gentlemen,

All of this shows that our multi-brand premium approach enables stability and growth.

Another major strength of our business model is our ability to meet diverse customer preferences, different regional requirements and technological developments in parallel.

Our electrified vehicles provide the clearest proof of this:

In 2025, we delivered more than 640,000 electrified vehicles to customers worldwide. That means they accounted for about 26 percent of our total sales – with all-electric vehicles making up around 18 percent.

Europe stands out, in particular, with electrified vehicles representing over 40 percent of sales. Plug-in hybrids were also in strong demand in 2025.

All of these factors make the BMW Group one of the leading providers of electromobility in the premium segment.

Thanks to our balanced mix of efficient drive technologies and growth in electrified vehicles, we once again outperformed the legal CO₂ requirements in the European Union.

Based on our preliminary internal calculations, we achieved fleet emissions of 90 grams of CO₂ per kilometre in Europe in 2025.

That once again places us well below the legal target – entirely through our own efforts. We do not need to rely on pooling with other manufacturers or averaging over several years.

This provides clear evidence that technology openness and effective climate protection are not mutually exclusive – but go hand in hand.

The BMW Group remains fully committed to the goals of the Paris Climate Agreement – while setting our own ambitious targets.

For example, by 2035, we aim to reduce our CO₂ emissions by at least 60 million tonnes compared to 2019 levels – and we intend to hold ourselves accountable to this target.

We are charting our own course – something that is more important now than ever before.

On the one hand, we see that regulatory frameworks in individual markets can be extremely volatile.

On the other, we are convinced that the EU experiment of mandating electrification will not deliver the desired results – to the contrary.

For this reason, we continue to pursue a long-term, holistic decarbonisation strategy.

We are committed to providing solutions not only for new vehicles, but also for the existing fleet on the roads – based on technology openness across the entire lifecycle of our vehicles.

And for this reason, we also integrate fuels such as HVO100 and advocate for 100 percent credit in CO₂ calculations. In addition, recognising and crediting green steel would strengthen the European steel industry and safeguard jobs in Europe. Using more recycled materials in new cars reduces our climate footprint – as demonstrated by our NEUE KLASSE.

A holistic approach strengthens European value chains, secures jobs and keeps the industry competitive. At the same time, it enables effective climate protection and real CO₂ reductions.

Companies should be free to provide solutions geared towards customer needs, while also investing in appropriate new technologies to meet the European Union’s climate goals.

As a global player, we stand for free trade and collaboration. We do not believe in protectionism, but rather in the power of innovation to compete on the global stage.

However, with the Industrial Accelerator Act, the EU Commission is continuing its protectionist course while not addressing home-made challenges like high energy prices.

One thing is clear: without international value chains, the ramp-up of electromobility and the development of powerful battery technologies are not feasible.

Labels such as “Made in the EU” or “Union origin” disadvantage European companies with global value chains if they do not recognize that each Euro spent in Europe counts the same for prosperity and jobs. No matter if the car stays in Europe or is exported.

Instead, the development of expertise and production for battery cell technologies in the EU should be promoted and effectively incentivized as fast as possible.

This year, together with policymakers, we must find realistic solutions that allow us to achieve our climate goals and to strengthen our economy and competitiveness.

Ladies and Gentlemen,

2025 was shaped by very different developments:
strong growth in Europe and the US, a much more challenging situation in China, rising competitive pressure and additional headwinds from tariffs.

Nevertheless, the BMW Group continues to deliver a stable performance.

Because we acted early. We adjusted our internal cost structures and maintained our strategic direction.

This combination of strong operating performance today and a clear long-term perspective is a crucial success factor for our company.

And that brings me back to the vehicle standing next to me.

The iX3 and the technologies of the NEUE KLASSE testify to our innovation and performance.

It underlines that we are “already ahead”.

Walter Mertl will explain in more detail how our strong operating performance is reflected in our financial figures.

We will then take a look at 2026, with more new products on the way.

Part II

Ladies and Gentlemen,

Looking ahead to this year and beyond, three key factors will be decisive:

First:
For our 2026 targets: the product line-up currently available, which we have built up gradually over the past few years.

Second:
For this year and the years to come: the rollout of additional NEUE KLASSE models and integration of its technologies across the entire product range.

And third:
The tech clusters of the NEUE KLASSE, which enable rapid advances and collaboration with leading tech players worldwide.

Let’s start with the first item:

The company’s current product portfolio across our BMW, MINI, Rolls-Royce and BMW Motorrad brands offers a range of premium options in all key segments.

From MINI, in the urban compact-car segment, to Rolls-Royce, in the ultra-luxury class.

At the beginning of this year, we added another highly exclusive dimension to our brand portfolio: BMW ALPINA.

The long-established BMW ALPINA brand embodies maximum performance and exceptional driving comfort, combined with unique options for individualisation.

This makes it an ideal addition to our existing product range in the segment for individual, highly customised vehicles.

In this way, we are tapping into a highly profitable segment with great growth potential, positioned above the BMW brand’s top models and below our Rolls-Royce luxury brand.

Overall, the BMW Group offers one of the industry’s most comprehensive and diverse premium portfolios.

A core strength of this line-up is our consistent focus on technology openness. We committed early to a market-driven mix of different drive technologies.

With this approach, the BMW Group continues to chart its own course – enabling us to systematically respond to the diverse requirements of markets and customers well into the future.

Because we chose this path early, making the necessary investments at the right time, we can now fully realise the market potential of our products.

Today, we offer battery-electric vehicles in all relevant segments. By the end of the year, we will have a total of 20 BEVs across all brands. This will further strengthen our competitive position.

At the same time, plug-in hybrids also remain important.

This is not just a “bridging technology” – for many people, in all regions of the world, they are the only way to integrate electric, locally emission-free mobility into their everyday lives.

Together with our range of highly efficient combustion engines, this approach provides maximum flexibility – ensuring that regional market opportunities can be consistently exploited.

This strong line-up lays the core foundation for the company’s business success in 2026 – and beyond.

At the same time – and that brings me to my second point – we are systematically building on our current advantage with the NEUE KLASSE.

With the release of the BMW iX3, the market launch of the NEUE KLASSE has just begun.

But this is only the start.

Additional all-electric models with the new design and innovations of the NEUE KLASSE will follow.

Another notable highlight will be unveiled next week, when we present the BMW i3, the first variant of the next generation of the BMW 3 Series.

The new i3 brings our NEUE KLASSE right into the heart of the BMW brand.

Prepare to be amazed by what the technologies of the NEUE KLASSE can do in a vehicle like the 3 Series. It is fair to say that they take “Sheer Driving Pleasure” to a whole new level.

Here’s a sneak preview of what we will be unveiling
next week.

Ladies and Gentlemen,

I’m looking forward to presenting this incredible car to our BMW fans worldwide next week.

After that, we will meet again at Auto China in Beijing, to introduce the Chinese version of the iX3 as the next NEUE KLASSE model.

We developed this vehicle exclusively for China, together with our local R&D team in the market.

By doing so we ensured that the product meets the specific wishes and needs of our Chinese customers.

The result: The most Chinese car we have ever built.

Initial feedback from the local media has been overwhelmingly positive – with praise, in particular, for its driving characteristics. The China-specific digital features have also been very well received.

In 2027, BMW M will usher in a new era in the high‑performance segment – with the first all-electric M vehicle with racetrack capabilities, based on the NEUE KLASSE.

Alongside development of the NEUE KLASSE, we have also created the essential conditions for a rapid ramp-up within our supplier and production network.

Production of the iX3 has successfully begun at our new plant in Debrecen.

We will start production of the new BMW i3 at our main plant here in Munich in the second half of the year. To do so, we have completely modernised the plant during ongoing operations.

From late 2027, we will build only electric vehicles in Munich.

Production of high-voltage batteries will also begin at our new plant in Irlbach-Straßkirchen in the second half of the year. This facility will supply our plants in Germany with our sixth-generation high-voltage batteries.

Our plant cluster in Shenyang, China, is also ready to build the NEUE KLASSE in China, for China.

At our largest plant, in Spartanburg in the U.S., we are systematically modernising the production system for the technologies of the NEUE KLASSE. This also includes the new high-voltage battery assembly facility in nearby Woodruff.

Across all plants in our production network, we are creating the necessary conditions to implement the technologies of the NEUE KLASSE as quickly as possible in all BMW models.

Between now and 2027 alone, we will bring more than 40 new or updated models to market.

Each of them will benefit from the technologies of the NEUE KLASSE – always tailored to concept requirements and independent of the drive technology.

The best example of this is the next generation of our BMW X5. This summer, we will officially unveil the successor to our current model.

The X5 will be the first BMW model to be offered with five different drivetrain variants: with highly efficient conventional drives, as a plug-in hybrid, battery-electric and – from 2028 – also powered by hydrogen.

In this way, we are laying the foundation to successfully meet the diverse requirements and customer needs around the world, both today and in the future.

Shortly before that, at the Beijing show, we will be showcasing the first model update to feature technologies from the NEUE KLASSE: the BMW 7 Series.

The result is an almost completely new vehicle. We are taking full advantage of the new possibilities from NEUE KLASSE technologies and raising our luxury sedan to a whole new level in terms of both appearance and technology.

That brings me to my third point:
the technology clusters of the NEUE KLASSE and their potential.

With the technology clusters developed specifically for the NEUE KLASSE and our modular approach to technology, we can integrate market-specific functionalities and content into our vehicles.

At the same time, we are strengthening our R&D capabilities to enable us to respond more quickly and flexibly to local customer needs and provide appropriate solutions.

In our key sales regions, we have already implemented numerous features in collaboration with leading local partners.

For example, in the Chinese market, we are working with Alibaba Banma to establish the next generation of intuitive in-car voice control.

In China, the BMW Intelligent Personal Assistant is also being expanded to include DeepSeek functionality.

In most markets, including Europe, we will be integrating Alexa+ as the centrepiece of our BMW Intelligent Personal Assistant.

Thanks to the advanced Large Language Model technology of Amazon Alexa+, our customers now benefit from an even smarter, more connected and highly personalised voice assistant.

With our driver assistance systems, we continue delivering the best-possible customer experience in each region – tailored to local requirements.

To achieve this, we work closely with selected partners.
Our guiding principle remains the same: We always strive for smart, symbiotic and safe solutions.

Last summer, we launched a new cooperation in China with Momenta. A leading local provider of ADAS technology. Outside China, we are collaborating with the American company Qualcomm.

Both collaborations focus on the co-development and integration of software that adapts to different road conditions, traffic scenarios and user needs – relying on state-of-the-art AI algorithms and data-driven methods.

These examples highlight the extraordinary flexibility and scalability of our tech clusters.

With the software-defined NEUE KLASSE, we maintain control over all systems and can deploy them simultaneously worldwide.

We are also able to rapidly integrate local technology stacks, giving our customers access to their preferred innovations and features.

Continuous over-the-air updates ensure that our vehicle software is always up to date. All functionalities are improved on an ongoing basis to permanently enhance the customer experience.

Ladies and Gentlemen,

As you can see, the BMW Group remains successful and highly innovative. Our current product range is one of the broadest and most attractive line-ups in the premium segment worldwide.

With the NEUE KLASSE and its technologies, we have secured a significant competitive advantage. We will leverage these strengths to drive our economic success.

However, it is also clear that our world remains unstable, and numerous risks will persist in the current financial year.

We meet these challenges with strategic consistency and with market- and opportunity-driven vision.

Our global footprint – in sales, research and development, and production – provides us with the foundation to mitigate uncertainties and respond flexibly to unforeseen events.

We will continue to build on these strengths in 2026 and in the years to come.

Thank you very much.

- Check against delivery –

Ladies and Gentlemen,

Good morning.

For the BMW Group, several key strengths have long formed the foundation of our strategic course: our global footprint, our technology-neutral approach, our premium multi-brand strategy and broad portfolio across all relevant customer segments, and our ability to identify the potential of new technologies and bring them to road in each major region. These strengths give us flexibility and make us resilient, and we are benefiting from them now.

As a global company with global brands, we are used to dealing with varied conditions and unpredictability on the ground in each market.

We recognize the current dynamics in the automotive industry: major transitions in innovation, operating with a global supply chain, a shifting geopolitical framework with trade impacts such as tariffs, as well as a rapidly evolving market in China – to name but a few.

We remain focused on our long-term trajectory, while using our flexibility to adapt to the changing dynamics and are tackling them head on. This is what has always set the BMW Group apart.

Our business remains on track and healthy. As Walter just shared, this is underscored by our Group EBT result over the first nine months – demonstrating the performance of the entire business including our sales development.

Despite the challenging market dynamics in China, our overall global sales posted year-on-year growth of 8.7% in the third quarter; excluding China, it was 12.2%. Through September, sales in Europe were up 8.6% compared to 2024, while sales in the United States grew by 9.5%. These strong results helped compensate for the development in China.

Electrified vehicles and M vehicles both drove global growth. With our technology-open approach and multiple premium brands, customers find products that fit their wide range of needs and tastes.

In the coming months, we will take this to the next level with the introduction of the NEUE KLASSE. Just two months ago at the IAA Mobility here in Munich, we unveiled the BMW iX3*, the first vehicle of our NEUE KLASSE. The response was tremendous – from visitors and fans from across the globe, media, analysts, and political stakeholders. A few weeks later we celebrated the official opening of our new plant in Debrecen, where production of the iX3 is underway.

We have started taking customer orders for the car, which have exceeded our expectations. Just looking at Europe, we see orders already extend several months into 2026 already. This confirms an exceptionally positive start for the vehicle.

The NEUE KLASSE is BMW at its best. And starting with the iX3, it will set new benchmarks: from its performance data and revolutionary digital interface to its sustainability approach.

The BMW iX3 offers a range of more than 800 kilometers in the WLTP cycle. Thanks to its ultra-fast charging capability, the peak charging power is up to 400 kilowatts. That means: in just 10 minutes, the iX3 can charge enough to drive more than 370 kilometers.

The fully immersive digital experience will bring UI / UX to a whole new level. With the BMW Panoramic iDrive, drivers can intuitively keep their eyes on the road while all necessary information is perfectly in view.

With the BMW iX3, we will also introduce a new generation of driver assistance systems. The BMW Group is the first car manufacturer in Germany to receive approval for assistance systems in accordance with UN Regulation for Driver Control Assistance Systems (DCAS).

The approval enables the BMW Group to offer the Motorway Assistant with Level 2 “hands-off” function in numerous other models and countries in the future. This also covers an extended range of functions. More innovative assistance functions for urban driving will follow.

In terms of sustainability, the iX3 is explicitly focused on conserving resources and reducing the model’s environmental footprint – throughout the supply chain, production, use phase and recycling. In line with the principles of design for circularity, the iX3 is made up of one-third secondary raw materials.

Moreover, Plant Debrecen is the first BMW Group car factory that operates and produces vehicles without using fossil fuels, such as oil and gas, under normal operating conditions.

Overall, the iX3 is a perfect example of our strategy of reducing CO₂ wherever we have leverage. This will help us reach our near-term target to reduce our carbon footprint by at least 40 million tonnes CO₂ by 2030. Since 2020, we have been fully committed to the Paris Climate Agreement, with a target of achieving net zero by 2050.

The next NEUE KLASSE model, which we teased at the IAA, is preparing for launch: the new BMW i3. With the eighth generation of the 3 Series, we will bring the NEUE KLASSE and its technology clusters into the core of the BMW brand. Production of the i3 will get underway at our main plant in Munich in the second half of next year. Other locations in our international production network will follow with production of 3 Series variants.

Throughout 2026, we will show how the NEUE KLASSE technologies will be integrated into further models, such as the 7 Series and the X5. By 2027, we will put 40 new models and model updates with NEUE KLASSE technology and design language on the road worldwide.

This all-new BMW generation will provide an enormous boost to our already broad and popular portfolio – with technology solutions tailored to customers in their markets.

This applies especially to China. The NEUE KLASSE products we will launch in China are developed together with our local engineering teams and Chinese partners – in the market, for the market. Our NEUE KLASSE architecture allows to integrate local tech stacks from leading Chinese tech players into our own ecosystem. This gives consumers access to innovations and features they are used to, including solutions from Alibaba Banma, DeepSeek, and Momenta.

With the NEUE KLASSE, we are again demonstrating our strength in mastering system complexity, integration and efficiency. We know what our customers want and identify trends in individual markets early. The result are products that perfectly integrate the best technologies – both in house and with partners – across regions to offer the best product substance to our customers.

What makes the NEUE KLASSE so unique, is that we are rolling out the technology clusters across the entire portfolio – regardless of the drivetrain.

Our technology-neutral approach continues to show its success and allows broad market access as consumer preferences shift. At the same time, we are making progress in decarbonization in the here and now. After nine months into 2025, Group sales of all-electric vehicles are up by 10%, resulting in a BEV share of 18%. PHEVs grew nearly 28% year-on-year, delivering an overall electrified share through September of 26.2% globally.

Europe showed particularly strong growth – with BEVs reaching over a quarter of total sales, while BEV and PHEV sales combined for an impressive 41% share. Europe will also be the primary driver of our BMW iX3 sales in 2026.

Thanks to this solid result, we are well on course to reach our CO₂ fleet target for the year, just as we have consistently done for the past several years. For us, it has long been clear that we would meet the targets for 2025 – and, importantly, without penalties, pooling, or averaging.

This success with our technology-neutral strategy also gives our voice weight in the ongoing discussion regarding the EU’s targets.

We have reached our climate targets by following market demand and customer needs and by continually optimizing all drivetrain variants.

It remains critical for Europe to revisit the targets for 2030 and 2035.

Setting an end date to a specific, successful technology will lead to a massive shrinking of the industry as a whole. It will harm European industry and also create dependencies that are unwise in the current geopolitical dynamic.

To achieve climate goals and create effective CO₂ regulations, we must take a comprehensive view – one that accounts for the full carbon footprint of the vehicle and its value chain, and that also values climate-neutral fuels such as HVO100. Such a holistic framework would reflect various market needs and uneven infrastructure development, while safeguarding Europe’s value chains, jobs, and industrial strengths. And – above all – it delivers genuine climate protection and real reductions in CO₂.

Companies should be free to deliver the solutions, taking customer demands and needs into account, while adequately investing in new paths and technologies to achieve the EU’s climate goals.

In this context, the BMW Group is very skeptical about the EU’s planned “Greening the Fleets” regulation, as it does not consider current market realities. Commercial fleets rely on high vehicle availability with high mileages. The currently inadequate charging and hydrogen refueling infrastructure will not be guaranteed in all member states by 2030 either. Further fleet mandates and additional regulations that exclude individual technologies are not necessary to achieve the CO₂ targets. Moreover, they hinder technological development and introduce harmful market distortions contrary to customer preferences. Here also, we advocate for a holistic and technology-neutral approach.

Ladies and Gentlemen,

We are tackling the challenges in global markets head on, leveraging our strengths and implementing our long-term strategy. We have made significant investments and have created the right operating framework to deliver. Our flexible, global network, our tech-open strategy, our focus on innovation and our ability to master technological complexity set us apart.

Over the coming months, we will deliver as promised. Starting with the iX3, we will rapidly deploy our ambitious strategy one vehicle at a time around the globe. We will continue to lead with product substance and solutions that meet our customers’ needs.

We therefore remain optimistic as we close out 2025 and move forward to 2026.

Thank you.

- Check against delivery –

Ladies and Gentlemen,

Good morning.

Thanks to the strength and foresight of our strategy, our attractive product portfolio and our global team and operations, the BMW Group is built to weather various conditions.

This is what separates us from the competition. And it underscores that there is not ONE automotive industry – major players are currently performing quite differently.

Through the first half-year, our sales performance demonstrates the appeal of our global brands and the ongoing success of our broad technological approach.

After confirming our original guidance from our Annual Conference after the first quarter results, we remain on track with our financial targets for the year – despite ongoing tariff uncertainty and fluctuations in the Chinese market.

Unpredictability is a longstanding feature of the auto industry and is the norm in today’s business environment. What is decisive is how you deal with it. Because global success is rather predicated on your ability to anticipate developments and to respond rationally and efficiently.

That is fundamental to the BMW Group. And we are building upon our leading position in the industry.

The overall global automotive market is growing. We are always ready to profitably gain market share wherever individual market conditions allow. As dynamics in the industry shift, we know exactly where we are placed with our premium brands and where we can pursue opportunities – maintaining a healthy balance of value and volume.

Over many decades, we have built up a comprehensive and balanced network of sales, production and supply chain operations spanning the major regions. This makes us one of the few truly global players in the industry and our deep roots in global markets offer us many advantages.

First, they allow us to tap into leading-edge developments in the individual markets and understand specific customer needs. Our ties to research universities, our R&D network and IT hubs and our network of local tech partners enable us to leverage key competencies from individual markets for our global products and strategy.

Second, through our extensive footprint in key markets, we remain resilient in the face of geopolitical instability and ever-increasing regulation.

Finally, our strong ties also allow us to engage in direct discussions with key political decision-makers, who value our perspective. Here, it is not just about our individual interests, but rather finding solutions for customers worldwide and driving shared economic prosperity.

The BMW Group welcomes the fundamental agreement between the European Union and the United States to reduce tariffs on both sides of the Atlantic. It’s now important to quickly finalize and implement the agreed measures.

We will continue to advocate for trade between the EU and the US not be hindered by import tariffs. The currently agreed US tariffs also burden European exports, affecting consumers and globally operating companies. Therefore, we urge both sides to continue working towards market openness and the convergence of technical regulations.

Through our global production network and supply chains, we maintain high flexibility to respond to fluctuations. Our production plants are attuned to market demand, allowing us to achieve capacity utilization above the industry standards.

