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BMW CEO sees good start to 2011; looks to India, Brazil for growth
Administrator Tue Mar 08, 2011 10:39 am
BMW CEO sees good start to 2011; looks to India, Brazil for growth
MILAN (Reuters) - BMW is satisfied with business so far this year, CEO Norbert Reithofer told an Italian newspaper, adding that the carmaker aimed to stay independent through partnerships.
"We had a good start (to 2011). We aim at new record sales for all our brands," Reithofer told financial daily Il Sole 24 Ore in an article published on Sunday.
He also confirmed the company's target of selling more than 1.5 million units in 2011. The company last month said January unit sales rose 28 percent year-on-year to 105,177 vehicles, while February unit sales were up 20 percent.
BMW is scheduled to publish its 2010 business report on March 15. The company is expecting a strong growth impulse from China, where it sees double-digit growth this year, but Reithofer added he looked at India and Brazil as the "next China" for the company.
Growth in Europe, he said, would be modest. "The old continent accounts for around half our sales. We expect it to continue to grow slightly over the next years," hesaid.
Regarding BMW's future, Reithofer said: "Our intention is to remain independent, also over the next 10 years. Through innovation and partnerships focused on parts and engines."
Carmakers are looking to cooperation to reap synergies from slashing development costs for new technologies, in order to meet tightening emissions legislation and win customers in the face of stiff competition from newer players.
Reithofer mentioned the group's partnerships with Daimler and PSA/Peugeot-Citroen as examples of their ongoing strategy to reduce costs and pursue innovation.
BMW and PSA on Feb. 28 announced they were planning to invest 100 million euros ($140 million) in a hybrid technology joint venture.
With regard to competition from the cooperation of Fiat S.p.A.'s Lancia brand and Chrysler, Reithofer said: "I am not worried. We are not afraid of anybody, I am telling this to my friend (Sergio) Marchionne as well." Marchionne is CEO of Fiat and Chrysler.
MILAN (Reuters) - BMW is satisfied with business so far this year, CEO Norbert Reithofer told an Italian newspaper, adding that the carmaker aimed to stay independent through partnerships.
"We had a good start (to 2011). We aim at new record sales for all our brands," Reithofer told financial daily Il Sole 24 Ore in an article published on Sunday.
He also confirmed the company's target of selling more than 1.5 million units in 2011. The company last month said January unit sales rose 28 percent year-on-year to 105,177 vehicles, while February unit sales were up 20 percent.
BMW is scheduled to publish its 2010 business report on March 15. The company is expecting a strong growth impulse from China, where it sees double-digit growth this year, but Reithofer added he looked at India and Brazil as the "next China" for the company.
Growth in Europe, he said, would be modest. "The old continent accounts for around half our sales. We expect it to continue to grow slightly over the next years," hesaid.
Regarding BMW's future, Reithofer said: "Our intention is to remain independent, also over the next 10 years. Through innovation and partnerships focused on parts and engines."
Carmakers are looking to cooperation to reap synergies from slashing development costs for new technologies, in order to meet tightening emissions legislation and win customers in the face of stiff competition from newer players.
Reithofer mentioned the group's partnerships with Daimler and PSA/Peugeot-Citroen as examples of their ongoing strategy to reduce costs and pursue innovation.
BMW and PSA on Feb. 28 announced they were planning to invest 100 million euros ($140 million) in a hybrid technology joint venture.
With regard to competition from the cooperation of Fiat S.p.A.'s Lancia brand and Chrysler, Reithofer said: "I am not worried. We are not afraid of anybody, I am telling this to my friend (Sergio) Marchionne as well." Marchionne is CEO of Fiat and Chrysler.
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