BMW expects significant profit growth in 2021
German automaker BMW said Wednesday it expects a significant increase in profits in 2021 as it predicts strong performance in all of its segments.
BMW, which also owns the MINI and Rolls-Royce brands, said it expects the auto segment to show solid year-over-year sales growth, with the segment's EBIT margin expected to rise to 6-8%.
About 90% of market segments will have all-electric models by 2023, and the BMW i4 model will launch three months ahead of schedule, the automaker said in a statement.
“The BMW Group has ambitious plans for 2021,” said CEO Oliver Zipse. “We started the new year very dynamically and strive to return to the pre-crisis level as soon as possible - and go even further.”
BMW shares up 2.2% in trading ahead of the Lang & Schwarz market.
Recall that in 2020, the German automaker's net profit fell by 23.2% to 3.857 billion euros.