At our largest single plant in Spartanburg in the United States, for example, we produce over 400,000 vehicles annually. Over half of which serve the local market and half of which we export. Across the United States we have created extensive value chains as well as a competency hub for our global X Family of vehicles in Spartanburg, which remain in high demand across the entire globe.

BMW made in America and sold to the world.

This combination of leveraging the competitive advantage of the US market in SUVs with BMW’s brand strength allows us to develop products which speak to customers’ needs in markets worldwide.

For the current financial year, our sales results continued into Q2 in line with our expectations, as conditions continue to vary from market to market. In Q2, we saw a sequential improvement from Q1.

Outside of China, all three of our major sales regions posted growth.

Group sales in these markets combined to grow by 6.3% through the first six months of the year.

Group sales in Europe grew overall by 10.2% in the second quarter and in Germany alone by over 10%, with growth in most markets outpacing the passenger vehicle market. Overall, the BMW brand increased its market share in Europe.

Among the most successful BMW models were those in the business class segment. In the first half of the year, the BMW 5 Series saw growth of more than 40% worldwide compared to 2024.

Other notable models that saw success included the BMW X2 models, which more than doubled sales through June.

With the full availability of the new MINI family, the brand grew in all regions worldwide, including in China. In the first half of the year, more than one in three MINIs sold was a BEV.

Rolls-Royce increased deliveries by nearly 10% in the second quarter, driven by strong sales from the Cullinan Series II*.

Drivetrains and model variants across the portfolio continued to see success in Q2. BMW M sold nearly 106,000 vehicles through June, the best-ever first half-year for the brand.

Sales of plug-in hybrid models from the BMW brand grew by almost 30% in the first six months. Our BEV models continue to be a fundamental pillar of our strategy. In the second quarter, we achieved an important milestone, with the delivery of our 1.5-millionth all-electric vehicle. Across the portfolio, we now offer more than 15 all-electric models.

In Europe, the Group’s BEV share reached 25%. With PHEVs included, the electrified share reached nearly 40%. Across all brands, BMW is the third best-selling BEV brand in Europe.

While we are proud of our position as a leading BEV player, we know that the world is multi-dimensional.

To meet consumer needs, especially in a product as complex and personal as a car, there is no single answer. Our Q2 results show that we can serve multiple preferences simultaneously: BEVs, PHEVs and our M models all achieved growth.

The most effective strategic approach is to use all technologies to reduce CO2 emissions overall. We remain committed to the goals of the Paris Climate Agreement, while advocating for a review of the 2030 and 2035 targets in the EU.

To achieve these goals and create effective CO2 regulations, we must take a comprehensive view across the entire value chain. This would consider all emissions across the entire life cycle and not just tailpipe emissions: from the supply chain to the raw materials used in the car, the production process, the vehicle drive, energy used to power the vehicle, and finally to recycling.

A dependency on a single technology can be damaging to an industry. Putting all your eggs in one basket is just poor asset allocation.

Hydrogen, for example, offers Europe an opportunity to use our expertise and take the lead on an emerging technology that will contribute to our climate goals. And, unlike BEVs, without the need for large amounts of raw materials or battery technology which are not localizable at large scale in Europe.

Beyond drivetrains, there is great potential with alternative fuels. There are more than 250 million vehicles in the EU, which could now immediately contribute to climate protection. But this requires a clear regulatory pathway and targeted investments in the ramp-up of all renewable fuels.

Take HVO100 as an example. While it is already available in markets across Europe, tax schemes and the CO2 fleet targets need to recognize this renewable fueling option to incentivize customer adoption. This would help in scaling an alternative fuel that has a 90% CO2 saving compared to normal fuels and can already be accessed today. For OEMs and customers, this is also a cost-effective way to reduce emissions in the use phase.

For Europe to maintain competitiveness and finance its future, we need to invest not only in new technologies, but also leverage our existing technologies, which can meet customer preferences and still contribute to climate targets.

For the BMW Group, we are now just five weeks away from the next major innovation step, which our entire company has been fully focused on for many years now: the launch of the NEUE KLASSE.

On September 5th, we will celebrate the world premiere of the all-new BMW iX3* at the IAA Mobility here in Munich.

In June we hosted media representatives at the pre-drive event in Miramas in southern France. The initial feedback has been tremendous.

We remain right on time with the launch, including at our new Plant in Debrecen. Construction also continues at our battery assembly facility in Irlbach-Straßkirchen.

With the NEUE KLASSE, we are making great strides in all relevant technology fields – whether in electrification, digital user experience, driving dynamics or sustainability.

The new BMW iX3 will be benchmark in the industry.

The all-electric 6th generation powertrain will set standards in performance and efficiency:

• powered by our battery cells developed in house, with 20% more energy density:
• an electric range of up to 800 kilometers according to WLTP;
• With 400-kilowatt maximum charging, customers will be able add over 350 kilometers to their vehicle’s range in just 10 minutes according to WLTP;
• And with an energy consumption of 15 kilowatt hours per 100 kilometers.

In addition, our revolutionary new iDrive will change the way the driver interacts with the car. With the BMW iDrive, we set an industry standard more than twenty years ago. After the reveal of the all-new Panoramic iDrive at CES in January, we are already seeing the industry follow our lead.

With the technology clusters we have developed for the NEUE KLASSE, we will scale our advanced technologies across the portfolio. We will start in the core segment to build momentum quickly. This is simply smart economics.

By 2027, we will bring 40 new models and model updates with NEUE KLASSE technology and design language on the road worldwide.

Our technology cluster approach also allows us to integrate market-specific features and content. In our major sales regions, we have a variety of local solutions with leading partners. This allows us, for example, to further enhance the digital user experience as well as automated driving functions in our upcoming NEUE KLASSE models.

In China, we are collaborating with Alibaba Banma to develop the next level of intuitive and conversational in-car voice interaction. We will also enhance our BMW Intelligent Personal Assistant with functionality from DeepSeek in our vehicles in China.

In most other countries, the next-gen BMW intelligent personal assistant will be powered by large language model technology from Amazon Alexa.

For driving assistance systems that meet local needs and regulations, we have also sought out partners in different geographies. Always following our philosophy in this area: smart, symbiotic and safe.

Just two weeks ago, we announced a new partnership with Momenta, a leading Chinese ADAS technology provider. The partnership will focus on software development and integration for Chinese road-networks, traffic-conditions and user expectations, utilizing advanced AI algorithms and data driven development methods. We will launch the systems in China starting with our NEUE KLASSE.

In other markets, we continue to build on our already very successful partnership with Qualcomm.

These examples show how adaptive the NEUE KLASSE architecture is.

With a software-defined vehicle, we maintain competency over all systems of the car and can roll them out to markets at the same time across the world. But we also are able to quickly integrate local tech stacks into our own ecosystem to give consumers access to innovations and features they are used to.

And through backward integration of software solutions available for all aspects of the vehicle over the air, we will continuously enhance the customer experience.

This is a huge advantage for us.

Ladies and Gentlemen,

Our consistent strategic approach and continued success is not a coincidence but the result of resolute, long-term planning and orientation. It is a multi-year process in every area of the company.

This is what our stakeholders expect from us.

The BMW brand is a promise. And we deliver on our promises.

We continue to build upon the strong position we are in today.

With the rollout of NEUE KLASSE technologies and products over the next two years, we will bring the company to a whole new level.

Thank you.

- Check against delivery –

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

Good morning,

Ladies and Gentlemen,

After the first six months of the year, the BMW Group remains on track to meet its full-year targets for 2025.

As expected, tariffs weighed significantly on financials in the second quarter.

Nevertheless, the BMW Group achieved Group earnings before tax of over 5.7 billion euros and a Group EBT Margin of 8.5 percent in the first six months.

SLIDE 3: BMW Group Performance in Q2 2025

In the second quarter, deliveries to customers at Group level increased by 0.4 percent year-on-year.

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

All-electric vehicles made an important contribution with a share of total sales of 18.3 percent.

The share of electrified vehicles – meaning either a BEV or a plug-in hybrid – even amounted to 26.4 percent.

Group earnings before tax totaled over 2.6 billion euros in the second quarter and over 5.7 billion euros after 6 months.

This resulted in a Group EBT margin of 7.7 percent in Q2 and 8.5 percent in the first half-year.

The operating profit in the Automotive segment reached 1.6 billion euros in Q2 and over 3.6 billion euros after 6 months.

This led to an Automotive EBIT margin of 5.4 percent for the second quarter and 6.2 percent for the year to the end of June – both within our full-year guidance of 5 to 7 percent.

Excluding the depreciation resulting from the purchase price allocation of BBA, the margins came in at 6.5 percent for the second quarter and 7.3 percent through six months.

SLIDE 4: Automotive Retail Units, BEV Units, Auto Revenue and Auto EBIT

Let’s take a look at how the Automotive Segment performed across key metrics.

Between April and June, deliveries of BMW, MINI and Rolls-Royce vehicles to customers were on previous year’s level with 621,000 units.

We saw sales growth in all regions except China.

The BMW brand declined slightly by 2.6 percent compared to the second quarter of 2024.

Outside of China the brand grew by 4.7 percent.

MINI benefitted from the full availability of the entire model range and reported a significant year-on-year growth of 33.2 percent in the second quarter across all regions.

Retail sales in Q2 were especially strong in Europe, with double-digit growth of 10.2 percent year-on-year.

The European order intake for BMW remains strong, with an order bank reaching well into the fourth quarter.

The US reported a growth of 1.4 percent in Q2.

In China, retail sales levels in the first six months of 2025 were down 15.5 percent compared to the previous year.

However, during the second quarter we saw a slight sequential improvement month by month.

Sales of our all-electric vehicles continued to grow.

In the second quarter, we delivered more than 111,000 all-electric vehicles to customers.

Automotive segment revenues decreased moderately by 8.4 percent to 29.4 billion euros in the second quarter.

Adjusted for currency translation effects, the decrease was 5.3 percent, mainly due to lower sales volume in China.

Segment EBIT for the period from April to June totaled 1.6 billion euros.

The EBIT margin came in at 5.4 percent for the quarter and 6.2 percent for the half-year.

These margins include the negative effects from tariffs, which amounted to around 2 percentage points in the second quarter and around 1.5 percentage points in the first six months.

That brings me to my next slide, to take a detailed look at the year-on-year changes in the operational result.

SLIDE 5: Automotive Segment EBIT in Q2

Automotive EBIT declined by around 1.1 billion euros compared to the second quarter of 2024.

More than half of this difference is due to the impact of tariffs, which is included in the position Other.

Changes in currency and raw material positions were neutral in Q2.

In the second half year, we expect a headwind year-on-year.

The net balance of volume, model mix and pricing effects negatively impacted EBIT by 300 million euros in the second quarter, compared to the previous year.

Volume and model mix combined were neutral.

Pricing continues to be a headwind year-on-year, however to a much lesser extent than in the first quarter.

Competitive pressure remains strong, especially in the Chinese market. Here, price levels of the second half of 2024 continued into the first half-year of 2025, as expected.

Research and development expenses decreased by about 200 million euros compared to the prior-year quarter.

Group R&D expenditure as of June totaled 4 billion euros, slightly below previous year.

The R&D ratio according to the German Commercial Code came in at 6 percent after six months.

For the full year, R&D expenditure will be below last year’s level, and it will steadily decrease over the next years.

Selling and administrative expenses also decreased by around 100 million euros compared to the previous year.

The year-on-year headwind of 1.1 billion euros from Other Cost Changes can mainly be attributed to two factors:

• First, higher tariffs in the US and anti-subsidy tariffs imposed by the EU Commission on electrified vehicles from China
• And second, the sale of end-of-lease vehicles. Here, resale income was lower than in the second quarter of 2024, yet remains positive on a portfolio basis

SLIDE 6: Automotive Segment Free Cash Flow in Q2

Free cash flow in the Automotive Segment totaled about 1.9 billion euros in the second quarter.

Segment EBT amounted to 1.6 billion euros, which is 1 billion euros lower than in the previous year’s quarter.

The net change in working capital reduced free cashflow by around 300 million euros.

The net effect from capital expenditure and depreciation had an impact of 200 million euros in the second quarter.

Capital expenditure for the first half-year amounted to around 2.7 billion euros, a significant year-on-year reduction of around 700 million euros.

The capex ratio was 4.5 percent for the second quarter and 4 percent for the first six months.

After the peak in 2024, capex will decrease for the full year 2025.

We expect a capex ratio below 6 percent for 2025.

Changes to provisions negatively impacted free cash flow in the second quarter by around 200 million euros. This was mainly due to the consumption of warranty provisions.

The change in the position Other of around 1 billion euros reflects the development of a set of various topics, including accrued expenses, interest and advance payments received, income taxes and liabilities for tariff expenses not yet paid out.

After the first six months, Automotive Segment free cash flow is on previous year’s level with just over 2.3 billion euros.

For the full year, we are targeting a free cash flow of over 5 billion euros.

Our strong free cash flow generation enables us to further execute our consistent shareholder return strategy.

In May of this year, the Annual General Meeting authorized the Board of Management to buy back up to 10 percent of BMW AG's share capital over the next five years.

Based on this authorization, a third share repurchase program with a volume of up to 2 billion euros was approved.

It should be completed by April 30, 2027, at the latest.

The first tranche of 750 million euros began in May and will be completed no later than December 8th of this year.

SLIDE 7: Financial Services Segment in H1

Let’s move on to the Financial Services Segment.

The number of new contracts, concluded with retail customers in the first half year, reached almost 825,000 contracts, a slight decrease of 3 percent year-on-year.

This is due to the challenging situation on the Chinese market, which led to a moderate decrease in new credit financing business.

The new leasing business continued its dynamic growth in the first six months of the year.

The penetration rate for lease and loan offerings increased by 2.5 percentage points to 43.7 percent.

Driven by a higher average financing amount per contract, new business volume was on previous year’s level despite the slight decrease in new contracts.

Segment earnings amounted to just under 1.2 billion euros, a year-on-year decrease of 19.5 percent.

This results mainly from two topics:

• An addition to provisions following the receipt of a revised operational tax assessment for prior years.
• And the resale income of end-of-lease vehicles, which was lower than in the second quarter of 2024, yet remains positive on a portfolio basis

The credit loss ratio across the entire loan portfolio remained at a low rate of 0.27 percent.

SLIDE 8: Motorcycles Segment in Q2

In the Motorcycles Segment, deliveries decreased moderately by 8 percent year-on-year.

Segment revenues decreased by 2.8 percent.

Adjusted for currency translation effects, they were on par with the second quarter of 2024.

Segment EBIT in the second quarter totaled 136 million euros, with an EBIT margin of 14.2 percent.

SLIDE 9: Outlook 2025

Ladies and Gentlemen,

Our outlook for the full year is based on assumptions, which are described in detail in our half-year report.

Let me briefly mention some key factors for our business development in 2025.

In China, we have been observing increased monitoring of the automotive market by local regulatory authorities since the last two weeks of June.

This also affects commission payments from local banks to dealerships in connection with brokering retail financial and insurance products, payment terms to the supplier base as well as increased scrutiny of price competition.

Dealer commissions were significantly reduced by local banks in June.

We are closely following these developments and their potential impact on the Chinese automotive market.

Ladies and Gentlemen,

As you recall, our guidance given in March included all tariffs in force as of March 12th.

In our quarterly statement for Q1, we had assessed and included all tariff increases announced as of May 7th and confirmed our original guidance based on certain assumptions.

And in today’s half-year report, we maintain our consistent approach and have also incorporated the effects of all latest announcements.

According to the announcements on July 27th, an agreement between the US and the EU regarding the tariff situation is emerging.

Based on published information by the respective authorities, we expect partial reductions of the currently applicable tariffs between the US and the EU from August 1st.

Additionally, tariff negotiations across the globe are ongoing and may result in further changes.

Therefore, the expected impact from tariffs on our full-year results can still only be estimated based on certain assumptions.

For the full year 2025, we currently expect a burden from tariffs of around 1.25 percentage points on the EBIT margin in the Automotive segment, including mitigations.

Based on our assumptions, the full-year outlook remains unchanged.

On a Group level, we are targeting earnings before tax at previous year’s level.

In the Automotive segment, we expect a slight increase in deliveries and an EBIT margin in a corridor between 5 and 7 percent.

The EBIT margin in the Motorcycles Segment should come in at between 5.5 and 7.5 percent.

In the Financial Services Segment, we expect a Return on Equity in the range of 13 to 16 percent.

SLIDE 10: Q2 and H2 Profitability within Full-Year Target Corridor

Ladies and Gentlemen,

The BMW Group is a truly differentiated global player.

We set ourselves apart in the automotive industry with our global footprint and our highly flexible operations.

This strong strategic positioning enables us to mitigate the impact of tariffs and allows us to adapt swiftly to changing market conditions.

The BMW Group has a focused strategy and a clear plan how to effectively navigate our operating business.

As a result, we were able to provide a comprehensive guidance for the year 2025 in March, including the impact of tariffs.

And we delivered an EBIT margin within the full year target corridor of 5 to 7 percent both in the second quarter and for half-year.

At the BMW Group, we are steering our business carefully and in a consistent manner.

During the last years, we significantly invested in the future of our company, in line with our long-term planning.

In 2024, both capex and R&D reached peak levels.

Starting in 2025, we are reducing R&D and capex spending, as planned.

Our operating costs are also decreasing compared to prior year. Just as in Q1, this is again evident in our Q2 figures.

Based on the results of the first six months, we once again confirm our full-year targets for 2025.

And we remain committed to our long-term goals

of premium profitability and capital return to create value

for all our stakeholders.

Thank you.

- Check against delivery –

Robust. Dependable. With a clear focus on the future.

The BMW way – for the success of your company.

Dear Shareholders!

Our lives are increasingly digital – and, in global business, virtual formats offer many advantages. But, let's not forget – people are not digital. We all still value meeting face to face. We want to look each other in the eye.

That is why it is great to see so many of you here today, in the Olympiahalle. And to everyone joining us remotely: A very warm welcome to you as well!

This is your company’s 105th Annual General Meeting!

The heart of BMW beats all over the world. BMW is a global team, united by a strong sense of community. 159,000 people: highly motivated. High-performing. Innovative. Together, we are the BMW Group.

Of course, one could also say: BMW, that's just a DAX-listed company. A reliable employer; at its core, it remains an abstract construct.

But everyone at the company knows that BMW is so much more than that! That is why we stand together. Time and again, we have proven that we seize opportunities, act swiftly and adapt with remarkable flexibility. We learn from the unexpected – which is what truly matters. We then emerge stronger than before – just as we did after the global financial crisis and the Covid pandemic.

We make decisions with a long-term perspective.

This mindset goes back to entrepreneur Herbert Quandt, whose family continues his legacy – much like we do here at BMW.

You, our shareholders, remain by our side in this. You give us entrepreneurial freedom – and that is a privilege we value, especially in turbulent times.

Today, our environment is more dynamic than ever.

We face highly complex challenges, shaped by conflicting priorities and paradoxes. Above all, we are confronted with new geopolitical realities that directly affect our business.

At the same time, our industry is undergoing significant change. The shift towards e-mobility is just one facet of a broader, all-encompassing process – a technology race that culminates in elimination of some players.

When things are uncertain, many stay stuck in “neutral”, waiting. Not your company! We are now shifting into “sport mode” –hands on the wheel, eyes on the road. Standing here on stage is the BMW Vision Neue Klasse you are already familiar with. Later on, I’ll even show you the first two production models of the NEUE KLASSE. Our vision is becoming reality, as we reach the next milestones for BMW and the entire company.

By anticipating trends in the marketplace early, we consistently manage to make major technological leaps at exactly the right time. We invest proactively in electrification, digitalisation, our production network, our products and the NEUE KLASSE. By 2024, we will have reached the peak of our investment and R&D activities, with expenditure in each area exceeding nine billion euros. This is a peak, not a plateau.

We have invested a considerable amount of money.

In the years ahead, the full impact of these upfront investments will become clear – just as I promised. We are realising our plans for the future with your best interests in mind. You, our shareholders, should benefit from the continuing success of your company, alongside our employees.

That is why we remain firmly committed to our shareholder return strategy: We are proposing a dividend payout of 36.7 percent of our unappropriated profit – which would amount to a total of 2.6 billion euros. If you approve our proposed dividend, this will be our highest-ever payout ratio.

Your company is in a strong position, focused on the future:

We are digitalising our vehicles and leveraging tech clusters and architectures with massive scaling potential. We are utilising artificial intelligence throughout our value chain. Very soon, nearly every process at the company will be supported by AI, making us even faster and more precise – and not just in production and logistics. At your company, efficient cost structures are the standard – you can always count on that.

The automotive industry has been through many upheavals –in response to the rise of industrialisation, technological progress, new processes and evolving markets, as well as changing regulations and societal expectations.

The BMW way is shaped by confidence – because we provide meaningful answers. I would like to show you today how we do that through:

1.     Our strategy: which is market-driven and technology-open.

2.     Our goals: We met our adjusted targets for 2024 and are targeting growth this year.

3.     Our global footprint: a differentiating factor and competitive advantage in a fragmented world.

4.     Our future-focused project for tech leadership: BMW is the NEUE KLASSE – and the NEUE KLASSE is BMW.

Let me begin with my first point: our strategy.

Technology openness means following the markets – because markets evolve, but not all at the same pace. We took a clear stand on this, even in the face of strong headwinds. Now, the wind has shifted in our direction:

•      “BMW late winner of the drivetrain transition”.

•      “How BMW went from laggard to magician”.

•      “Germany’s true electric-car champion”.

These headlines were taken from trade journal “Auto, Motor und Sport”; weekly magazine “Wirtschaftswoche”; and newspaper “Die Welt”.

Our models and diverse drivetrain portfolio are also winning awards, including the “Goldene Lenkrad” (Golden Steering Wheel). I accepted three trophies in Berlin – a very special moment.

