BERLIN (Reuters) – BMW expects to reach the higher end of its 7-9% margin target for the cars business and sees slight sales growth in 2023, chief financial officer (CFO) Nicolas Peter said in a roundtable on Monday.
Demand was recovering in China in the third quarter after lockdowns plagued the first half, the CFO said. In Europe, demand was weak in Germany and the United Kingdom but stronger in France, Spain, and Italy.
The luxury carmaker expected to hit its target of 10% fully-electric sales this year at around 240,000-245,000 vehicles and could see that figure rising to around 400,000 next year, Peter added.
Asked how BMW was responding to the gas shortage in Europe, Peter said it had reduced its gas intake in Germany and Austria by 15% and expected to be able to cut it further. It had not seen any production cuts in its supplier network so far, he said.
(Reporting by Victoria Waldersee, editing by Rachel More)
