On Monday, BMW said that it expects to reach the higher end of its 7-9 per cent margin target for the cars business and sees slight sales growth in 2023. said in a roundtable

The company’s chief financial officer (CFO) Nicolas Peter said that demand was recovering in China in the third quarter after lockdowns plagued the first half. He described it as a ‘rollercoaster’ year in their largest sales market. In Europe, order books were still full. However, demand was stronger in France, Spain and Italy but weak in Germany and the United Kingdom.

BMW expected to hit its target of 10 per cent fully electric sales this year at around 240,000-245,000 vehicles and could see that figure advancing to around 400,000 next year.

About the issue of the gas shortage in Europe, Peter said the gas issue would not have any direct impact this year. He also added that the company had also not seen any production cuts in its supplier network so far.

Founded in 1916, BMW (Bayerische Motoren Werke AG), is a German multinational manufacturer of performance luxury vehicles and motorcycles.