Our brands and products are being extremely well received. The German Car of the Year award, presented to the 5 Series and i5*, is the first-ever win for a technology-open model series.

While other manufacturers are reversing course or adjusting their strategy, we are on exactly the right track. Even policymakers are starting to come around: The new German federal government supports a broad approach to technology, while the European Commission seeks to make Europe more competitive. The “Green Industrial Deal” finally considers climate protection and the economy “in tandem”. That is a good thing.

From e-drives and plug-in hybrids to highly efficient conventional drive technologies: No one masters this level of variety better than your company. As previously announced, we will be adding a production model with a hydrogen drivetrain in 2028. All of this benefits our customers, while, at the same time, making a measurable contribution to climate protection. And, yes, we have the facts and figures to back this up:

In 2024, the BMW Group significantly outperformed its European CO2 fleet target by more than 30 grammes. That is a huge leap forward, which cannot just be taken for granted. Based on internal calculations, our numbers came in at under 100 grams for the first time – at 99.5 grammes per kilometre. The official data will be published by the European Commission at year-end. We are also gearing up to meet the much stricter targets for this year, as you would expect from us.

We take ambitious political goals seriously – but we don’t believe in technically one-sided regulations that limit supply. The same principle applies to the circular economy. Here, too, only a comprehensive approach can enable and stimulate investment. Because, as a standalone technology, e-mobility leads down a dead-end street – that much is now clear. The differences are simply too great, even just within Europe.

Belgium, for example, offers incentives: Electric and hybrid models quickly became the most popular new cars, reaching a market share of over 60 percent in 2024. Contrast that with Italy, where electric cars made up only about four percent of total sales last year.

Is that the fault of the products? Certainly not. Is it because of the customers? Definitely not. The all-important question is rather:

How do we effectively cut CO2? Certainly not by thinking in black and white. Supporting one solution does not necessarily mean opposing another. Our approach proves this time and again – and remains effective. We all need to be much more opportunity-driven, guided by entry – not exit – strategies.

Political goals must reflect market realities – and also be viable for businesses. Global investment is already looking ahead to 2030, and especially 2035. That is why the upcoming review of EU targets will be so decisive. It is our chance to improve the system. Europe needs a top-performing automotive and supplier industry. We are fighting for this and pushing back against negative developments.

For our customers, we will remain broadly diversified – and, for you, our shareholders, we are securing the success of your company. We don’t want to miss out on any market potential. We will continue to stand firm – but always open to dialogue with decision-makers around the world. We explain the complex mechanisms of our industry, asking: What will the proposed legislation mean in practice? The Board of Management and I are personally engaged in this work.

At your company, we mostly let our actions speak for themselves: Just as I promised you last year – we already have more than 15 all-electric models on the market. Our BMW iX* has been recently updated, so that it now boasts an electric range of up to 701 kilometres in the WLTP cycle. In 2024, battery-electric vehicles – BEVs, for short – were once again key growth drivers for us. By year-end, more than 17 percent of our total sales were fully electric. This is significantly higher than at many other manufacturers. You’ll also be pleased to hear that this positive trend accelerated into 2025. In the first quarter, our global BEV sales increased over 30 percent. Europe led the way, with growth of more than 60 percent.

The US market was also up by over 20 percent.

If you include both BEVs and plug-in hybrids, more than one in four of our vehicles is now electrified, while nearly one in five is already fully-electric. We are making good progress. We are delivering – and maintaining our credibility.

My second topic for today is our goals.

As always, they are ambitious. Even in difficult conditions, not every market contracts. There are always regions where growth is possible – and your company exploited this potential to the full in 2024: In three of our four main sales regions, we increased deliveries and often gained market share.

Joy is at the heart of our BMW brand, sparking positive emotions all around.ach of our company’s four brands – BMW, MINI, Rolls-Royce and BMW Motorrad – has its own unique character and strengths. BMW remains number one in the premium segment. BMW M also reported dynamic growth, achieving record sales for the 13th consecutive year. Nearly one in ten BMWs sold last year was a profitable M model. The new MINI family is now complete: With five models, three of which are fully electric. The MINI brand not only has a positive impact on our carbon footprint, it also has a strong fan base. In the luxury segment, Rolls-Royce continues to set the benchmark. With the Black Badge Spectre*, a second fully electric Rolls-Royce is now available. The Phantom is the brand's most iconic vehicle. And it is celebrating its 100th birthday this year. All good reasons to expand the Goodwood factory. At over 300 million pounds, this will be our biggest investment in the plant since it opened in 2003. BMW Motorrad impressed once again. Our two-wheeler brand remains the undisputed global number one in the premium motorcycle segment – again reaching a new all-time high, with 210,000 motorcycles and scooters sold. The GS accounts for nearly a third of those sales. It will be joined later this year by the new 1300 Series model family. I like to ride a motorbike myself, so I can assure you that our line-up is our strongest ever.

We accomplished all this in 2024 – despite the fact that many things unfolded differently than expected, as the year progressed. The delivery stops and recalls associated with an Integrated Brake System IBS component from one of our suppliers had a financial impact – but we responded quickly, keeping our communications transparent.

At the same time, the Chinese market remained weak and demand for electric vehicles declined in several markets. In light of this, in September 2024, we adjusted our guidance. From that point on, we pushed even harder to keep your company on track. That is another thing that sets us apart. We met our updated targets, with more than 2.45 million vehicles delivered to customers and a Group EBT margin of 7.7 percent.

You already know that we sold fewer vehicles in China, where competition is intense and prices are increasingly under pressure. It should come as no surprise that domestic manufacturers are expanding their market share. However, BMW remains number one in its segment. China is still our largest single market for electric vehicles, with over 100,000 BEVs delivered to customers there in 2024. Let us not forget that we have enjoyed above-average success in the Chinese market for many years.

What is also important: Your company has earned an excellent reputation in China, built on years of market presence and sustained investment. Since 2010, we have invested around 116 billion renminbi in our production base in Shenyang alone. We also have a strong R&D network in China, second only to Germany. I’ve visited China several times over the past few months, including attending the “China Development Forum”, where BMW was the exclusive mobility partner, providing 30 fully-electric BMW i7s* and i5s* for the event. All of us on the Board of Management are regularly on the ground to talk directly with our “BMW Team China”. Our China strategy is based on the principle “in China for China”. The same applies to the NEUE KLASSE. The first models produced for the NEUE KLASSE in China will come off the Shenyang assembly line from 2026. Our design team in Shanghai led development of all China-specific models of the NEUE KLASSE. As a result, our local BMW iX3* will be tailored to the needs of Chinese customers – in other words, “from China for China”.

Our market-specific approach has proved effective over many years. The technology race in our industry will be decided in China – where else? – where AI is widely adopted. That is why we are establishing AI partnerships with leading Chinese tech companies, to integrate these innovations directly into our vehicles in China. For example, we are collaborating with Alibaba to develop the next stage in voice interaction between humans and vehicles. DeepSeek will also be a part of this.

We will begin integrating DeepSeek’s AI capabilities into our newest models in China by the end of this year. These examples show that, even when it comes to digital applications, we operate “in China, for China” – and at “China speed”. As our largest single market, getting back on track for growth in China is clearly a priority. That is why we are currently consolidating our retail network.

What matters most to you, as shareholders, is:

What are our plans for 2025?

In a word: growth. Our sales are forecast to increase slightly. What makes us so confident? Our products. Between now and 2027, BMW will bring more than 40 new or updated vehicles to market across all drive train variants. This year, one of our most successful models will celebrate its 50th anniversary: the BMW 3 Series. The latest version of our extremely popular BMW X3 is fresh on the market. We manufacture the X3 worldwide – in Spartanburg, South Carolina, in the USA; Shenyang, China; and Rosslyn, South Africa. This is a clear example of how we are responding flexibly in an increasingly protectionist environment.

We are also realigning our sales and marketing to meet the demands of the future. In some markets, an agency model enables customers to move seamlessly between online and offline channels. MINI has already transitioned 15 markets in Europe. The process for our core BMW brand will be significantly more comprehensive, learning from our experience with MINI. We are using this year and next to prepare for the launch of the BMW brand. I’m sure many of you are wondering: What about our retailers? They remain close by our side, of course. The entire transition is taking place in collaboration with them. Anything else would not be the BMW way. Retailers and our BMW branches remain important to our sales success – and, above all, to our customers’ brand experience.

In uncertain times, making reliable forecasts is not easy. In our guidance for financial year 2025, we responded quickly to current developments, already factoring in the known tariff impacts, as of 12 March 2025. These effects account for approximately one percentage point on the EBIT margin in the Automotive Segment, which we now expect to be within the range of five to seven percent.

Global conditions remain dynamic and uncertain. That’s why many OEMs – not only in our industry – are not issuing forecasts at this time. Not us. After the first quarter, we confirmed our guidance.

Our assumptions are based on fundamental premises. We expect developments in the tariff debate by the summer. We are confident that a good compromise can be reached in the negotiations with the US this year. We are closely monitoring developments and actively preparing for a range of scenarios. In the long term, we remain committed to achieving an Automotive EBIT margin with our target range of eight to ten percent.

A key lever for this is lowering operating costs, which we expect to decline in nominal terms over the course of the year.

For my third point, I’d like to talk about our global footprint.

The global economy is deeply interconnected, with tightly interwoven supply chains. Can this be undone? We don’t believe so. What we do know is that protectionism leads down a dead-end street. Take modern semiconductors, for instance – which use 60 elements from the periodic table. No single country has all of these. In the end, everyone loses:

Products become more expensive and less innovative. And who ends up “footing the bill”? The customer, of course.

Punitive tariffs, rising regional isolation, technological decoupling:

How can we continue to succeed and stay out of geopolitics in such an environment? These are also your top issues as shareholders, which you have shared with us. Today, global reach and appeal are no longer enough. Only companies that are firmly established locally in the regions will remain “in the game”. This is becoming a condition for economic success.

Your company has built this presence in major regions of the world over decades – with production, R&D, sales and marketing and suppliers. We generate added value locally. As a result, we are one of the few truly global players in our industry today – and that gives us a real competitive advantage. Your company has already evolved to the next level, balancing sales and production within our network of global value creation. In other words: In Europe, the US and China, we sold roughly the same number of vehicles, in absolute terms, in 2024, as we produced in each of these regions: about a million cars in Europe, just under 400,000 in the US and around 700,000 in China. No one will be able to replicate this anytime soon.

Another important asset is our “local-for-local” approach, which we are systematically expanding as local supply chains and collaborations become more important. Take our assembly plants for high-voltage batteries: Five new facilities are currently under construction – all of them close to our production in Europe, the Americas and China. Here, we will manufacture the next generation of high-voltage batteries for our electric vehicles.

One of these new facilities is being built right around the corner from here, in Irlbach-Straßkirchen. Trade journal “Auto Motor and Sport” reported on this under the headline: "BMW builds faster than BYD”. You can’t put it more succinctly! In other words, “China speed” – also in Lower Bavaria.

Despite our balanced distribution of sales and production, we will continue to be a major exporter – especially from our domestic market of Germany and our “second home”, the US. 

Our roots lie in Munich and Bavaria – and origins come with a responsibility. In 2024, we produced over one million vehicles at our German plants. That’s about a quarter of the country’s total car production. More than half of these vehicles were sold outside the European Union. We are making an important contribution – in Germany and for Germany as a manufacturing location. As I said: Origins come with a responsibility.

We are carrying this principle forward with the next generation. Right now, on the plant grounds in Munich, we are building a Talent Campus. That name is a promise: a new hub for skills development, serving all 40,000 employees at the Munich location. Talents with various perspectives make us stronger and more innovative. That is, and always will be, our culture at BMW.

This year, we are celebrating “50 years of BMW North America”. I was in Spartanburg in January to receive an award from Republican Governor Henry McMaster, honouring BMW's 30-year commitment to South Carolina. Its political representatives recognise and appreciate that, without BMW, the region and the state would have taken a very different path.

The numbers speak for themselves: We provide 43,000 jobs in South Carolina – both directly and indirectly. Every second vehicle built at our Spartanburg plant is exported, generating an export value of over ten billion US dollars in 2024 alone. Once again, this made your company the largest automotive exporter in the United States by value. Over the past ten years, our total export value has exceeded 100 billion US dollars. Now, we are investing over 1.7 billion US dollars to bring Spartanburg up to speed for e-mobility. The first e-model from Spartanburg will already roll off the assembly line next year.

All these figures underline BMW’s economic impact in the United States. We are the only ones with such a extensive production in the US. Our value creation is comprehensive. These are strong arguments that will play a key role in the ongoing tariff negotiations.

Looking at the global picture: With tariffs, it’s currently everyone against everyone else. We advocate for eliminating tariffs altogether: for our industry, based on fair negotiations. That is why we had submitted a widely respected proposal some time ago, calling for a uniform tariff rate of 2.5 percent between Europe and the US. All of this clearly underlines that your company is in a very strong negotiating position – not only in the US, but across all regions. This sets BMW apart from other OEMs. We are in continuous dialogue with decision-makers everywhere: in Brussels, Berlin, Washington, D.C. and Beijing.

In the European Union, we are taking a firm stance. This includes the EU’s additional tariffs on BEV imports from China. Since October 2024, this has also impacted our electric BMW and MINI models produced in China. We are defending our position and have filed a lawsuit against the European Union, seeking a judicial review of this anti-subsidy measure.

Your company benefits from an integrated global economy. That much is certain. Our position remains unchanged: We stand for open markets and free trade. Growth thrives on openness – not isolation! Period.

My fourth point is about our future-focused project for tech leadership:

BMW is the NEUE KLASSE – and the NEUE KLASSE is BMW.

The 1960s were a long time ago. That was when the original Neue Klasse first entered the market, generating strong momentum for BMW's long-term growth. Today, once again, we are setting the course for your company’s success in the decade ahead, guided by the principle:

BMW is the NEUE KLASSE – and the NEUE KLASSE is BMW.

We do not draw a line between “old” and “new” technology worlds. Every future BMW model will benefit from our technology clusters. The new design language will also be implemented across the entire product range.

The NEUE KLASSE is a huge technology kit that enables everything else.

We are targeting economic advantages through high levels of commonality and economies of scale. Our customers get the latest technology in their vehicles – regardless of which drive train they choose. Now, bear with me, it's about to get a little bit technical: In the NEUE KLASSE, Sheer Driving Pleasure is also about software, such as our BMW Panoramic iDrive. This includes a completely new display system that projects content across the full width of the windscreen. Four high-performance computers control the most important in-car functionalities. These “super brains” deliver up to 20 times more in-vehicle computing power. We have also simplified the new electrical system, with 600 metres less wiring, reduced weight and higher energy efficiency. That’s how we do it in the NEUE KLASSE.

One of the four high-performance computers is our “Heart of Joy”. All drivetrain and driving dynamics functions are integrated into this electronic control unit. International journalists tested it on the track with our factory driver, Jens Klingmann – in our BMW Vision Driving Experience or VDX for short. This is how is went:

Movie

You can't fake that kind of emotion. That is Sheer Driving Pleasure in its purest form – taken to a whole new dimension in our BMW Vision Driving Experience. The VDX is the most powerful prototype we have ever built. Its key data are quite remarkable: 18,000 Newton meter of torque, a downforce of up to 1.2 tonnes and lateral forces of up to 3 G. That is, three times the acceleration due to gravity. These are the kinds of figures typically only seen in top-tier racing cars. We are testing the physical limits of driving. Why are we doing this? The answer is simple: A system that is capable of managing forces like these can – without question – handle everyday driving with ease.

At the Auto Shanghai in April, we took things a step further, building our own test track to showcase the VDX, complete with a massive ramp.

Movie

It was spectacular! Our VDX was a hit – and the social media reach was tremendous. Many of the technologies featured in the VDX will also be used in the NEUE KLASSE.

We are entering the home straight – and we intend to prove that to you, right here, today. For those of you here in the Olympiahalle, please remain in your seats when the vehicles make their entrance in a moment.

Driving scene

Ladies and Gentlemen, the first two production models of the NEUE KLASSE!

As you can see, they are still camouflaged – to maintain the suspense just a little bit longer. You are all “practised” BMW shareholders, so I’m sure you’ll recognise the proportions right away: This model is a sporty sedan in the current BMW 3 Series segment. The other is a typical member of the X family, our BMW iX3* – which will be the first representative of the NEUE KLASSE. You could even say it is getting its own plant, since we are producing the iX3 at our new plant in Hungary. We will be opening the Debrecen location this autumn. The sporty sedan for the NEUE KLASSE won't just simply roll off the production line either. Just a short distance from the Olympiahalle is our more than 100-year-old Munich main plant. We are completely refurbishing it for modern industrial production in the heart of the city.

The second model will ramp up there in 2026. After that, the NEUE KLASSE will be rolled out worldwide across our production network. I would like to invite you all to the IAA MOBILITY here in Munich in September for the world premiere of the BMW iX3 – without camouflage, of course, exactly as it will be available to our customers.

Dear Shareholders!

At BMW, the proverbial glass is never half-empty – it is always at least half-full. We focus on opportunities and pursue them systematically – even in an uncertain environment. BMW will turn 110 next year.

The NEUE KLASSE is just one example of how we continue to take bold, forward-looking action. The BMW way is shaped by confidence.

That’s what our “Team BMW Group” stands for at all our locations worldwide. We never rest on our laurels. Together, we will ensure that your investment remains worthwhile.

All of us at the company truly appreciate your continued support.

Thank you!

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.

- Check against delivery –

Ladies and Gentlemen,

At the BMW Group, we always focus on opportunities in the current market, as well as on our long-term success.

We ensure this by acting in a flexible, forward-looking manner.

After the extraordinary challenges in the third quarter, we are looking ahead: In the fourth quarter, we are back on track for stronger earnings in order to achieve our annual targets, despite planned high upfront expenditures.

We continuously adapt to changes in our environment – without ever reacting rashly. We continue to steer our strategic course into the future, while avoiding short-term adjustments that could jeopardise our long-term success.

Our commitment to technology openness has proven its value – and is paying off today more than ever.

Our global positioning across sales, production and our supplier network secures us access to markets worldwide.

BMW is a global company with a strong presence in all relevant economic regions. I regularly take the time to see this for myself. This doesn't work at a distance, but is best done when you are on the ground.

So, over the past three months, I have visited markets in all of our four sales regions – in Europe, the Americas, China and our emerging “Fourth Pillar Region”, which includes Southeast Asia and the Middle East, among others.

Our global approach has often allowed us to compensate for fluctuating demand in individual markets. Of course, we are monitoring current developments in China very closely. The economic conditions there are challenging – and that applies to all market participants.

However, it’s our ambition to perform better than our competitors, even in a challenging environment.

The key to this lies in our highly attractive product line-up. This enabled the BMW brand to deliver solid sales growth in Europe in the first nine months of the year.

With sales up by over 7 percent, we are significantly outperforming the total European market and expanding our market share.

There was particularly high demand

• in the UK, with an increase of 21 percent,
• in Spain, plus 19 percent,
• in Italy, up 17 percent,

and in France, with a gain of 14 percent.

And the BMW brand is also growing in markets such as South Korea, Australia and India.

Global demand for our high-margin models in the upper vehicle segments remains stable. The high-performance cars of BMW M reported sales growth of two percent in the year to the end of September. This month also sees the market launch of the latest M model many fans have been waiting for: the BMW M5 Touring*.

We are constantly expanding our product range across all drive variants in line with customer demand. Our highly flexible production network allows us to tap market potential.

This applies in particular to our all-electric models. In virtually every relevant segment, the BMW Group has at least one pure electric vehicle.

Across BMW, MINI and Rolls-Royce, customers have a choice of more than 15 different models. This means that the BMW Group has one of the broadest ranges of fully-electric vehicles among its competitors.

Sales in the first nine months of the year underscore the success of the BMW Group’s electrification strategy.

While other manufacturers – including some that only produce electric cars – are seeing a significant decrease in sales, battery-electric vehicles remain a growth driver for us in 2024.

By the end of September, we had sold almost 300,000 BEVs – an increase of more than 19 percent compared to the same period of last year. In the third quarter, battery-electric vehicles already accounted for 19 percent of the BMW Group’s total sales.

The BMW brand's fully-electric models performed particularly well in Europe – with sales climbing 36 percent in the first nine months.

Globally, BMW’s strong BEV portfolio fed growth in deliveries of more than 22 percent. The BMW i4* remains the brand's most popular electric vehicle.

It is closely followed by the BMW iX1*, which – like the BMW i7* – recorded double-digit growth. The first all-electric BMW iX2* is also on track for success following its market launch.

The new all-electric MINI models – led by the MINI Cooper SE* – are also being very well received. With a sales increase of 54 percent, MINI BEVs experienced highly dynamic growth in the third quarter. Starting this month, the all-electric MINI Aceman* will also be available in Europe.

For the first time, MINI is also electrifying its John Cooper Works variants. The MINI John Cooper Works Electric* and MINI John Cooper Works Aceman* celebrated their premiere at the Paris Motor Show.

Performance and driving dynamics are the clear focal point in both models. From January 2025 onwards, they will captivate even the most dedicated motorsport fans.

Looking ahead to next year, we anticipate another significant increase in sales of fully and partially electrified vehicles. For that reason, we see no need to modify or delay the European Union's stricter CO2 fleet targets for 2025.

We have been working intensively to meet these new fleet targets for a very long time. We are therefore confident that we will also meet the stricter requirements for 2025, as we have consistently in the last years.

Nevertheless, we believe that a comprehensive and critical review of CO2 fleet legislation in the EU following 2025 is absolutely essential.

What matters most is every tonne of CO2 we can save today – not sometime in the future. This is why the use of low-CO2 fuels, such as e-fuels, E25 or HVO100, should also be revisited. These fuels could immediately improve the carbon footprint of the more than 250 million vehicles already on roads in the EU.

