BMW’s 2018 year’s profits will at least equal last year’s results according to Chief Financial Officer Nicolas Peter. BMW expects group profit before tax to be “at least in line” with 2017’s record 10.7bn euros which was up 10 per cent year-on-year.
Peter said the company would allocate “an increasing amount” to research and development after spending 6.1bn euros in 2017, an increase of a billion euros.
It’s no secret that many progressive car companies are spending heavily to develop battery-powered cars in order to meet tough future measures against global warming and air pollution. They are also in a race with cash-rich tech companies such as Waymo and Uber to develop autonomous vehicles, Companies are also developing digital transportation services involving the use of vehicles for short periods of time when people need them.
The all-electric BMW i4 is set to spearhead an electric product offensive that will see 25 models hit the market by 2025. Already this year BMW has sold more than 100,000 electric cars, the bulk of which were the BMW i3. The BMW Group intends to grow sales of its electrified vehicles (all-electric and plug-in hybrid) to at least 140,000 units globally in 2018 and is targeting more than half a million units on the world’s roads by the end of 2019. “Our electric mobility strategy is having a positive impact: the broad range of electrified models we now offer enabled us to cut CO2 emissions across our EU fleet yet again in 2017,” CEO Harald Krüger pointed out.