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BMW Aims to Hike SUV Sales to Fund EV Push
BMW AG expects it will more than double sales of its priciest piston-powered models to help fund its push into all-electric vehicles.
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BMW AG expects it will more than double sales of its priciest piston-powered models to help fund its push into all-electric vehicles.
Chief Financial Officer Nicolas Peter tells reporters that BMW aims to hike deliveries of its 7 and 8 Series sedans, M8 performance coupe and upcoming X7 large crossover (pictured) to about 145,000 units next year from 65,000 in 2018.
Peter says his chief goal is to improve BMW’s profitability. The company has said it intends to introduce 25 hybrid or all-electric models by 2023.
The electrification push comes as BMW completes the first year in a four-year plan to slash costs by €12 billion ($13.2 billion).
The initiative was launched to help offset the cost of developing electrified powertrains and putting them into production. The company warned in March that its pretax profits this year will fall “well below” last year’s result, when operating earnings dropped 22%.
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