By 2030, all-electric vehicles will account for more than 50 percent of our total sales. The rollout of our fully-electric NEUE KLASSE will play an important part in this.

The NEUE KLASSE is now entering the final straight – and we are keeping this forward-looking project on track. With a new design, the next generation of electric drives and a comprehensive digital experience, the NEUE KLASSE will set completely new standards.

In just under a year, the first series-production SAV model of the NEUE KLASSE will roll off the line at our new plant in Debrecen, Hungary. This will soon be followed by a sporty sedan from our main plant in Munich.

Preparations for the launch are progressing well:

• In early October, we reached an important milestone in Debrecen, with the start of pre-series production.
• At Plant Landshut, pre-series production of electric-engine housings for the NEUE KLASSE has already begun.
• In Munich, construction of the new assembly for the NEUE KLASSE is progressing in parallel with ongoing production.

With the NEUE KLASSE, we will elevate our entire vehicle portfolio to a whole new level of innovation. This will be possible thanks to our use of technology clusters, which can be integrated into all future vehicles.

In this way, all our products will benefit from the technological leaps we will achieve with the NEUE KLASSE. This applies not only to our all-electric vehicles, but across all drive technologies.

Our continued, systematic implementation of technology openness also ensures that we will continue to offer the latest ICE models in the coming years.

In 2028, we will introduce another element to our drive train portfolio: the BMW Group’s first series-produced fuel cell vehicle.

Hydrogen will play an increasingly important role in decarbonisation. This makes vehicles with a fuel cell drive train a logical complement to established drive technologies. 

To develop the new generation of fuel cell drive trains, we are deepening our long-standing cooperation with Toyota. We announced this in September together with Toyota CEO Koji Sato.

This collaboration also shares the goal of expanding infrastructure for hydrogen refuelling and electric vehicle charging.

Ladies and Gentlemen,

The European automotive industry currently faces fundamentally different challenges from those we have faced in the past.

We are not dealing with a singular, overarching occurrence.

Instead, we are facing a tangle of critical influencing factors that keep growing in number.

In such a phase, we do not need short-term incentives that only create a fleeting impact. What global companies truly need is a reliable and binding framework for progress and prosperity.

It should be up to each company to find the best technological solutions to meet legal requirements and to further reduce CO2 emissions.

Instead, more and more obstacles are constantly being placed in the way of existing successful technologies. As a result, potential for reducing CO2 emissions cannot be utilized. At the same time, decisions are being made that even harm the industry.

The introduction of tariffs on electric vehicles imported into the EU from China is just one example. Import duties do NOT make European manufacturers any more competitive.

On the contrary: They undermine the business models of companies that operate globally.

And, since these tariffs mainly affect small electric cars built by European manufacturers, they could even impede the growth of e-mobility.

Measures like these are also inconsistent with the EU value of free trade. Free movement of goods is a key success factor for economic growth – not just within the European Union, but globally.

Free trade remains a guiding principle for the BMW Group – and we will continue to advocate for it. Because protectionism always carries the risk that measures will provoke countermeasures – ultimately hurting everyone involved, rather than benefitting any of them.

We operate as a global player, making it all the more important to maintain our strategy of balanced global positioning. This applies as much to our sales and production network as to our selection of suppliers.

We continue to systematically expand our “local for local” approach – making our supply chains more resilient and improving our access to different market regions.

And while Germany’s future as an industrial location may be questioned by some, we are making investments here.

In Irlbach-Straßkirchen in Bavaria, we are building a new assembly plant for the latest generation of high-voltage batteries. They will be used for the first time in the NEUE KLASSE.

A total of five new assembly plants are under construction near our production sites worldwide, across all three major sales regions – Europe, the Americas and China.

In this way, we are already laying the foundation today for successful growth in the future.

Ladies and Gentlemen,

This past quarter, we faced a series of extraordinary challenges.

One of the BMW Group’s biggest strengths is our ability to consistently find the right solutions and implement the necessary steps swiftly and efficiently.

Our company maintains a robust global presence. Our strategic direction for the future is solid. We are carefully adapting our approach to changing conditions and planning for a range of scenarios.

We continue to be guided by the developments we can realistically expect to see in different regions of the world.

The fourth quarter will demonstrate that our measures – despite all the ongoing challenges – yield positive results. We therefore approach the final quarter of the current financial year with a sense of confidence.

We are striking a balance between securing short-term earnings and long-term success: This year, we are investing more than ever in new products, technologies and our plants, so that we can continue the BMW success story with the NEUE KLASSE from next year onwards.

Thank you.

- Check against delivery –

SLIDE 2: BMW Group Quarterly Statement to 30 September 2024

Good Morning,

Ladies and Gentlemen,

First, I want to clear up that the sales and earnings figures we are releasing today should be viewed in the light of extraordinary challenges.

As you are aware, we revised our guidance for 2024 on September 10th. This was mainly due to two factors:

• First: temporary delivery stops and technical measures related to the Integrated Braking System, or IBS, delivered by a supplier.
• Second: ongoing muted demand in China.

In the case of IBS, numerous markets have to replace the affected parts before cars can be delivered to customers.

This led to temporary delivery stops that impacted sales and revenues and drove up inventory levels.

In the third quarter, we fully recognised the necessary provisions for warranty obligations in the high three-digit million-euro range.

Looking forward, we have already made good progress with the implementation of technical measures worldwide and expect to complete them for most cars held in stock by the end of this year.

So in Q4 we will see volumes well above Q3 and an improved product mix.

SLIDE 3: BMW Group Performance per Q3 2024

Let’s now take a look into the numbers for the third quarter.

At Group level, revenues were significantly lower than in the prior-year quarter, at 32.4 billion euros.

Group EBIT totalled 1.7 billion euros in the third quarter.

The Financial Result was considerably impacted by negative fair value measurement effects and, consequently, Group EBT amounted to 838 million euros between July and September.

The Group EBT margin for the third quarter came in at 2.6 percent.

Year to date, Group EBT totalled almost 8.9 billion euros, resulting in an EBT margin of 8.4 percent.

The Automotive EBIT margin was 2.3 percent for the third quarter and 6.6 percent for the year to the end of September.

Excluding the depreciation resulting from the purchase price allocation of BBA, the Automotive EBIT margin came in at 3.5 percent for the quarter and 7.7 percent for the first nine months.

After nine months, the BMW Group’s global sales showed a slight year-on-year decrease of 4.5 percent.

The Balance Sheet of the BMW Group has increased by 11 billion euros since the beginning of the year.

Half of this increase is driven by the growth of our Financial Services portfolio and thus represents future profit potential.

The remaining increase is mainly related to temporary inventory build up.

While the third quarter results were impacted by extraordinary factors, it is important to highlight the positive aspects of our operational performance:

• Sales of our all-electric vehicles amounted to almost 300,000 vehicles in the first nine months of the year, a significant increase of 19.1 percent.

• BEVs made up 16.8 percent of our deliveries for the year to the end of September.
• Despite the temporary delivery stops and excluding the Chinese market, the BMW brand reported worldwide growth of 4 percent.
• In Europe, the brand achieved sales growth of 7.6 percent.
• Our core brand continues to be well positioned in the US and maintained its market share.

SLIDE 4: Automotive Retail Units, BEV Units, Auto Revenue and Auto EBIT

Moving to the Automotive Segment.

In the third quarter, the BMW Group delivered around 541,000 BMW, MINI and Rolls-Royce vehicles to customers worldwide. This represents a decrease of 13 percent compared to the same quarter of last year.

However, our all-electric vehicles continued to perform well: Over 100,000 units were delivered to customers – 10.1 percent more than in the same quarter of last year.

The share of our all-electric vehicles was 19.1 percent of total sales.

In fact, more than a quarter of our total sales came from electrified vehicles – that is, BEVs, plus plug-in hybrids.

The successful sales development of our electrified vehicles is clear proof that we are well on track to fulfilling our CO2 emission targets in the EU for 2025.

Segment revenues amounted to around 28 billion euros – which was lower than in the same quarter of 2023.

In Q3 revenue per unit continues to be at last year’s level.

EBIT for July to the end of September totalled 634 million euros.

The EBIT margin came in at 2.3 percent for the quarter and 6.6 percent for the year to the end of September.

That brings me to the next slide with the details of the changes in the operational result.

SLIDE 5: Automotive Segment EBIT in Q3

The net balance of currency and raw material positions exceeded the previous year by 200 million euros.

For the full year 2024, the net balance of currency and raw material positions should provide a tailwind of close to one billion euros.

We expect this to nearly offset the headwinds from material costs.

But we are seeing additional requests for supply chain support.

The net balance of volume, model mix and pricing effects negatively impacted EBIT by 2.1 billion euros in the third quarter, compared to the previous year.

All three elements trended lower year-on-year.

• The volume effect reflects the sales decline I mentioned earlier.
• The mix was also adversely affected, since the temporary delivery stops and market conditions in China had a greater impact on vehicles in the upper premium segment.
  This will turn in Q4, as we expect to see an improved product mix.
• The pricing effect reflects the ongoing challenges of a difficult price environment globally as well as weak consumer sentiment in China.

The health of our dealers’ operations is strategically important to us. Therefore, in Q3, we have implemented measures jointly with our Chinese dealers to support both profitability and liquidity.

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

Group expenditure for research and development reached approximately 6.6 billion euros in the first nine months.

The R&D ratio according to the German Commercial Code was at 6.3 percent at the end of September. It is significantly higher than prior year due in part to higher expenditure, but also compounded by lower revenues.

The capitalisation ratio for development costs stood at 35.3 percent after nine months – evidence of our ongoing commitment to investing in innovation.

Selling and administrative expenses for the third quarter were on par with the previous year, as planned.

Other Cost Changes include the high three-digit million-euro warranty expenses related to IBS and some smaller compensating items.

Overall, the negative net effect in this position amounts to 500 million euros, compared to the prior-year quarter.

SLIDE 6: Automotive Segment Free Cash Flow in Q3

Free cashflow in the Automotive Segment totalled negative 2.5 billion euros in the third quarter.

EBT contributed around 400 million euros to Automotive Free cashflow.

The change in working capital of 1.9 billion euros reflects the increase in inventory levels.

The net effect of capital expenditure and depreciation reduced free cashflow by 1.2 billion euros.

Capital expenditure for July to September totalled 2.2 billion euros.

This represents a capex ratio of 6.7 percent for the third quarter and 5.3 percent for the nine-month period.

A significant portion of our capital expenditure will accrue in the fourth quarter, as in previous years. As a result, we still expect the capex ratio for the full year to be over six percent.

At the end of the first nine months, free cashflow in the Automotive Segment totalled negative 200 million euros.

In line with our guidance, we expect a free cashflow of over four billion euros for the full year, despite the planned peak investments in R&D and capex.

On the one hand, we anticipate a significant sequential increase in EBT in the final quarter of the year.

On the other hand, we also expect a strong positive contribution from the reduction in working capital.

We are making good progress in replacing the affected IBS components worldwide.

In addition, we have taken measures to adjust our production.

Given these measures and the projected sales volume increase in Q4, we expect inventory to be on previous year’s levels by the end of 2024.

Net Financial Assets in the automotive business totalled close to 40 billion euros as of September.

The NFA position was impacted by the development of Free Cashflow in the third quarter. The strong Free Cashflow we are targeting in the fourth quarter will increase our NFA accordingly.

Given our strong balance sheet, the BMW Group remains committed to its shareholder return strategy, which includes both dividend payments and share buybacks.

On October 25th, we successfully completed tranche three of our ongoing share buyback program.

We will continue with this program following the completion of a separate buyback of common shares designated for our employee share program.

We anticipate that the current program of 2 billion euros will be finalized by April next year – more than half a year earlier than initially planned.

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

SLIDE 7: Financial Services Segment YTD September

Let’s move on to the Financial Services Segment.

The positive trend in new business continued in the third quarter – for both new and used vehicles.

In the first nine months, more than 1.25 million new leasing and financing contracts were concluded. This represents a significant increase of 12.5 percent year-on-year.

The volume of new business, including all new financing and leasing contracts, also saw significant growth of 13.6 percent to 46.5 billion euros.

The total value of all contracts managed reached almost 144 billion euros at the end of September.

Segment earnings for the first nine months were 12.4 percent lower year-on-year, at 2.15 billion euros.

This decrease resulted mainly from lower income from the resale of end-of-lease vehicles as well as measurement effects related to the evaluation of interest rate derivatives.

During the reporting period, the credit loss ratio stood at 0.26 percent across the entire credit portfolio.

SLIDE 8: Motorcycles Segment in Q3

In the Motorcycles Segment, the ongoing competitive situation across core markets affected the volume development.

Deliveries experienced a slight year-on-year decrease of 3.2 percent in the third quarter. Through September, they were on previous year’s level.

The segment's third-quarter EBIT totalled 27 million euros.

The EBIT margin came in at 3.8 percent for the third quarter and 9.5 percent for the nine-month period.

SLIDE 9: Outlook 2024

Ladies and Gentlemen,

in the fourth quarter, we expect the usual seasonality of fixed costs and ongoing muted demand in China.

But we will also see volumes well above Q3 and an improved product mix, as the completion of technical measures progresses.

Therefore, we confirm the adjusted full-year guidance we communicated in September for the Group and for all segments.

Group earnings before tax will decrease significantly.

In the Automotive segment, we are planning for a slight decrease in deliveries compared to last year.

The share of all-electric vehicles will increase significantly.

We expect to see the EBIT margin in a corridor between 6 and 7 percent.

The Return on Capital Employed (RoCE) should come in between 11 and 13 percent.

Deliveries in the Motorcycles Segment are projected to be on last year’s level.

The EBIT margin is forecast to be in a range between 6 and 7 percent, with a Return on Capital Employed (RoCE) between 14 and 16 percent.

In the Financial Services Segment, Return on Equity (RoE) should be between 15 and 18 percent for the full year.

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

SLIDE 10: Ambidextrous approach addresses the short and the long term

Ladies and Gentlemen,

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

Our flexible approach allows us to calibrate to changing market dynamics and to constantly fine-tune our cost structures across the company.

At the same time, we remain committed to invest in strategic projects that will secure enduring future success.

Our performance in the third quarter was impacted by one-time headwinds as well as ongoing challenges in the Chinese market.

However, the sales development of our all-electric vehicles in the third quarter clearly demonstrates the continued success in implementing our electrification strategy.

This year, we are setting a decisive course for the future of our company. To that end both research and development spending and capital expenditure will peak in 2024, 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.

With the NEUE KLASSE we will take a significant step forward in design, battery technology, software and tech stack.

This ensures that we will capitalize on the full value generation potential as it rolls out across the whole product portfolio, starting at the end of next year.

The NEUE KLASSE will shape the future of our company and deliver sustained success for the benefit of all stakeholders.

Thank you.

- 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.

- Check against delivery –

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!

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.

Buongiorno a tutti, signore e signori e ben ritrovati nella nostra House of BMW.

Essendo il primo appuntamento ufficiale del 2024 mi fa piacere augurare a tutti voi a nome mio e dell’azienda, buon anno. In questo 2024 vogliamo continuare e lavorare insieme a voi con passione, determinazione e voglia di fare la differenza, ognuno nel suo ambito di riferimento, per promuovere la mobilità e un mondo, quello delle automobili e delle motociclette, che esprime valori di eccellenza, ricerca, innovazione e che rappresenta un motore importante dell’economia internazionale e del nostro Paese, oltre che un simbolo di libertà individuale.

L’anno che si è appena concluso ha segnato un’altra pietra miliare nella storia del BMW Group e l’Italia ha svolto un ruolo di primo piano, facendo segnare la miglior performance di crescita e livello Europeo e la seconda miglior performance a livello mondiale per il Brand BMW.

Un risultato di cui sono orgoglioso e di cui ringrazio il team di BMW Italia che ha saputo esprimere prestazioni qualitative e quantitative che hanno posizionato il nostro mercato in primo piano all’interno del Gruppo. Un grande lavoro di squadra!

Ma andiamo con ordine e cominciamo dai risultati a livello globale.

Il Gruppo BMW ha consegnato un totale di 2.555.341 veicoli BMW, MINI e Rolls-Royce ai clienti nel 2023 con un incremento di 6,5 punti percentuali, nuovo record assoluto di vendite per l'azienda. 

Grazie alla costante capacità di innovare e all’importante offensiva di prodotto, siamo stati in grado di migliorare le performance in termini di vetture elettriche consegnate nel 2023 e raggiungere l'obiettivo del 15% delle vendite che ci eravamo prefissati all’inizio dell’anno.

Con 376.183 unità vendute, siamo cresciuti del 74,4% rispetto al 2022 e abbiamo confermato il nostro ruolo di pionieri nel mondo della mobilità elettrica.

Siamo fiduciosi di poter mantenere il trend di crescita previsto anche nel 2024. Con una gamma di 18 modelli completamente elettrici che coprono tutti i principali segmenti di mercato, infatti, possiamo contare su solide basi. Per questo motivo prevediamo di vendere più di mezzo milione di vetture elettriche nell’anno in corso (1 auto su cinque sarà a batterie) per poi salire al 25% del totale nel 2025.

Nel 2023, il marchio BMW ha registrato una crescita del 7,3%, raggiungendo un nuovo record assoluto con la consegna di 2.253.835 veicoli ai clienti in tutto il mondo. Grazie a questa performance, il brand BMW si è confermato leader del mercato premium a livello globale.

I veicoli completamente elettrici del marchio BMW sono stati molto richiesti, raggiungendo le 330.596 unità (+92,2%). La BMW iX1 e la BMW i4 sono stati i modelli trainanti della gamma elettrica. Il recente lancio della BMW i5 e tra qualche settimana della BMW iX2 daranno nuovo impulso alla nostra offerta. Entro fine 2024 si aggiungerà anche la BMW Serie 5 Touring, la prima station wagon del gruppo alimentata a batterie.

La divisione BMW M ha registrato una significativa crescita delle vendite nel 2023, raggiungendo un nuovo primato con un totale di 202.530 auto vendute, segnando un aumento del 14,3% rispetto all'anno precedente. Questo dato rappresenta il miglior risultato di sempre nella storia di oltre 50 anni dell'azienda. La gamma M include modelli ad alte prestazioni come la M2, la XM e la M3 Touring, ma, come nell'anno precedente, la BMW i4 M50 è stata la BMW M più venduta, evidenziando la trasformazione sistematica del marchio verso l'elettromobilità.

MINI ha venduto un totale di 295.474 veicoli l'anno scorso (+0,9%), con le vendite dei modelli MINI completamente elettrici in aumento del 3,5% a 45.261 unità. La MINI Cooper SE completamente elettrica, lanciata nel 2020, rimane il modello MINI più venduto. L'anno scorso è stata introdotta sul mercato la MINI Cooper SE Convertible completamente elettrica, con una edizione limitata di 999 unità esaurite nella maggior parte dei mercati entro poche settimane dall'annuncio. I veicoli elettrici hanno rappresentato il 15,3% delle vendite totali MINI lo scorso anno.

Rolls-Royce ha chiuso il 2023 con il massimo storico delle vendite, consegnando 6.032 auto a livello globale. Il brand di lusso del Gruppo ha anche introdotto il tanto atteso modello Rolls-Royce Spectre, il primo completamente elettrico del marchio. Le consegne sono iniziate come previsto nel quarto trimestre e gli ordini coprono già la produzione fino al 2025. La Rolls-Royce Cullinan rimane il modello più richiesto a livello mondiale.

BMW Motorrad ha concluso il suo centenario con il record di vendite, consegnando 209.257 motociclette e scooter e registrando un aumento del 3,1% rispetto al 2022. L’ampia gamma, insieme all'introduzione sul mercato di nuovi modelli di successo come la potente M 1000 R e l'iconico R 1300 GS, sono stati fattori determinanti nella performance 2023.

E veniamo adesso ai risultati di BMW Group Italia.

Come vi accennavo all’inizio, siamo stati il miglior mercato europeo e il secondo a livello globale in termini di crescita.

Il BMW Group ha venduto in Italia 79.283 unità dei marchi BMW e MINI, con un incremento del 21,45% rispetto all’anno precedente.

Il marchio BMW con 60.529 unità ha fatto registrare una crescita del 27,6% rispetto al 2022 e ha confermato la leadership nel segmento premium rispetto ai competitor tradizionali, senza considerare il segmento d’ingresso del mercato premium dove non siamo presenti con BMW e che presidiamo con successo con il brand MINI. BMW è cresciuta sia in termini di market share (+0,2%) che segment share (25,1% in aumento di 0,9%). Come dicevo in apertura, questa crescita è stata la più forte in Europa e la seconda al mondo.

Per quanto riguarda il mercato elettrificato, a livello di Gruppo siamo cresciuti del 3,5% raggiungendo le 12.194 unità tra BMW (9.430 unità con +8,1%) e MINI (2.764 unità con -9,5%). Se parliamo soltanto di vetture elettriche pure (BEV) abbiamo raggiunto come Gruppo le 4.162 unità (+14% rispetto al 2022) con 3.103 BMW (+50,3%) e 1.059 MINI. Grazie a questi risultati, ci siamo confermati leader in termini di mobilità elettrica nei confronti dei competitor tradizionali.

Mi piace ricordare che anche nel 2023, con il brand BMW abbiamo continuato il processo di upselling verso i segmenti più alti e profittevoli del marcato, rispetto ai nostri competitor tradizionali che presidiano con maggior intensità il segmento delle compatte premium, quello dove noi operiamo con modelli come la BMW X1 per intenderci, che è stato comunque il modello più venduto della nostra gamma lo scorso anno (con oltre 16 mila unità). Ottime le performance di Serie 3, Serie 4, X3 e X4 che hanno vinto la sfida con le rivali nel segmento di competenza. Leadership anche per la Serie 7 nel segmento delle berline di lusso a passo lungo e per la BMW X7 tra gli Sport Activity Vehicle alto di gamma.

