BMW, the German premium car maker, is anticipating pricing and electric vehicles to be key drivers of growth in the second half of the year. Despite ongoing supply-chain issues, Chief Financial Officer Walter Mertl expressed confidence in the positive business trends.
In the second quarter, BMW reported sales of €37.22 billion ($40.71 billion), reflecting an increase from €34.77 billion in the same period last year. Although net profit attributable to shareholders witnessed a slight decline from €2.84 billion to €2.81 billion, the company attributed its growth to strong pricing and the rise in electric vehicle sales.
In the first half of the year, BMW saw a significant increase in electric vehicle sales, reaching around 133,900 units compared to the same period in 2022.
Buoyed by its performance, BMW recently revised its outlook for the year. It now expects an operating margin in the auto division ranging from 9% to 10.5%, up from the earlier projection of 8%-10%. Moreover, the company foresees solid growth in deliveries as opposed to a previous forecast that predicted slight growth.
Even though the global economy is facing uncertainty, BMW remains optimistic about the growth potential in global auto markets this year. The company will prioritize price discipline while noting early signs of market normalization.
With pricing and electric vehicles at the forefront of its strategy, BMW is poised for a strong second half of the year.