Per quanto riguarda il brand M, abbiamo decisamente alzato l’asticella della performance, raggiungendo le 1.076 unità vendute (+97% rispetto al 2022) grazie al lancio di prodotti come la BMW M3 Touring, la BMW XM e la BMW M2. Nel 2024 grazie alla piena disponibilità della BMW M2 e al lancio della BMW M5 berlina e Touring puntiamo a tornare leader di mercato.

Queste performance eccellenti partono da un importante lavoro di posizionamento del brand sul mercato e da un forte orientamento al cliente e dalla voglia di affascinare nuovi clienti. Non voglio dilungarmi eccessivamente, ma solo per darvi un’idea del nostro impegno mi piace ricordare gli oltre 120 eventi realizzati da BMW Italia nel 2023, cui si sono aggiunti quelli della nostra rete di partner. Il BMW M Town Tour che ha coinvolto 35 dealer per 41 tappe. E ancora il campionato M2CS Racing Cup, la partecipazione al campionato Gran Turismo con la vittoria della BMW M4 GT3, la partnership con AC Milan, il nostro impegno nel mondo del Tennis, nel golf con l’edizione della Ryder Cup a Roma che ci ha visti impegnati come partner privilegiati. Ancora il nostro Excellence Club con oltre mille clienti proprietari di auto dei segmenti alti del mercato e la House of BMW con 120 eventi, oltre 120mila visitatori e un numero rilevantissimo di clienti profilati per la nostra rete di vendita.

MINI, in un anno caratterizzato dal fine ciclo di vita dell’attuale gamma di prodotto e dalla preparazione al nuovo modello retail di agenzia costruito insieme ai nostri partner, ha raggiunto le 18.756 unità, in crescita del 5,1% rispetto all’anno precedente. MINI Countryman è stato il modello più apprezzato dai clienti italiani lo scorso anno e con 889 unità immatricolate, la gamma MINI JCW ha raggiunto la miglior performance di sempre.

La ridotta disponibilità di prodotto, invece, ha penalizzato le performance di MINI nel mercato elettrico. Tuttavia, grazie al lancio dei nuovi modelli a partire da febbraio d quest’anno, con importanti novità nell’ambito della mobilità elettrica, siamo sicuri che MINI giocherà un ruolo da protagonista nel corso del 2024.

La nuova famiglia MINI, infatti, sarà lanciata sul mercato nel corso del 2024, includendo i modelli completamente elettrici MINI Countryman SE e MINI Countryman E, MINI Cooper SE e MINI Cooper E. Sia la MINI Cooper che la MINI Countryman saranno disponibili anche con un motore a combustione interna. La nuova MINI Aceman, un crossover compatto a cinque posti ancora da svelare, sarà anch'essa completamente elettrica.

BMW Motorrad con 16.163 motociclette vendute (+1,6%) ha raggiunto, nell’anno del centenario, il record assoluto di vendita in Italia e ha confermato la leadership sia nel segmento over 500cc con una quota del 14,2% sia in quello Premium (moto+scooter) con una quota del 36,2%. La GS, in un anno di transizione per l’introduzione del nuovo modello nel Q4 del 2023, si è confermata ancora una volta come la motocicletta più venduta in Italia e la nuova R 1300 GS è stata accolta in modo eccellente, con oltre 2mila ordini nella sola fase di pre-lancio. Stabili le performance del nostro scooter elettrico CE04 con 569 unità vendute (-2,4%) in un contesto generale in forte flessione (-31,6%). L’Italia si è confermata lo scorso anno il quarto mercato a livello mondiale per BMW Motorrad.

A fronte di questi risultati, consentitemi di dire che non soltanto il business 2023 è stato positivo per BMW Italia, ma che l’intera rete di vendita ha chiuso l’anno (come già il 2022) con tutti i partner in attivo di bilancio. Un dato davvero significativo e per noi importantissimo.

Signore e signori,

L’anno che si è appena concluso è stato caratterizzato dal raggiungimento di traguardi storici sia a livello globale che italiano. Ma il 2023 è ormai storia e noi siamo un’azienda orientata al futuro.

E per il 2024 cosa ci attendiamo?

Consentitemi alcune premesse sul nostro approccio al mercato.

Noi abbiamo una strategia centrale chiara, fortemente orientata alla mobilità sostenibile e ad un approccio circolare del business. Un esempio illuminante di questa trasformazione lo avete visto nei giorni scorsi con la conversione dello storico stabilimento di Monaco di Baviera che dal 2027 produrrà soltanto modelli elettrici per il mercato. Ovviamente la produzione dei propulsori tradizionali a combustione continuerà negli altri stabilimenti dislocati in Europa, Asia e America.

Secondo punto. Abbiamo già parlato negli anni scorsi della nostra ambizione di trasformarci in una tech company, senza perdere il DNA che da oltre cento anni ci rende un’azienda di successo, leader nel mondo. Per questo motivo tecnologia e digitalizzazione sono al centro tanto dei nostri nuovi prodotti che dei processi.

Infine, se parliamo di offensiva di prodotto, ho già accennato in precedenza alle numerosissime novità in arrivo nel 2024 e questo trend riguarderà anche il 2025,  l’anno di debutto della Neue Klasse con la quale segneremo l’inizio di un nuovo importantissimo capitolo della storia della marca BMW.

Partendo da questa strategia centrale, l’Italian touch di BMW Italia qualificherà il nostro approccio al mercato anche nel 2024.

Noi crediamo che la continua esplorazione del potenziale del mercato premium in Italia vada di pari passo con il posizionamento dei nostri Brand come lifestyle. Questo è il senso di iniziative come la House of BMW in via Montenapoleone, con tante iniziative di marketing in cantiere per continuare a condividere i valori del Brand BMW, l’Urban store di BMW Roma, delle partnership con AC Milan e Federazione Italiana tennis. Stiamo esplorando nuove collaborazioni con brand trasversali al lusso che possano completare le esperienze da dedicare ai nostri Clienti. Nel mondo della cultura proseguiamo il nostro percorso con il Teatro alla Scala di Milano, mentre la Filiale di Roma rinnova la partnership con il Teatro dell’Opera. Vorrei anche ricordare la continuità di rapporto con il mondo della ristorazione stellata e dell’hotellerie di eccellenza. Questi sono gli ambiti in cui dialoghiamo e incontriamo il nostro target e i nostri clienti.

Nel mercato dell’elettrico, la nostra attuale leadership rispetto ai competitor tradizionali non può essere considerata un punto di arrivo, ma solo di partenza. Ecco perché vogliamo incrementare sia la quota di mercato che segment share. E lo faremo presentando iniziative innovative e moderne sia di comunicazione che di campagne finanziarie con BMW Bank.

Il nostro approccio differenziante al mercato, si esplicita anche nella volontà di portare la customer experience ad un nuovo livello. Come? Da un lato trasformando le nostre concessionarie in luoghi caldi, accoglienti più simili ad una casa che ad un tradizionale show-room. Anche in questo caso adottiamo un approccio lifestyle, simile a quello degli showroom di moda dove conta l’esperienza di brand e dove ogni dettaglio è importante, a partire dall’esperienza olfattiva. L’obiettivo è accompagnare il Cliente nel viaggio attraverso i nostri Brand in modo esclusivo ed inclusivo.

Ecco perché, continueremo insieme alla rete dei nostri partners a rendere le concessionarie BMW e MINI luoghi di esperienze accoglienti e affascinanti, con stile. Sono 41 i progetti in corso di adeguamento in Italia, di cui 6 già completati tra cui la nostra filiale diretta di Roma. È un processo che abbiamo avviato negli anni scorsi e che ci consentirà, insieme ai nostri partner di fare la differenza nel rapporto con i nostri Clienti.

Stiamo anche lavorando con la rete per l’espansione della capacity nel service per essere in grado di rispondere alle esigenze e alle richieste dei clienti in modo eccellente e più rapido rispetto ad oggi.

Parallelamente sperimentiamo come mercato italiano il modello di agenzia con il brand MINI, in anteprima europea per il BMW Group. Anche qui il tema di fondo è valorizzare il customer journey. Un processo dove la digitalizzazione rende il processo di acquisto più trasparente, immediato e fruibile, senza però perdere il tocco umano caratterizzato dal rapporto con l’agente che resta centrale nel nostro modello di business.

Abbiamo cominciato con il brand MINI lo scorso 2 gennaio entrando in una nuova fase del retail.

Mi piace sottolineare che siamo in una situazione unica nel mondo dell’auto perché stiamo gestendo il business MINI con un approccio ambidestro in cui per un verso continuiamo a vendere l’attuale gamma con il sistema tradizionale di retail e per l’altro, abbiamo aperto la raccolta ordini della nuova gamma che arriverà sul mercato da febbraio attraverso il modello di agenzia.

Le indicazioni di queste prime due settimane sono positive. Abbiamo già un portafoglio interessante di clienti che avevano preordinato le nuove MINI nel corso del 2023 e che hanno finalizzato l’acquisto attraverso il nuovo sistema di retail.

Alla fine del mese di gennaio il nostro obiettivo è di avere circa il 50% di entrata ordini costituito da MINI della nuova gamma. La restante parte sarà costituita dalla gamma attuale di MINI che sta ultimando il suo ciclo di vita.

Ovviamente siamo in una fase in continua evoluzione del business e continueremo ad adottare un approccio pragmatico e non dogmatico in cui, attraverso il dialogo e il confronto costante con i nostri partner, modificheremo e adatteremo il modello per renderlo adeguato sia alle esigenze del cliente che all’efficacia e profittabilità nostra e della rete.

Signore e signori,

per il 2024 abbiamo un piano di crescita per tutti i nostri brand, sia in termini qualitativi che quantitativi grazie ad una strategia centrale solida, ai nuovi lanci auto e moto in tutte le forme di motorizzazioni altamente efficienti e all’Italian touch assicurato da un team di persone straordinarie sia in BMW Group Italia che nella rete dei partner.

Vi ringrazio per l’attenzione e vi invito adesso a scendere al piano di sotto per il pranzo dove avremo modo di approfondire alcuni temi e rispondere alle vostre domande.

Per ulteriori informazioni:

Marco Di Gregorio                                                             

Corporate Communication Manager

Telefono: +39 0251610088

E-mail: marco.di-gregorio@bmw.it

Media website: https://newsroom.bmwgroup.com/global/en e http://bmw.lulop.com  

Il BMW Group

Con i suoi quattro marchi BMW, MINI, Rolls-Royce e BMW Motorrad, il BMW Group è il costruttore leader mondiale di auto e moto premium e offre anche servizi finanziari e di mobilità premium. Il BMW Group comprende oltre 30 stabilimenti di produzione e assemblaggio nel mondo ed ha una rete di vendita globale in oltre 140 Paesi.

Nel 2022, il BMW Group ha venduto oltre 2,4 milioni di automobili e oltre 202.000 motocicli in tutto il mondo. L'utile al lordo delle imposte nell'esercizio finanziario 2021 è stato di 16,1 miliardi di euro con ricavi per 111,2 miliardi di euro. Al 31 dicembre 2021, il BMW Group contava un organico di 118.909 dipendenti.

Il successo del BMW Group si fonda da sempre su una visione di lungo periodo e su un’azione responsabile. L'azienda ha impostato la rotta per il futuro tempestivamente e pone costantemente la sostenibilità e la conservazione delle risorse al centro del proprio orientamento strategico, dalla catena di approvvigionamento attraverso la produzione fino alla fase di fine utilizzo di tutti i prodotti.

BMW Group Italia è presente nel nostro Paese da oltre 50 anni e vanta oggi 4 società che danno lavoro a 800 collaboratori. La filiale italiana è uno dei sei mercati principali a livello mondiale per la vendita di auto e moto del BMW Group.

www.bmwgroup.com

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Ladies and Gentlemen,

In just a few weeks, the IAA MOBILITY will take place – right on the BMW Group’s doorstep, here in Munich. Our company and brands will be showcased as part of the “Open Space” on Max-Joseph-Platz in the heart of the city and on the trade fair grounds.

The IAA MOBILITY will turn the whole city into a mobility hub – creating a platform for constructive dialogue between all mobility providers and residents, stakeholders and guests from around the world. Few business segments offer such a wide range of opportunities for innovations that can benefit us in our everyday lives and, at the same time, speed up progress in society.

We firmly believe this – and have the facts to back it up: Our BMW Vision Vehicles are the embodiment of this approach. They focus specifically on individual future topics and demonstrate how we at BMW are tackling and implementing them.

Take, for example, the BMW i Vision Circular from 2021 – which was systematically designed for closed-loop material cycles. A circular economy is our vision for the long term – because this will make our company less dependent on valuable raw materials and even more resilient.

Another example is the BMW i Vision Dee from CES at the beginning of 2023. It demonstrates the potential of what happens when hardware and software merge. The car becomes a digital companion that learns and understands.

We believe there are three key action areas that will dominate the mobility of tomorrow: electric, digital, circular.

Each of these on its own is already a challenging and inherently complex task. Combining all three aspects into a coherent overall concept is the ultimate challenge. This capability will determine future competitiveness in our industry. With our next Vision Vehicle we will open up new dimensions in several areas – design, operating concepts, efficiency and sustainability.

On 2 September the BMW Vision Neue Klasse will celebrate its world premiere. The date was chosen to honour a historical milestone: It will be almost 60 years to the day that BMW staked the claim of the Neue Klasse. Back then, the decision to launch a ground-breaking new product range enabled BMW's success and kept it going over the following decades.

Now, once again, we are turning vision into reality: I can promise you that the Vision Neue Klasse is close to standard production and will be on the roads soon.

Production of the NEUE KLASSE will get underway in 2025 at our new plant in Debrecen, Hungary, followed by Plant Munich in 2026. To mark the 20th anniversary of BMW Brilliance, we also announced local production of the NEUE KLASSE at our plant in Shenyang, China from 2026.

The NEUE KLASSE is a mega-project that spans the entire company. It is about nothing less than the future of the BMW brand, the BMW Group and our portfolio. We are in intensive preparation for this and will continue to make significant investments in relevant future technologies over the next few years.

Internally, we are working together within new organisational structures such as our tech clusters – like the one for the electric drivetrain, for example. In this way, we are able to address – in parallel and in an integrated manner – the mission-critical issues of cost efficiency and sustainability.

It is clear to us that with innovation drivers like the NEUE KLASSE, we can grow as a company, both quantitatively and qualitatively. That is what counts.

At the BMW Group, everything has to get a little bit better every day. That is what we aspire to. In late July, the new BMW 5 Series began rolling off the assembly line at Plant Dingolfing. It will be released onto the markets towards the end of the year.

As with the BMW 7 Series, 4 Series, X3 and X1 models, customers once again get to choose between different drivetrain variants.

With the all-electric i5*, the BMW Group will then – as promised – offer at least one BEV model in every core segment. The i5 will help ensure that 40 percent of all the vehicles we build at our biggest European plant will be fully electric from next year onwards. In addition to the 5 Series, the new BMW X2 is also in the starting blocks, including the BEV variant iX2. The 5 Series is receiving very positive feedback in the media and social media.

The eighth generation of our successful business sedan has been praised in particular for its tech highlights – including the Level 2 hands-off system. The 5 Series is the first car in Germany to be approved for partially automated driving at up to 130 km/h on motorways. This exemption means drivers can use the new BMW Highway Assist – which allows them to take their hands off the wheel while driving. Another feature has been added to our Highway Assistant – the Active Lane Change Assistant with so-called “eye confirmation”. This world first allows the driver to change lanes as suggested by the system – simply by looking in the exterior mirror.

For the BMW Group, safety will always be a core element that our technological innovations must all contribute to. We test our vehicles on the proving ground, not on our customers – and only release perfectly tested, highly advanced vehicles onto the market.

Last week, we opened a new testing site in the Czech Republic. It is by far our largest test track and where we are testing highly automated driving. Our Future Mobility Development Centre in Sokolov provides the ideal infrastructure and reproduces the road conditions of countries from all over the world. The site covers 600 hectares and consists of six tracks.

We are also focusing on production trials for fully automated parking. Together with our partner Valeo, we are developing solutions for automated valet parking. Compelling products that create value for customers as well as surprising innovations are the foundation of our business success. There is a positive correlation here: Strong products generate strong demand – across all drive technologies and all market regions.

As you know, we at the BMW Group are taking an open technology approach to the transformation of our industry. We are concerned with both climate effectiveness and sustainable business success. For us, there are no old or new technologies, only future-proof ones. For effective climate protection, all types of drive must contribute to the reduction of CO2 emissions.

This technology-open approach is a strength of the BMW Group. After all, the world regions and individual markets will continue to develop differently and at different speeds in the coming years and decades.

This applies to technologies and regulation, to the expansion of infrastructure for e-mobility and to the wishes of customers. Because different political framework conditions lead to different customer behaviour.

In the USA, for example, the internal combustion engine remains relevant parallel to the ramp-up of e-mobility, which we see above all in states like California. In China, the government is promoting e-mobility, but there is no question of banning the combustion engine. In Japan, hybrid drive is in demand and there is a high level of interest in hydrogen.

Thanks to our flexibility, we can react quickly to changing requirements in the markets at any time and in any situation. We can provide customers with adequate offers without sacrificing market volume.

We continue to pursue this approach consistently and with conviction. Because the holistic view of customer needs, environmental requirements and political guidelines is a unique selling point of BMW. I see this as further proof that our strategy is working and bearing fruit.

This was also true in the first half of 2023. Despite a somewhat subdued global economy, the BMW Group delivered more than 1.2 million vehicles to customers – an increase of 4.7 percent compared to the previous year. BMW remains number one in the global premium segment, with over 20 percent of the market.

All regions – from the Americas and Europe to China and Asia - are currently supporting our growth. The ramp-up of our all-electric models remains a clear priority. As you know, BEVs should account for 15 percent of our global sales for the full year.

Our BMW iX* came first in the BEV ranking in the J.D. Power APEAL study – which rates customer satisfaction among new vehicle owners in the US. One thing is clear: E-mobility needs suitable framework conditions. As a founding partner of IONITY, we have been promoting the development of a comprehensive charging infrastructure in Europe since 2017.

Now, we are transferring our commitment to the USA. Together with six other car manufacturers, the BMW Group is establishing a new joint venture for a fast-charging network in North America. Our goal is to build at least 30,000 charging points in cities and on highways.

The first stations will be opened as early as summer 2024. The network will be open to users of all brands and will support both CCS connections and NACS technology.

What is clear: our products with all drive technologies are in demand and our plants around the world are operating at high capacity. Our order book remains high. The world of the future is not a zero-sum game. Rather, new technologies create new opportunities.

But only companies that pursue a broad, innovation-based strategy across all technologies will be successful and continue to gain additional market share.

All our brands are making their contribution: Rolls-Royce is launching the all-electric Spectre later this year. BMW Motorrad, in its anniversary year, is now pushing ahead with electrification following the CE 04, with the eParkourer CE 02.

MINI is reinventing itself from the ground up with the new MINI family. The new Cooper Electric, with its spectacular interior and infotainment system, will be unveiled before the end of the year. We will also be building all-electric MINI vehicles in China going forward.

In March, we introduced a new customer-centric direct sales structure for the MINI brand in China. In Europe, we will be launching our new sales model for direct customer access with MINI in 2024. The BMW brand will follow in Europe in 2026.

Ladies and Gentlemen,

All of this shows how we are setting the BMW Group on a profitable course for the future – through quantitative and qualitative growth with both our products and technologies.

We are aiming for appropriate market penetration and intend to systematically exploit opportunities.

Thank you!

Ladies and Gentlemen, Good Morning!

Slide 2: BMW Group Half-Year Report to 30 June 2023.

I am very pleased to be able to present the BMW Group’s quarterly results to you for the first time today.

Slide 3: Highlights of BMW Group Performance in Q2 and H1

In the second quarter of 2023, the BMW Group delivered a solid performance under difficult conditions. The Group EBT margin came in at 11.3% for the quarter and 12.6% for the first half-year. In the Automotive Segment, we achieved an EBIT margin of 9.2% in the second quarter and 10.6% for the half-year to the end of June.

We expect the positive business trend to continue in the second half of the year, particularly due to the ongoing strength of the order bank and an expected improvement in the availability of vehicles.

As a result, we communicated an increase in our deliveries forecast for the 2023 financial year as part of an ad hoc announcement on Tuesday. In addition, we raised the guidance for the EBIT margin and return on capital employed (RoCE) in the Automotive segment, as well as the outlook for return on equity (RoE) in the Financial Services segment.

I’d now like to take you through our financial figures for the second quarter in more detail. To do so, I’ve brought along a few slides with important key figures to explain the main developments and relevant influencing factors.

Let’s start with the Group.

Slide 4: BMW Group in Q2

Group earnings before tax for the quarter totalled just under 4.2 billion euros. The EBT margin came in at 11.3% in the second quarter and 12.6% for the first six months. This is clearly above our strategic target of 10%.

Group pre-tax earnings for the first half-year decreased by just under 6.8 billion euros. However, we must not forget that we had a one-off profit of 7.7 billion euros last year due to the fair market valuation of BBA equity interests. If we factor out this effect and look at the underlying operating result instead, Group earnings were significantly higher year-on-year.

Now I’d like to look at the individual segments, starting with the Automotive segment.

Slide 5: Automotive Retail units, BEV units, Auto revenue and Auto EBIT

Here you can see sales, revenue and earnings development in the Automotive Segment over the past six quarters.

In Q2 2023, vehicle sales were up 11.3% on the prior-year quarter, at just over 626,000 units. Compared to the first quarter, sales rose 6.4%. All regions contributed, and we were able to achieve a good balance. Deliveries through the end of June were 4.7% higher year-on-year.

The order bank for our vehicles remains high. As a result of our strong market position, we expect a positive trend in deliveries in the second half of the year as well. We therefore now forecast a solid increase in deliveries in 2023.

Our BEVs contributed to this development, and we see continued strong momentum. In Q2, we sold more than 88,000 all-electric vehicles. On top of the figure of nearly 64,000 units sold in the first quarter, this adds up to around 153,000 BEVs delivered in the first six months. That is more than double our BEV sales for the same period of last year and represents 12.6% of total sales.

The BEV share of overall sales already hit 14% in the second quarter and will reach 15% for the full year.

The growth in sales and strong product mix increased revenues in the Automotive Segment – which, after six months, were up 10.9% on the previous year. Roughly half of this increase resulted from the full consolidation of BBA revenues in 2023. In 2022, the revenues of our BBA joint venture were only included with the full consolidation from 11 February onwards.

In the box on the bottom right, you can see how the operating result (EBIT) has developed in the Automotive Segment.

In the second quarter, EBIT totalled around 2.9 billion euros, with an EBIT margin of 9.2%. Without depreciation of BBA assets from the purchase price allocation, the margin was 10.2%.

For the year to the end of June, the EBIT margin was 10.6%, and 11.7% without the depreciation of BBA assets from the purchase price allocation.

I’d like to use the next slide to explain the operating result in the Automotive Segment in more detail.

Slide 6: Automotive Segment EBIT in Q2

The bridge starts on the left with Q2 of last year, with an EBIT of 2.5 billion euros and an EBIT margin of 8.2%.

From Q2 2022 to Q2 2023, we see a headwind of around 300 million euros from the net balance of currency and raw material positions. This is due mainly to currency translation effects from the development of the US dollar, the Chinese renminbi and the Japanese Yen. Raw material prices remain at the same high level as a year ago.

Together, volumes, the model mix and strong pricing generated a tailwind of half a billion euros. The mix is stable overall, with solid volumes in the upper segment. We are seeing positive impulses from the X5 and X1, among others. While we are seeing the first signs of normalization on the market, we remain focused on price discipline.

Expenses for research and development rose year-on-year to around 300 million euros – mainly in connection with investments in electrification, digitalisation and automated driving.

The BMW Group’s R&D expenditure is determined by adjusting R&D expenses for capitalisation and scheduled depreciation. This forms the basis for the calculation of the R&D ratio according to the German Commercial Code. The ratio for the year to the end of June came in at 4.6%. For the full year, we expect the ratio to be within our long-term target range of 4 to 5%.

Sales and administrative costs increased by around 100 million euros, due to higher expenses for personnel and digitalisation projects, amongst other things. As for the item ‘other cost changes’, we see burdens from higher material costs on the one hand. Additionally, we reassessed warranty provisions in the second quarter and updated several parameters. This adjustment resulted in higher warranty costs in Q2. On the other hand, the development of licensing revenues had a positive effect in Q2.

The full consolidation of BBA also resulted in a positive reconciliation item. The negative impact of BBA consolidation effects was 800 million euros higher in Q2 2022 than in Q2 2023. This included both depreciation on inventory from the purchase price allocation and the elimination of interim profits in connection with intra-Group deliveries.

Slide 7: Automotive Segment Free Cash Flow in Q2

Free cash flow in the Automotive Segment totalled 1.2 billion euros in the second quarter. The effect from working capital, totalling 2.4 billion euros, largely resulted from the increase in inventory. Global demand for our vehicles and our order bank remain high. We ensure the availability of the right products and thus fulfil the wishes of our customers, while reducing waiting times. In doing so, we will maintain our profitable growth in the second half of the year.

The delta from capital expenditure and depreciation improved free cash flow in the second quarter by half a billion euros.

We continue to invest in the mobility of the future with our focus on electromobility, digitalisation and automated driving. The capex ratio came in at 5.1% for Q2 and 4.4% for the first half-year. We expect the ratio for the full year to be around 6%. Allocation to provisions increased free cash flow by around 500 million euros in Q2. Through the first six months of the year, free cash flow in the Automotive segment totalled 3.1 billion euros. For the full year 2023, we expect a free cash flow of at least 6 billion euros.

In addition to higher investments for the transformation to e-mobility, we are planning for increased inventories in 2023 compared to the end of 2022. We plan across the years to ensure the necessary vehicle supply to the markets in order to fulfil high customer demand.

Slide 8: Financial Services Segment in H1

Let’s turn now to the Financial Services Segment.

Earnings in the segment result not only from new business, but largely from the entire portfolio of contracts. For this reason, I will focus primarily on a six-month perspective for Financial Services.

Higher interest rates resulted in noticeably increased financing costs for consumers. The financial services sector also remains as competitive as ever. Therefore, in the year to the end of June, the number of new financing and leasing contracts concluded with retail customers decreased by 10.6%.

However, there was a noticeable positive trend in the second quarter, since new contracts were at the same level as in the previous year's quarter. Higher prices and an improved product mix in the automotive business led to an increase in the average financing volume. As a result, the volume of new business in Q2 was 3.3% higher than in the same quarter of the previous year.

Segment earnings before tax at the end of June amounted to 1.7 billion euros – a decrease of 14% compared to the first half of 2022. The main reasons for this are higher refinancing costs and a smaller total portfolio compared with the previous year. On a positive note, income from the resale of end-of-lease vehicles is still high. In addition, the risk situation in the segment remains mostly stable. A credit loss ratio of 0.15% confirms the high quality of our portfolio.

We anticipate that the positive effects from the remarketing of lease returns will remain stable through to the end of this financial year. We therefore now expect a return on equity (RoE) in the range of 16 to 19% for the full year.

Slide 9: Motorcycles Segment in Q2

Let’s move on to the Motorcycles Segment.

For the past hundred years, the BMW Motorrad brand has offered an impressive range of attractive products. Its strong portfolio contributed to a successful second quarter in 2023 with record figures in deliveries and EBIT margin. Sales reached almost 65,000 units and were therefore 8.0% higher than the prior-year quarter.

The segment also significantly increased its operating result, compared to the second quarter of 2022: growing from 127 million euros to 158 million euros.

The EBIT margin was 16.0% for the quarter and 16.2% for the half-year.

Slide 10: Outlook 2023

This brings me to the overview of our guidance for financial year 2023.

- In the Automotive segment, we now expect deliveries to show a solid increase over the previous year.

- As a result of the positive volume development, we now expect the EBIT margin in the Automotive segment to be within the range of 9 to 10.5%.

- Accordingly, we raised the target range for segment RoCE to between 18 to 22%.

- And we now forecast Return on Equity in the Financial Services segment to be between 16 and 19% over the year.

All other guidance figures remain unchanged.

Our forecast does not take into account a deep recession in key sales markets.

Furthermore, in our outlook, we do not expect further escalation of the conflict between Russia and Ukraine or an expansion of the war.

Slide 11: BMW Group has the strategic focus and operational excellence to deliver continued success for all stakeholders.

Ladies and Gentlemen,

Our industry is in the midst of a profound change. We are steering the BMW Group profitably through this transformation with sound financials. In doing so, we always focus on the long-term success of our company.

Our strategic focus is on electromobility, digitalisation and sustainability. To this end, we are making necessary investments in next-generation technologies. We are maintaining our course in our current core business. Operationally, we are strong, and that secures our profitability. We have the necessary latitude to invest in the future of the company and, at the same time, create value for our shareholders.

The BMW Group has a young, highly attractive product line-up on the market – with an array of new models to come over the next few years.

With the NEUE KLASSE, we will shape the future of mobility and secure our competitiveness, and our financial performance.

The BMW Group maintains the right balance between the three core elements of its business success:

-       First: a profitable core business

-       Second: a continuing growth trajectory; and

-       Third: a clear path to lower CO2 emissions

This is how we can continue to create value for the BMW Group.

We deliver on our promises. That is our pledge – and something I am personally committed to.

Buongiorno a tutti, signore e signori e ben ritrovati a questo tradizionale incontro di Misano per la presentazione delle nostre attività sportive e della BMW Driving Experience.

Abbiamo iniziato con un video emozionale. Con uno Statement forte: WE ARE M.

Quest’anno, infatti, per la precisione il 24 maggio, la nostra divisione BMW M celebrerà 50 anni di storia. Un anniversario straordinario e ricco di significato per la nostra azienda.

Il claim creato appositamente per l'anno dell'anniversario racconta una marca che si evolve, senza mai smarrire il proprio DNA più sportivo.

La lettera M appare sempre immediatamente riconoscibile. Dalla M1 Procar fino alla imminente BMW XM, segna sempre un punto di demarcazione netto della sportività. Dell’emozione allo stato puro. Ciò che unisce questi prodotti iconici, nonostante le loro differenze, è proprio la lettera M.

La BMW M non si riposa però sugli allori di una storia gloriosa. Non lo ha mai fatto. Utilizza questa forza per trasformarsi ed evolvere. Come suggeriscono i prossimi tre capitoli di questa narrazione incredibile: la BMW iXM60, la BMW i4 M50 e appunto la BMW XM che diventerà una realtà a fine anno.

BMW M è infatti, sempre orientata verso nuove prestazioni e includerà anche l’elettrificazione senza mai perdere lo stile di guida tipico del brand. Rimarrà la “Ultimate Driving Machine” anche per il futuro.

Ma, il futuro affonda le sue radici nella storia, come abbiamo visto, menzionando la M1.

Ecco perché, anche il logo storico ha fatto il suo ritorno all'anno dell'anniversario della BMW M. I classici emblemi "BMW Motorsport" per il cofano motore, il portellone posteriore e i coprimozzi delle ruote sono disponibili su richiesta per tutte le auto sportive performanti e ad alte prestazioni del marchio, così come per i modelli BMW M Sport o con un pacchetto sportivo M.

Il loro design si basa sul logo nei colori blu, viola e rosso, che fu usato per la prima volta nel 1973 (un anno dopo la nascita della divisione M) sulle auto da corsa della BMW Motorsport GmbH. Quest’anno offriamo ai nostri clienti la possibilità di esprimere la loro passione per il mondo delle corse e il loro attaccamento al marchio anche con questi emblemi storici.

E i clienti M in Italia sono tanti e appassionati. Lo scorso anno abbiamo confermato la leadership di mercato rispetto ai competitor con 2.147 vetture M ed M Performance vendute, in crescita sia rispetto al 2020 che rispetto al 2019 (rispettivamente del 12,5 e del 53,5%). E nel 2022, proprio per celebrare degnamente la ricorrenza, vogliamo ovviamente confermare queste performance.

Come lo faremo? Grazie alla gamma attuale, ma anche alle importanti novità che stiamo introducendo e che vi ho anticipato prima.

Penso, ad esempio, alla BMW i4 M50 da 544CVche abbiamo appena lanciato. È il primo veicolo elettrico del marchio incentrato sulla dinamica di guida. Il piacere di guidare senza emissioni, la qualità premium senza compromessi e l'individualizzazione orientata al cliente. Un’auto che combina la leggendaria abilità sportiva di BMW e un'autonomia che convince anche nei lunghi viaggi (521 km nel ciclo WLTP) con il design elegante, la spaziosità e la praticità di una quattro porte Gran Coupé.

Ma penso anche alla BMW iX M60, che abbiamo presentato al CES di quest'anno, il veicolo elettrico più potente e più veloce in gamma. La BMW iX M60 è la prima BMW ad alte prestazioni sviluppata dalla Divisione M fin dall'inizio per la mobilità completamente elettrica. Con la sua potenza di sistema di 619 CV erogata da due motori elettrici, la trazione integrale elettrica e il tuning del telaio specifico M, la BMW iX M60 inaugura una fenomenale esperienza prestazionale nell’ambito della mobilità a zero emissioni locali, accelerando da ferma a 100 km/h in soli 3,8 secondi.

Ma penso soprattutto alla BMW XM presentata in forma di concept lo scorso anno, che sarà un’espressione del futuro del brand e sarà l’auto della gamma M più potente mai prodotta in serie con un propulsore ibrido da 750CV. Sarà costruita a partire dalla fine di quest’anno nello stabilimento di Spartanburg, negli Stati Uniti, proprio per celebrare il 50° anniversario del sub- brand M.

In un anno così speciale, abbiamo realizzato anche una capsule limited edition, 99 unità di M850i xDrive Gran Coupé limited edition. Si tratta della della Serie 8 by JEFF KOONS. Un modello che è la rappresentazione della precisione, della raffinatezza e della maestria.

Sono state impiegate 285 ore per applicare i suoi molteplici strati di vernice, dato che il suo design incredibilmente espressivo combina 11 colori diversi, dal blu all'argento e dal giallo al nero. L'interno multicolore è caratterizzato dall'uso di materiali di alta qualità e della pelle più pregiata, oltre a presentare la firma dell'artista. I sedili sono in tonalità rosso e blu, i colori dei supereroi dell'universo dei fumetti e del marchio high-performance BMW M.

M come avete compreso è davvero un mondo ricco di colori, sfumature, ma soprattutto tanta, tanta passione per la sportività.

E, infatti, oggi siamo qui per parlare dei nostri programmi sportivi che, proprio in omaggio a questo anno di celebrazioni, sono particolarmente ricchi e articolati.

Tra poco, avrete modo di entrare nel dettaglio di ogni singola attività, ma vorrei darvi alcuni highlight, prima di lasciare la parola agli altri relatori.

E proprio partendo da questa voglia di sfida, abbiamo deciso di tornare nel Campionato Italiano GT in modo ufficiale, affiancando il Ceccato Racing Team, con Ravaglia Team Manager, per provare a portare sul gradino più lato del podio della categoria Sprint il nuovo gioiello della divisione Motorsport: la BMW M4 GT3, una belva da quasi 600 CV!

Confermiamo la seconda edizione del campionato M2 CS Racing Cup Italy 2022. L’abbiamo lanciato lo scorso anno ed è stato un successo straordinario in termini di presenze in pista di team e di seguito da parte degli appassionati.

Quest’anno il nostro campionato riprende, con una griglia ancora più ricca e con nuovi team pronti a sfidarsi all’ultima curva.

Da ultimo, ma non certo per importanza, oggi siamo qui a parlare della nostra BMW Driving Experience. Una scuola di guida sicura che esiste dal 2006 e che incarna uno dei nostri pilastri in tema di responsabilità sociale d’impresa. Quello della guida sicura.

Da sempre, infatti, siamo impegnati nella costruzione di automobili all’avanguardia in termini di sicurezza attiva e passiva.

Stiamo facendo notevoli passi avanti anche per quello che riguarda la guida assistita che consente, già oggi, di essere coadiuvati in modo efficace in molte situazioni di viaggio, fermo restando la centralità del conducente. Noi crediamo, infatti, che il piacere di guidare sia centrale oggi e lo sarà anche in futuro.

Ecco perché, vogliamo avere guidatori responsabili al volante. Perché la sicurezza parte dall’atteggiamento e dalla preparazione di chi guida ed affronta ogni giorno la strada.

La nostra BMW Driving Experience ha proprio questa ambizione e questa filosofia.

A tal proposito, mi piace ricordare che dal 2016, la nostra scuola è dotata anche di un’automobile con comandi speciali per consentire l’accessibilità dei corsi di guida sicura ai diversamente abili.

Perché l’inclusione si misura anche attraverso queste iniziative che mettono tutti nelle condizioni di poter partecipare. Questa iniziativa si inserisce nel programma di responsabilità sociale SpecialMente che tutti voi conoscete e apprezzate da diversi anni.

Infine, oggi avrete l’occasione di provare diverse vetture: la BMW M3 ed M4 trazione integrale e la nuova BMW Serie 2 Coupé che da quest’anno entra a far parte della dotazione della BMW Driving Academy.

La nuova BMW Serie 2 Coupé rappresenta un concentrato di tecnologia e sportività. La filosofia di progettazione è stata guidata dalla ricerca di un dinamismo spiccato, dal design sportivo, dai potenti motori e da una sofisticata tecnologia del telaio e assetto.

Il suo stile deciso, il motore a benzina a sei cilindri in linea al top della gamma, la trazione posteriore e i componenti del telaio ripresi dalla BMW Serie 4 la rendono il punto di riferimento del segmento. Si può dire, che la nuova BMW Serie 2 Coupé segue le orme della leggendaria BMW 02, che 55 anni fa fece da traino per la progettazione dei modelli a due porte compatti e irresistibilmente sportivi del marchio. Sono certo che in pista vi divertirete.

Vi ringrazio dell’attenzione.

Per ulteriori informazioni:
Alessandro Toffanin
BMW Product Communications
Telefono: +39 0251610308
E-mail: alessandro.toffanin@bmw.it
Media website: https://newsroom.bmwgroup.com/global/en e http://bmw.lulop.com

Il BMW Group

Con i suoi quattro marchi BMW, MINI, Rolls-Royce e BMW Motorrad, il BMW Group è il costruttore leader mondiale di auto e moto premium e offre anche servizi finanziari e di mobilità premium. Il BMW Group gestisce 31 stabilimenti di produzione e assemblaggio in 15 Paesi ed ha una rete di vendita globale in oltre 140 Paesi.

Nel 2021, il BMW Group ha venduto oltre 2,5 milioni di automobili e oltre 194.000 motocicli in tutto il mondo. L'utile al lordo delle imposte nell'esercizio finanziario 2021 è stato di 16,1 miliardi di Euro con ricavi per 111,2 miliardi di Euro. Al 31 dicembre 2021, il BMW Group contava un organico di 118.909 dipendenti.

Il successo del BMW Group si fonda da sempre su una visione di lungo periodo e su un’azione responsabile. L'azienda ha impostato la rotta per il futuro tempestivamente e pone costantemente la sostenibilità e la conservazione delle risorse al centro del proprio orientamento strategico, dalla catena di approvvigionamento attraverso la produzione fino alla fase di fine utilizzo di tutti i prodotti

BMW Group Italia è presente nel nostro Paese da oltre 50 anni e vanta oggi 4 società che danno lavoro a 800 collaboratori. La filiale italiana è uno dei sei mercati principali a livello mondiale per la vendita di auto e moto del BMW Group.

www.bmwgroup.com  

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

Twitter: http://twitter.com/BMWGroup  

YouTube: http://www.youtube.com/BMWGroupView  

Instagram: https://www.instagram.com/bmwgroup  

LinkedIn: https://www.linkedin.com/company/bmw-group/

Milano. “Signore e signori buongiorno e benvenuti alla presentazione della Nuova BMW iX.

Non poteva esserci location più adatta ad ospitare l’anteprima della nuova BMW iX del museo ADI del Compasso d’Oro che ci ospita e che raccoglie una collezione inimitabile di oggetti iconici, che hanno segnato il nostro tempo.

Un’auto born electric, innovativa nel design, nella tecnologia e nell’esperienza di bordo. In questa fase di transizione energetica e tecnologica abbiamo l’ambizione di assurgere la nostra iX a icona della mobilità sostenibile del nostro tempo.

La capacità di innovazione del Gruppo BMW è da sempre in relazione con i nuovi bisogni e le aspettative delle persone, e non ci riferiamo solo alla mobilità.

Come si evince dal film della campagna di lancio della BMW iX, ci sono valori che sono fondamentali per noi: la diversity, il dialogo interculturale, la sostenibilità ambientale e sociale.

Questi valori riflettono il nostro modo di interpretare la mobilità delle persone, nello stile, carattere, tecnologia, connettività, in una nuova interpretazione del lusso, senza mai perdere di vista la capacità di divertire e di emozionare.

Attualmente, la protezione del clima rappresenta una delle sfide più grandi e importanti per l'umanità ed è un'altra area in cui possiamo - e vogliamo - fare la differenza in modo mirato. La neutralità climatica ci spinge ad agire.

Per questo motivo la sostenibilità e la gestione responsabile delle risorse sono tematiche fondamentali per il BMW Group.

Quanta energia consumiamo?

Quante risorse?

Per cosa le utilizziamo?

Ogni modello di business dovrà rispondere a queste domande in futuro.  L'umanità impiega ogni anno ancora più di 100 miliardi di tonnellate di materie prime che provengono dalla terra: questa non può essere una soluzione a lungo termine.  Le nostre auto elettriche sono progettate in modo olistico per essere sostenibili. E questo implica strategie condivise con tutti i nostri partner per raggiungere gli obiettivi fissati nell’intera catena del valore.

Lavoriamo per rendere sostenibile anche il nostro modello di business per continuare a garantire costanti investimenti in ricerca e sviluppo (come fatto negli ultimi anni) e continuare a plasmare la mobilità del futuro.

È una sfida importante, ma noi la stiamo affrontando con gradi energie e risorse, basti pensare ai 30 miliardi stanziati fino al 2025 per l’elettrificazione della nostra gamma.

Per BMW non esiste premium senza sostenibilità ed il nostro approccio alla mobilità sostenibile parte da lontano, quasi 50 anni fa:

• Nel 1973 abbiamo creato un ufficio di protezione ambientale a Monaco di Baviera
• Nel 2001 abbiamo pubblicato il primo rapporto di sostenibilità
• Nel 2007 abbiamo lanciato Project i che poi ha portato alla nascita del Brand BMW i e nel 2013 al debutto sul mercato della BMW i3, avviando quindi il processo di elettrificazione della gamma
• Nel 2020 siamo stati riconosciuti leader mondiale nella sostenibilità del settore automotive dal Dow Jones Sustainability indexes
• Da quest’anno abbiamo integrato il rapporto di sostenibilità nel bilancio dell’azienda per maggiore trasparenza, autorevolezza e come chiaro segno di approccio olistico al tema
• Nel 2030 vogliamo ridurre di un terzo le emissioni di CO2 su tutta la catena del valore rispetto al 2019
• Dal 2050 adotteremo un business model neutro dal punto di vista climatico.

I nostri obiettivi si estendono ora all’intero ciclo di vista del prodotto: dalla scelta di energia pulita, alla catena di approvvigionamento, dalla produzione fino al recycling completo del prodotto. Ecco perché, l’impronta ecologica di un fornitore sarà il criterio decisionale fondamentale nei processi di aggiudicazione degli appalti. Siamo il primo produttore di automobili a stabilire obiettivi concreti in questo senso per i fornitori.

Ci siamo posti dei chiari obiettivi di decarbonizzazione da qui al 2030.

Abbiamo tre numeri chiave: 80-40-20. Sono le percentuali di riduzione di CO₂ (vs 2019) rispettivamente delle emissioni in fase di produzione, in fase di utilizzo dell’auto e della nostra supply chain.

Impiegheremo la tecnologia per evitare di produrre oltre 200 milioni di tonnellate di CO₂ entro il 2030, 20 volte di più di quanto una città con più di un milione di abitanti, come Milano, emetta in un anno.

La mobilità sostenibile è un tema rilevante che la pandemia ha ulteriormente enfatizzato e reso prioritario. L’automobile è tornata centrale nella vita delle persone come mezzo di trasporto sicuro e fondamentale per la mobilità individuale e delle proprie famiglie.

Ecco perché l’offensiva elettrica è fondamentale e noi stiamo accelerando nel momento esatto in cui la domanda cresce, dopo essere stati pionieri con il lancio della BMW i3 nel 2013.

Abbiamo una strategia in tre fasi e attualmente siamo in un momento di transizione che prevede l’elettrificazione della gamma esistente.

Dal 2025 la nostra produzione partirà direttamente dal modello elettrico per poi offrire le altre varianti (diesel, benzina, plug-in, mild-hybrid) come alternative: un vero e proprio ribaltamento del paradigma rispetto a oggi.

Entro la fine del 2021, offriremo cinque veicoli di produzione completamente elettrici: alla BMW i3, MINI Cooper SE e BMW iX3 già disponibili sul mercato, si aggiungeranno la BMW iX, che presentiamo oggi, e la BMW i4. Entrambe arriveranno sul mercato nell’ultimo trimestre dell’anno.

L’elettrificazione verrà implementata poi in tutta la gamma dei nostri modelli in futuro. Ulteriori esempi saranno la BMW Serie 7, la BMW X1, la BMW Serie 5, la MINI Countryman che tra non molto saranno anch’esse disponibili nella variante elettrica pura.

Entro il 2023, infatti, avremo 25 modelli elettrificati in gamma, 13 dei quali completamente elettrici che ci consentiranno di coprire il 90% dei nostri principali segmenti di mercato.

Alla fine del 2025 avremo venduto a clienti finali circa 2 milioni di automobili elettriche pure che saliranno a 10 milioni entro i prossimi 10 anni, quando ci aspettiamo che la metà delle nostre vendite sia costituito da auto fully electric.

Per quella data, poi, il brand MINI avrà una gamma di sole automobili a batterie e saremo presenti con un modello elettrico puro in tutti i segmenti di mercato che presidiamo oggi.

E infatti oggi siamo qui per entrare in questa nuova fase della nostra strategia e presentarvi la nuova BMW iX, una vettura “born electric”.

Un’automobile innovativa in termini di:

• Piattaforma elettrica
• Design e tecnologia
• Interni
• Dettagli di lusso

Ma è arrivato il momento di svelarla e di introdurre i nostri esperti per fare un viaggio affascinante alla scoperta della nuova BMW iX, un’auto che testimonia come la nostra volontà di proporre al mercato la vettura più green in assoluto non sia un sogno ma una realtà!

Ecco a voi la nuova BMW iX!

Per ulteriori informazioni:

Alessandro Toffanin

BMW Product Communications

Tel. +39 0251610308

Mail: alessandro.toffanin@bmw.it

Media website: https://newsroom.bmwgroup.com/global/en e http://bmw.lulop.com

Il BMW Group

Con i suoi quattro marchi BMW, MINI, Rolls-Royce e BMW Motorrad, il BMW Group è il costruttore leader mondiale di auto e moto premium e offre anche servizi finanziari e di mobilità premium. Il BMW Group gestisce 31 stabilimenti di produzione e assemblaggio in 15 Paesi ed ha una rete di vendita globale in oltre 140 Paesi.

Nel 2020, il BMW Group ha venduto oltre 2,3 milioni di automobili e oltre 169.000 motocicli in tutto il mondo. L'utile al lordo delle imposte nell'esercizio finanziario 2020 è stato di 5,222 miliardi di Euro con ricavi per 98,990 miliardi di Euro. Al 31 dicembre 2020, il BMW Group contava un organico di 120.726 dipendenti.

Il successo del BMW Group si fonda da sempre su una visione di lungo periodo e su un’azione responsabile. Per questo l’azienda ha stabilito come parte integrante della propria strategia la sostenibilità ecologica e sociale in tutta la catena di valore, la responsabilità globale del prodotto e un chiaro impegno a preservare le risorse.

BMW Group Italia è presente nel nostro Paese da oltre 50 anni e vanta oggi 4 società che danno lavoro a 1.000 collaboratori. La filiale italiana è uno dei sei mercati principali a livello mondiale per la vendita di auto e moto del BMW Group.

www.bmwgroup.com 

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

Twitter: http://twitter.com/BMWGroup 

YouTube: http://www.youtube.com/BMWGroupView 

Instagram: https://www.instagram.com/bmwgroup 

LinkedIn: https://www.linkedin.com/company/bmw-group/

“In BMW siamo da sempre in prima linea riguardo la mobilità sostenibile e stiamo portando avanti il nostro impegno a progredire rapidamente, concentrandoci sulla tutela dell’ambiente e sulle esigenze dei nostri clienti. Per noi non esiste premium senza sostenibilità.

In questo ambito possiamo contare su solide basi, essendo da decenni il punto di riferimento per l’industria automotive.

Nel 1972 due BMW 1602 elettriche erano protagoniste delle Olimpiadi di Monaco. Nel 1973 abbiamo aperto un ufficio di protezione ambientale nel “Quattro cilindri”, la nostra sede principale. Dal 1999 siamo presenti nel Dow Jones Sustainability Indexes. Nel 2001 abbiamo pubblicato il primo rapporto di sostenibilità.  Nel 2007 abbiamo dato il via ad una nuova era del piacere di guida elettrico con "Project i". Nel 2011 abbiamo lanciato il brand BMW i che incarna i principi della mobilità sostenibile e nel 2013 abbiamo lanciato la BMW i3, rivoluzionando il modo di costruire le auto elettriche. Da allora oltre 200mila clienti hanno scelto la BMW i3 per i loro spostamenti a impatto zero.

Il principio del miglioramento continuo rimarrà al centro della strategia per ridurre le emissioni di CO₂ e aumentare l'efficienza delle risorse. Oggi i nostri clienti possono godere della guida elettrificata in tutti i segmenti, grazie ad un’offerta che affianca una vasta gamma di ibridi plug-in ai modelli puramente elettrici.

In questo momento stiamo rapidamente espandendo la nostra gamma di veicoli elettrici: basti pensare alla MINI Electric lanciata lo scorso anno e ora il nostro primo Sports Activity Vehicle completamente elettrico, la BMW iX3. Entro la fine di quest’anno presenteremo la BMW i4 e la BMW iX. Avremo modelli a propulsione completamente elettrica anche della BMW Serie 5, della BMW Serie 7 e della BMW X1.

Entro il 2023 l’azienda offrirà 25 modelli elettrificati, metà dei quali completamente elettrici. Il nostro tempismo è perfetto, perché la domanda dei clienti adesso sta crescendo in modo importante in tutto il mondo, inclusa l’Italia.

In termini di sostenibilità il nostro pensiero va ben oltre i veicoli. Per fare veramente la differenza abbiamo deciso di implementare una strategia ancora più orientata al futuro e ancora più completa in termini di sostenibilità.

Ci concentreremo su tre aree:

1. Rafforzare ulteriormente la nostra posizione di leader in termini di produzione sostenibile e risparmio di risorse.
2. Creare una catena di fornitura sostenibile e CO₂ neutral.
3. Ridurre ulteriormente le emissioni di CO₂ nella fase di utilizzo dei veicoli, andando anche oltre gli obiettivi fissati dall’Unione Europea – come è già avvenuto nel 2020.

Grazie alle nostre tecnologie Efficient Dynamics e agli oltre 135.000 veicoli elettrificati consegnati in Europa nel 2020, abbiamo ridotto del 20% l'impronta di CO₂ della nostra flotta di veicoli rispetto al 2019, centrando pienamente gli obiettivi di emissioni di CO₂ della nostra flotta in Europa. Con meno di 100 g/km, siamo stati 5 grammi al di sotto della soglia indicata dall’Unione Europea.

Nella produzione, abbiamo ridotto le nostre emissioni di CO₂ per veicolo del 25% rispetto al 2018 e partire da quest’anno la produzione del BMW Group sarà a impatto zero in tutti i suoi stabilimenti grazie all’utilizzo di energia pulita e alle compensazioni previste attraverso opportuni certificati.

Per il 2030 vogliamo ridurre le emissioni del veicolo nell’intero ciclo di vita di un terzo, attraverso una visione olistica che tocchi tutte le fasi del processo: dall’approvvigionamento fino al recycling.

Questo significherà una riduzione di 40 milioni di tonnellate di CO₂ per ogni prodotto in gamma nel ciclo di vita.

La Nuova BMW iX3

Oggi presentiamo la BMW iX3, il nostro primo Sports Activity Vehicle completamente elettrico. È anche il nostro primo modello equipaggiato con il powertrain elettrico di quinta generazione, sviluppato e prodotto internamente al BMW Group. È altamente integrato, non utilizza “terre rare” ed è estremamente efficiente. Il Cobalto e il Litio che utilizziamo provengono solo da fornitori certificati.

Questa vettura ha portato la filosofia Efficient Dynamics al livello successivo. Quando abbiamo progettato questo veicolo, il nostro obiettivo era ottenere un’autonoma adeguata alle esigenze dei nostri clienti, grazie a un veicolo che è un punto di riferimento in termini di efficienza. L'iX3 offre un'autonomia di 460 km secondo il ciclo di omologazione WLTP.

E ovviamente si guida come una BMW: puro piacere di guidare.

Il punto di forza della Nuova BMW iX3 è l'equilibrio dato dal basso consumo energetico e dalla ricarica rapida fino a 150 kW, che la rende perfetta per ogni viaggio.

Su BMW iX3 c’è anche la prima applicazione di BMW Iconic Sounds, il suono per i modelli elettrici sviluppato da BMW insieme a uno dei compositori musicali più famosi al mondo, Hans Zimmer. Basta premere il pulsante di avvio per essere immersi nella sensazione nuova della mobilità elettrica.

In BMW siamo pienamente impegnati nella protezione del clima e nella mobilità sostenibile. La nostra aspirazione è fornire un piacere di guida sostenibile a tutti nostri clienti. Per questo, dopo la BMW iX3 arriveranno altri entusiasmanti veicoli a zero emissioni.

Le sfide della mobilità

L'industria automobilistica europea è sulla buona strada per raggiungere la neutralità climatica. Entro il 2050, secondo il Green Deal, la CO₂ proveniente dal settore dei trasporti non dovrebbe più essere un problema. Per noi la protezione del clima è molto più di un semplice impegno ecologico. È in gioco il futuro economico dell'Europa e dell’Italia.

Per questo motivo è indispensabile che i veicoli elettrificati abbiano accesso a una rete sufficientemente sviluppata di infrastrutture di ricarica e rifornimento. In particolare, riguardo tre aree: punti di ricarica pubblici, punti di ricarica privati necessari nelle abitazioni e punti di ricarica sul posto di lavoro. Ciò richiede uno sforzo da parte di tutti, istituzioni, aziende, ricerca, con obiettivi vincolanti e misurabili.

In Italia abbiamo di fronte le stesse sfide, ovviamente e dobbiamo concentrarci su un piano di pochi punti, ma determinanti: le infrastrutture, lo sviluppo della rete 5G, la riforma della fiscalità dell’auto aziendale.

Affrontare in modo concreto questi tre punti significherebbe promuovere la mobilità sostenibile in modo concreto ed efficace, portare la mobilità nel futuro attraverso la connettività e svecchiare uno dei parchi circolanti più vecchi ed inquinanti d’Europa.

L'elettromobilità sta ridefinendo le regole del gioco per tutti noi. Il successo non è solo una questione di domanda e offerta, ma dipende soprattutto da una visione organica e integrata tra pubblico e privato, tra istituzioni e aziende, tra ricerca ed esigenze dei clienti.

Il tempo della sostenibilità è adesso. E noi, come sempre, siamo impegnati in prima linea.”

Per ulteriori informazioni:

Marco Di Gregorio                                                           

Corporate Communication Manager

Telefono: +39 0251610088

E-mail: marco.di-gregorio@bmw.it

Media website: https://newsroom.bmwgroup.com/global/en e http://bmw.lulop.com  

Il BMW Group

Con i suoi quattro marchi BMW, MINI, Rolls-Royce e BMW Motorrad, il BMW Group è il costruttore leader mondiale di auto e moto premium e offre anche servizi finanziari e di mobilità premium. Il BMW Group gestisce 31 stabilimenti di produzione e assemblaggio in 15 Paesi ed ha una rete di vendita globale in oltre 140 Paesi.

Nel 2020, il BMW Group ha venduto oltre 2,3 milioni di automobili e oltre 169.000 motocicli in tutto il mondo. L'utile al lordo delle imposte nell'esercizio finanziario 2019 è stato di 7,118 miliardi di Euro con ricavi per 104,210 miliardi di Euro. Al 31 dicembre 2019, il BMW Group contava un organico di 126.016 dipendenti.

Il successo del BMW Group si fonda da sempre su una visione di lungo periodo e su un’azione responsabile. Per questo l’azienda ha stabilito come parte integrante della propria strategia la sostenibilità ecologica e sociale in tutta la catena di valore, la responsabilità globale del prodotto e un chiaro impegno a preservare le risorse.

BMW Group Italia è presente nel nostro Paese da oltre 50 anni e vanta oggi 4 società che danno lavoro a oltre 1.100 collaboratori. La filiale italiana è uno dei sei mercati principali a livello mondiale per la vendita di auto e moto del BMW Group.

www.bmwgroup.com

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Good morning, and welcome to the BMW Group!

This is the time of year we usually meet in Geneva and it is unfortunate that this year, we are unable to do so. However, safety is always our highest priority and we fully understand and respect the decision taken by the Federal Council of Switzerland. We would like to express our utmost empathy to all those directly affected across the world. And in these truly challenging times, we all hope that the virus will soon be contained, and we can all return to everyday life.

Even though we couldn’t meet in Geneva, we felt that it was important to give everyone an update on “what’s new” at the BMW Group. And also, to pay tribute to the many people who have worked tirelessly on our new products and their presentation. And that’s why we are here, at the very heart of BMW Group Design, for the world premiere of a very special concept car.

At the BMW Group, we believe in the power of choice and electro-mobility is an important part of that. That’s why we are launching many new electrified vehicles over the next few years.

The brand-new MINI Electric is already in high demand, with more than 120,000 registered interests and close to 7,000 order intakes. This proves it is the perfect car for urban areas! This year we will be launching the all-electric BMW iX3 - our first pure electric Sports Activity vehicle - and the trailblazer for our all-new fifth generation BMW eDrive technology. We will also be launching further plug-in hybrids in 2020: For example, the new BMW X1 plug-in hybrid, the BMW X2 and the electrified BMW 3 Series Touring will be attractive additions to our wide range. Already, we have over half a million BMW Group electrified vehicles on the road. And we intend to double this number by the end of next year.

More fully-electric vehicles will be coming next year, including the BMW iNEXT and the BMW i4. Today, we want to give you a glimpse of the BMW i4. Let’s take a look! (Unveiling of the BMW Concept i4)

Ladies and Gentlemen: The Concept i4!

This four-door BMW Gran Coupé is fully electric and just as fascinating and fast as it looks. It is also suited to long distances, with an electric range of up to 600 kilometres, based on the new WLTP test cycle. Powered by our fifth-generation BMW eDrive technology, it has a very slim battery with optimum energy density.

Moreover, the development and production of the e-drive is done in-house, as well as the battery cell research. The e-drive offers a thrilling peak performance of up to 530 horsepower. And, we will not use any rare earths in the electric motor.

All of this shows that we are fully committed to climate protection.

I can assure you and our customers: We will fulfil the tough European CO2 regulations for 2020 and 2021. This year alone, we will reduce our European fleet target by around 20 percent.

I promise you: Our customers will never have to compromise between driving pleasure and sustainable mobility. Every BMW will drive like a true BMW. The BMW i4 will definitely be proof of that! We will build this great car right here in Munich, and I can tell you this: The design you see here is quite close to the actual series car.

Thank you!

Knudt Flor, President and CEO of BMW Manufacturing Co

Governor McMaster,

Senator Graham,

Ambassador Wittig,

Distinguished Guests,

BMW Associates,

Good morning and welcome to BMW Plant Spartanburg!

Each and every one of you here today is important to the United States, the state of South Carolina and to Plant Spartanburg, so I would like to begin by taking a moment to recognize all elected officials. Please be kind enough to stand for us so you may be acknowledged. On behalf of the BMW Group, I would like to thank you for twenty-five years of continued support and personal commitment to this plant’s success. Thank you!

Governor McMaster, thank you for your continued efforts in promoting this partnership, as many governors – especially the late Governor Carroll Campbell - before you have done. We’d also like to say a special “thank you” to Bobby Hitt, the Secretary of Commerce, who has been instrumental in the tremendous growth of Plant Spartanburg.

From the BMW Group, I would like to introduce Mr. Harald Krueger, Chairman of the Board of Management, and Mr. Oliver Zipse, Member of the Board of Management, responsible for Production worldwide. We welcome the national and international press, as we celebrate 25 Years Spartanburg and the All-New BMW X3!

Also, please join me in welcoming our valued dealers and suppliers from the U.S., our managers from Munich, and last, but certainly not least, I am delighted to welcome all of our associates here on site - the heart and soul of Plant Spartanburg!

25 years ago, our company reached an historic agreement with local government to build our first U.S. BMW plant in the great state of South Carolina. It was the start of something very special - a wonderful friendship and a new beginning. As BMW’s Chairman, Mr. Eberhard von Kuenheim stated back in 1992: “Seldom in the history of our company, has a community extended such a warm welcome to us as here in Spartanburg, in the state of South Carolina, USA. We have felt at home here from the first day on.”

In 1994, Spartanburg began operations with 570 associates, under the motto of “Welcome to the Future”. Today, we are proud to have over 9,000 associates here! Spartanburg has grown to become the largest plant in the BMW Group’s worldwide production network. That, in itself, is a very strong statement about our commitment to South Carolina and to the U.S.

It is our global competence center for our very successful BMW X vehicles. Currently, the plant produces X3, X4, X5 and X6 models, as well as M and hybrid variants. We are looking forward to starting production of the BMW X7 in late 2018. Today, we are delighted to give you an exclusive world premiere of the All-New BMW X3. The BMW X3 is without a doubt, the best vehicle in its segment. More on that shortly!

Of course, the success story of Plant Spartanburg wouldn’t have been possible without people. People have made and continue to make the difference.

We are proud of the people who work here – they are highly skilled and dedicated to building premium quality vehicles for our customers. I am proud to be the leader of such an incredible team at such a remarkable time. World class products are built here every single day. It’s thanks to you, our associates that BMW feels very much at home here in Spartanburg, South Carolina.

We are honored to have so many friends here and immensely proud to call South Carolina “our home away from home”. It is our goal, and our commitment, to remain a strong and reliable partner for our associates, our customers, South Carolina, and the United States.

Of course, a picture is worth a thousand words – here’s a film to remind us of a few highlights from the past 25 years.

Thank you!

Harald Krüger, Chairman of the Board of Management of BMW AG

Governor McMaster,

Senator Graham,

Ambassador Wittig,

Honored guests,

It’s great to be back in Plant Spartanburg again!

The film we just saw underscores the BMW Group’s strong commitment

• to the United States of America,
• to South Carolina,
• and to all our associates and partners here in the U.S.

All of this shows that the U.S. is clearly our home away from home.

We are proud to be responsible for around 70,000 jobs in this great nation – including dealer network and suppliers. The effect of that employment multiplies to a total of more than 120,000 jobs nationwide. This is according to a new study from the Moore School of Business at the University of South Carolina. Furthermore, our purchasing volume in America is now at 5.7 billion US dollars.

25 years ago, we made a crucial and forward looking decision. We decided to build our first full production plant outside of Germany in the U.S. – right here, in South Carolina. The BMW Group’s success in America would not be possible without the open arms and warm hearts of the people and elected officials in the great state of South Carolina and the surrounding region.

Senator Graham, it is an honor to have you with us here today. We greatly appreciate your ongoing support over the years.

Our relationship with South Carolina has been built upon decades of mutual trust and respect – and goes far beyond just building cars. Governor McMaster, as you have kindly said – we have become part of the very fabric of this great state. And David Britt, we were deeply touched by your words when you said: “BMW is the gift that keeps on giving”.

I am extremely proud of the highly skilled people who work here for the BMW Group. Their passion for excellence ensures that BMW vehicles built in the U.S. excite and inspire customers all over the world. Some of my fondest memories are from my time here at the plant as a manager. Since then, one thing has never changed – the unique spirit that makes BMW Plant Spartanburg so special: It’s all about People, Performance, Passion and Pride.

Today, I would like to thank all of our associates here, at Plant Spartanburg, for their strong commitment. You bring this plant to life – with your work, every single day. Thank you for your outstanding dedication! I am sure you all would agree that our associates deserve a round of applause.

Governor McMaster,

Senator Graham,

World-class people build world-class products. Today, Spartanburg is our largest plant worldwide. It is the global competence center for our X family vehicles, including the BMW X3. The BMW X3 is the most successful vehicle in its segment worldwide. Today, we are very proud to present you the third generation – “Built by BMW in the U.S. for the world”!

About 70% of our production from Spartanburg is exported to more than 140 countries. Thanks to our great, hardworking team here in the U.S., BMW was once again the leading U.S. automotive exporter by value in 2016 - a title we hold with pride.

Free trade has made our joint success story in South Carolina and the U.S. possible. A story, we want to continue, together with all of you. I firmly believe in free trade and open markets. It is essential for global businesses and economies around the world to flourish.

Altogether, the BMW Group has invested eight billion US dollars in Plant Spartanburg to date. I am delighted to say, we are investing a further 600 million US dollars in our manufacturing infrastructure here, up to 2021. This is for future generations of our X models. In the next four years, we will also create 1,000 new jobs, taking our workforce here to over 10,000.

Ladies and Gentlemen,

Training and qualifying our associates is key to our future success. We believe in education! That’s why the BMW Group will invest $200 million over the next five years – solely for the training and further education of associates at Spartanburg. In addition to this, we will begin to roll out a nationwide training program. We work together with local universities and colleges to offer a combination of training on the job and earning a degree. We will keep investing in our people and in our business in the U.S. This underscores our enduring commitment to the people of this great state and nation.

Therefore, I remain confident: Our footprint and commitment will continue to grow – not only in the Great State of South Carolina but also in the United States in the years to come.

(Unveiling of new BMW X3)

Ladies and Gentlemen,

The new BMW X3!

I can tell you, it’s really amazing to drive. Over two generations, the BMW X3 has been delivered to more than 1.5 million customers worldwide. I’m certain: This new generation will raise the bar even higher! Thanks to the team in Spartanburg for your great contribution. “Built by BMW in the U.S. for the world”!

Governor McMaster, Senator Graham, Ambassador Wittig, Oliver, Knudt, dear Associates – please come and join me on stage.

Thank you!

Olaf Kastner, President and CEO, BMW Group Region China

Good morning!

Both of these cars show the innovative power of the BMW Group.

They demonstrate our expertise in electromobility, which began 45 years ago.

Back in 1972, the all-electric BMW 1602 prototype allowed for emission-free mobility at the Olympic Games in Munich.

Today, our commitment to sustainable mobility is stronger than ever.

I am delighted to present the World Premiere of the BMW i8 Protonic Frozen Yellow Edition. This very striking, limited edition i8 will come to China in September.

Trends come and go. Icons remain. These cars are proof of that.

In China, our New Energy Vehicles have been well-received. We were the number one brand in electrification leadership according to an external consumer study last year. And this year looks set to build on that success with a strong start in electromobility. We are heavily involved in developing the NEV eco-system with our ChargeNow brand, which will see nearly 50% growth in publicly available charging and a total of 2,500 charging pillars in 15 cities by the end of this year.

Ladies and Gentlemen,

We have entered a new phase of localization in China. We have just launched the BMW 1 Series Sedan especially designed for China. Two weeks ago, we delivered the three millionth car. In a few weeks, we will open a new production facility in Shenyang.

In line with ‘Made in China 2025’, we will bring more state-of-the-art Industry 4.0 technology to the New Plant Dadong. With our increasing local R&D development, which will soon include High Voltage Battery production, we are well-prepared for China’s NEV development.

All of this demonstrates our commitment to shape the future of premium mobility.

Thank you for joining us today.

Peter Schwarzenbauer, Member of the Board of Management of BMW AG, MINI, Rolls-Royce, BMW Motorrad, Customer Engagement and Digital Business Innovation BMW Group

Riding, driving, and being driven is not just about going from A to B. It is also about freedom, luxury, comfort and excitement. For more than 100 years, our company has been providing emotional mobility. Buying a BMW Group vehicle is not only a rational decision, it’s a highly emotional one.

And all of our brands are emotional to the core, each in its own unique way.

BMW stands for sheer driving pleasure. Innovative mobility services and connectivity features complement the premium experience. And there is more to come. For example, we will start our car-sharing service ReachNow in Chengdu this year with a fully electric fleet.

BMW is also known for its emotional products on “two wheels”:

BMW Motorrad makes your life an extraordinary ride. Whether it be through sheer speed, adventure, cruising, or even silent electric riding.

Rolls-Royce is the very pinnacle of luxury. You can see that for yourself – and take a look at the new darker side of this brand at the Rolls-Royce press conference at 11:40 h CST.

And MINI? Well, if you want to experience one of the most emotional cars – in my opinion you should get inside a MINI, and give it a spin. For an extra dose of adrenalin and passion you should try out a MINI John Cooper Works.

Ladies and Gentlemen,

Today, I have brought along the latest member of this family:

What a great MINI! This is a car for those who want the extraordinary. Versatility, off-road excitement, MINI typical performance on the road: the new MINI John Cooper Works Countryman combines all these characteristics.

This is the second generation MINI Countryman. And John Cooper Works takes it into a league of its own. Inspired by its racing heritage, John Cooper Works creates the sharpest and most powerful MINIs.

The new MINI John Cooper Works Countryman is a truly exceptional vehicle:

-      The Countryman offers the most space of any car in the MINI line-up

-      It is the most versatile MINI

-      And the John Cooper Works model features the brand’s most powerful
       engine

China is already a strong market for MINI. Last year we achieved a ten percent increase. And we achieved double-digit growth in the first quarter of this year as well.

That’s because MINI offers one-of-a-kind fascination and emotion.

Now let’s talk about BMW Motorrad. We started selling motorcycles here in China only five years ago. Since then, sales have been growing significantly. We nearly doubled sales from 2014 to 2015 and last year we grew sales by more than 50%.

The Chinese market is becoming more and more important, and we expect substantial growth in the future. You can look forward to further fascinating models soon. Here’s a great one to start with …

This must surely be the most stunning BMW Motorrad ever. This is the exclusive BMW HP4 RACE. RACE – you can take that literally. In terms of technology, the new HP4 RACE is in the same category as current superbike racing machines.

The HP4 RACE is the first motorcycle with a carbon fibre main frame produced industrially using the RTM process. Only the BMW Group has this competence. The wheels are also made of this ultra-light but rigid material. Ready to race, this bike has a dry weight of just 146 kilograms! That means, same performance as a World Championship bike, but lighter!

Any customer lucky enough to take this bike on the racetrack will experience pure emotion. They’ll be among a select few: production will be limited to just 750 units of the BMW HP4 RACE.

And BMW Motorrad really is all about the experience, as I know well.

My personal highlight of 2016 was a bike tour through Tibet – and I want to share a few impressions of that trip with you. What a fantastic landscape for going off-road on a BMW Motorrad.

So you’ve heard a lot about “power” this morning - and there’s more to come.

Dr. Ian Robertson (HonDSc), Member of the Board of Management of BMW AG, Sales and Brand BMW, Aftersales BMW Group

I just can’t get enough of that sound! Now – Peter’s been talking about performance, power and exclusivity. Here’s the answer from BMW:

The world premiere of the all-new BMW M4 CS!

M – the most powerful letter in the world – is once again celebrating performance with a special edition model. After the success of the BMW M4 GTS, this is the second limited edition model of the M4 Coupe. This car starts a new tradition of CS cars positioned between the Competition variants of the M models – and the models used in club and motor sport.

The new CS will be powered by the M4 six-cylinder-engine. It boasts 460 horsepower, with a maximum torque of 600 Nm. Suspension is designed for exceptional sportiness, and Cup tyres come as standard.

And this car breaks the “4-second-barrier” – needing just 3.9 seconds from nought to a hundred. To reach that speed, lightweight construction was essential: many parts are made from carbon fibre.

Customers can look forward to exclusive colours and the BMW M specific OLED rear lights with their 3D effect. Production begins in July, so if you’re a fan – you won’t have to wait much longer!

Of course, BMW M is something very special. For more than four decades, it has played an integral role in shaping the BMW brand. And now let’s get another listen to that great sound!

Here in Shanghai, we are bringing the BMW brand even closer to our customers. We opened the new BMW Experience Center here last month. With over 45,000 m² and a Dynamic Driving Area, I invite everyone to come to the Center and experience the range of our brand – from BMW M to BMW i.

This is just one more facet of our engagement in China. And the vehicle we’re about to see is the perfect example of how we respond to the desires and wishes of our customers in China:

Ladies and Gentlemen,

The World Premiere of the all-new BMW 5 Series Long Wheelbase, created exclusively for Chinese customers!

Manufactured here in China at the new Dadong Plant facilities, the wheelbase has been extended by 13 cm – compared to the standard 5 Series Sedan. That extra space goes to the passengers in the back – something I know our customers here truly appreciate.

This exclusive new car sets the benchmark in aesthetics, driving pleasure and comfort in the premium business sedan segment. It is the most innovative and most connected vehicle in its class. Our customers will really enjoy the seamless communication and entertainment options, as well as the advanced driver assistance systems.

We’ve reduced the weight of this new 5 Series by up to 130 kilograms. That’s the weight of an adult plus their luggage. This means performance is sharper and even more dynamic – and acceleration and fuel efficiency are best in segment! The newly designed chassis was extensively tested here in China – and with new damper technology, it offers supreme ride comfort.

Ladies and Gentlemen,

It’s no wonder that the BMW 5 Series is the best-selling premium model on the Chinese market. I am sure that this stunning vehicle – the third generation of our BMW 5 Series Long Wheelbase – will continue that success story.

The 5 Series embodies the “heart” of the BMW brand and it accounts for around 30% of our BMW sales here. We’ve manufactured and sold around 800,000 5 Series over the years in China. I’m delighted to announce that the all-new BMW 5 Series Long Wheelbase will also be offered as a plug-in hybrid version.

The 5 Series Long Wheelbase will arrive in the showrooms in June and it’s just one of the 14 new products we are launching this year in China.

The BMW Group has already started well this year. We had a great first quarter in China with over 12% growth in sales. Worldwide, we achieved a new all-time high in the first three months by delivering nearly 600,000 BMW Group vehicles.

At the BMW Group, we are driven by our passion for emotional mobility.

And we continue to strive towards our goal of sustainable mobility.

We will electrify all our BMW Group brands and model series and we are aiming to sell 100,000 electrified vehicles this year alone.

We’ve made a good start in the first quarter of 2017, we already doubled electrified sales compared to last year. We look forward to telling you more about that as the year progresses.

Our portfolio is future-proof. And whatever you order, you always get passion and joy.

Thank you.

Mr. Karsten Engel

Dà Jiā Zǎo Shàng Hǎo!  (Good morning everyone)

Last month, we were very proud to hand over the two millionth BMW in China. This was a significant milestone for us and we look forward to welcoming even more customers to the brand in the future.

Today, we are delighted to present some very important new models in Shanghai. These clearly reflect the BMW Group’s confidence in, and commitment to the future of the Chinese market.  

As a successful company and a corporate citizen, BMW will remain firmly committed to social responsibility in China.  In the past 7 years, our “Warm Heart Fund” has involved a significant amount of customers and dealers in public-service activities. Including youth traffic education programs, BMW has helped around half a million people. This is an integral part of our dedication to build a strong foundation for the future.

In 2015, the BMW Group aims to achieve sustainable growth in China, which is aligned with the outlook of the Chinese market. We will continue to focus on the quality of business and customer satisfaction. The growth of the BMW Group in China this year will be driven by our highly attractive product portfolio, which will be enhanced by more than 10 new and revised models.

I would like to highlight that BMW is in a good position to tap into the fast-growing premium SAV and premium compact segments in this market. And you will see more on that very soon.

Our business will also be driven by our highly appealing brand. I’m very proud that our customers continue to perceive the BMW brand as the hallmark of innovation, passion and sustainability.

Let’s now begin with a unique expression of Sheer Riding Pleasure on two wheels – the latest generation BMW S 1000RR, which is setting new standards in the super-sports motorcycle segment. With even sharper performance and particular attention on rider-friendliness, the new S 1000 RR excels in every respect. It will continue to defend its position at the top of the super-sports segment!

2014 was a very successful year for BMW Motorrad.  This year we plan to build upon this success and introduce another 7 new models, including the S1000RR. This will bring our product offer in China to a total number of 16 different models, which covers customer demand in all segments. 

Now I would like to hand over to Dr. Ian Robertson. Thank you very much!

Dr. Ian Robertson

Ni men hao ladies and gentlemen!

It’s great to be back in Shanghai.

China’s combination of strong tradition and a focus on the future is the same blend of qualities that underpins the success of BMW.  Our ties with China are long-standing and we will continue to heavily invest in this market. Over the last five years we have invested more than two billion euros in our Chinese plants.

Annual production capacity will increase from 300,000 to 400,000 units in the next years and we are going to double our range of locally produced models from three to six.

As the world’s leading premium car company, our customers expect us to fulfill their individual wishes and demands.

And given the high demand for BMW vehicles worldwide, we are truly “spot-on” with our product portfolio. The BMW Group just achieved its strongest ever first quarter in sales worldwide. We are very pleased to have achieved solid growth in our key regions of Asia, America and Europe. We’re confident that the new models we’re presenting today will further drive that momentum.

Time and again, BMW has paved the way by creating new segments with truly innovative vehicles. The most recent example is right here - celebrating its Asia premiere in Shanghai.

Ladies and Gentlemen, the BMW 2 Series Gran Tourer!

This is the world’s first premium Multi Purpose Vehicle – the first premium seven-seater in the compact segment. It combines the best of BMW engineering in terms of quality, dynamics, design and safety with great space and flexibility. No other MPV handles, corners or feels as secure as the BMW 2 Series Gran Tourer.

It was designed to maximize space for both passengers and cargo. It offers ample headroom and the panorama roof also enhances the luxurious feeling of “spaciousness”.

With three rows of seats, it can take seven passengers. We are certain that customers will appreciate the ease of adjusting the seats, the elevated seating position, and the intelligent storage options.

And, the Gran Tourer has more safety and connectivity features than any other vehicle in its segment. It offers full-colour Head-up Display, Adaptive Cruise Control and Park Assistant, just to name a few.

We believe that this is a vehicle customers have been waiting for and that there is much potential here in the Chinese market.

Earlier on I talked about how creating new segments is part of BMW’s DNA.

Back in 1999, we celebrated the launch of a brand new concept for premium vehicles: the BMW X5. The BMW Group made the bold decision to create a new premium segment - the Sports Activity Vehicle - and hasn't looked back since.

“The boss” has been delivered to over 1.5 million customers since its debut.

Today, we are entering a new chapter with the BMW X5. We are fulfilling the needs of customers who desire the benefits of a full-size SAV, with zero-emission driving.

I am delighted to present you with the World Premiere of the BMW X5 xDrive40e.

We are very proud of this car. It combines the best of both worlds: the versatility and luxurious ambience of a full-size SAV, together with outstanding efficiency.

It is a great example of how our core models are benefitting from the technology and know-how transfer from BMW i.

Over the long term, we plan to offer every BMW model as a plug-in hybrid version.

China has the potential to become the world’s largest market for new energy vehicles.

As the leader in sustainable mobility, the BMW Group will continue to drive this field forward.

Let’s take a closer look at the BMW X5 with eDrive technology. Driven by a four-cylinder petrol engine with BMW TwinPower Turbo technology and a synchronous electric motor, it provides both a sporty and efficient ride.

The figures speak for themselves:

• Only 3.3 liters of fuel consumption per 100 km
• Emissions of just 77 g CO2/km
• With 313 horsepower!

In electric mode, the BMW X5 xDrive40e offers a range of up to 31 km and a top speed of 120km/h. The intelligent hybrid powertrain control ensures that the engine and the electric motor work together in perfect unison.

The lithium-ion battery is housed under the rear luggage compartment, so there’s no compromise on luggage space. Charging the battery is easy. Simply charge at home from a standard outlet or take advantage of faster charging with the BMW i Wallbox or a public charging station. With BMW 360° ELECTRIC, customers are offered an holistic service concept - covering everything from the supply and installation of the charging station to maintenance, advice and other services. BMW will ensure that customers have everything they need to charge their cars from home.

Catering to customers’ demand for an SAV, as well as emission-free driving, we’re very confident that this vehicle will be a big success here in China and worldwide.

It’s already caught the eye of Hollywood producers. We’re thrilled to once again be involved in a Blockbuster “Mission: Impossible – Rogue Nation” with cutting-edge BMW vehicles, such as the BMW X5 xDrive40e.

Thank you!

Signore e Signori,
L’innovazione porta al cambiamento.
E le innovazioni veramente rivoluzionarie possono anche trasformare la società. Dietro ad esse ci sono una grande idea e un forte desiderio di creare qualcosa di migliore per il domani.

E’ per questo che ci troviamo qui oggi. Siamo ai blocchi di partenza di una nuova epoca: l’epoca della mobilità sostenibile.

Benvenuti a New York City, la principale megacity d’America con oltre 8,3 milioni di residenti.

Sono felice di presentare, per la prima volta, la BMW i3.

Grandi cambiamenti iniziano da piccoli. Guardando indietro nella storia, possiamo trovare molti esempi di questo fenomeno. Oggi, la BMW i3 segna l’inizio di una nuova era di mobilità. Guardando in prospettiva, considerate il telefonino che è nelle vostre tasche. Avevamo oltre cento anni di telefoni fissi. Poi è arrivato il telefono mobile che ha completamente cambiato il modo in cui interagiamo con il nostro mondo. Il telefonino ha aperto la strada ad attività che nessuno avrebbe pensato possibili.

Signore e Signori,
L’industria automobilistica ha aspettato ben oltre un secolo per la sua rivoluzione. Oggi l’attesa è finita. Quello che il telefonino ha fatto per le comunicazioni, la mobilità elettrica lo farà per la mobilità individuale.

La BMW i3 rappresenta qualcosa di più di un passo dell’evoluzione: è un grande salto in avanti. Da uno schizzo alla strada, l’i3 è unica sotto ogni aspetto. Con l’intenzione di creare un’auto veramente sostenibile, abbiamo effettuato ricerche nelle grandi metropoli di tutto il mondo.

Queste hanno compreso:

• prove di milioni di miglia con le nostre auto elettriche “retro-fitted” MINI E e BMW ActiveE;
• anni di ricerca in collaborazione con gli esperti delle grandi metropoli di tutto il mondo, e
• migliaia di ore di colloqui con i clienti.

Fin dall’inizio abbiamo riprogettato i nostri interi processi di sviluppo e di produzione. La BMW i3 è costruita apposta intorno ad un propulsore elettrico per rispondere alle esigenze dei nostri clienti delle grandi città.

La BMW i3 è nata elettrica.

Questo rappresenta il premium nella sua forma migliore.

In ogni step del suo percorso, dallo sviluppo alla produzione, al post-vendita, la BMW i3 stabilisce nuovi parametri nella mobilità sostenibile. Nell’architettura completamente nuova, utilizziamo fibra di carbonio per l’abitacolo – una novità assoluta nella produzione di auto in serie. Le nostre comprovate competenze nell’utilizzo di questo materiale rendono l’abitacolo estremamente forte e leggero. Produciamo il materiale in fibra di carbonio utilizzando energia idroelettrica. E costruiamo la BMW i3 con l’ausilio dell’energia eolica.

Ciò rappresenta una novità assoluta per l’industria.

Anche i nostri innovativi metodi di produzione sono esclusivi.

Componenti in fibra di carbonio vengono saldati insieme mediante un processo completamente automatizzato. Le tecniche di saldatura che abbiamo sviluppato in fabbrica stanno creando nuovi standard per l’industria.

Le innovazioni della BMW i3 vanno ben oltre la ricerca e sviluppo e la produzione, fino a comprendere anche l’esperienza dei clienti.

Sosterremo tutti i nostri clienti BMW i3 con una serie completa di offerte di servizi premium. Quest’approccio, “360 gradi elettrico”, renderà la guida della BMW i3 facile e piacevole. Un aspetto che valorizza ulteriormente l’esperienza rilassante della BMW i3 è costituito dai suoi interni aperti capaci di creare un’atmosfera da salotto.

E, naturalmente, la BMW i3 condividerà la qualità dinamica con ogni altra BMW in circolazione: sarà il massimo in termini di piacere di guida.

 
Signore e Signori,

Per rispondere ai trend globali, come l’urbanizzazione e le crescenti emissioni di CO2, la sostenibilità è una parte importante di un moderno stile di vita urbano. La BMW i3 rappresenta la soluzione perfetta per le esigenze di mobilità della gente di questa città. Il sindaco Michael Bloomberg si è impegnato per il resto del suo mandato a rendere New York City la città più verde della terra, appoggiando diversi programmi di ampia portata. In primo luogo, vorrebbe migliorare ed espandere le infrastrutture di trasporto sostenibile. Appoggiamo gli sforzi del sindaco Bloomberg intesi a collegare gli spazi di parcheggio pubblico di New York a dispositivi di ricarica per veicoli elettrici fino al 20 percento degli spazi stessi nei prossimi sette anni. Ciò promuove non solo soluzioni di mobilità sostenibile, ma anche risparmi sui costi.

Ricaricare la propria auto elettrica costa fino al 30 percento in meno rispetto alla media di ciò che si paga ora al distributore.

Signore e Signori,

L’automobile esiste da quasi 130 anni.

La giornata di oggi segna un cambiamento nel futuro della mobilità.

Il BMW Group è orgoglioso di guidare questo cambiamento.

Oggi la BMW i3 inizia una nuova era:

l’era della vera mobilità sostenibile.

Grazie.