+++ Reithofer: “BMW Group has strengthened its competitive leadership position under Oliver Zipse” +++ Jochen Goller succeeds Pieter Nota as Board Member for Customer, Brands, Sales +++ Supervisory Board thanks Nota for great commitment and important impulses +++

Munich. The Supervisory Board of BMW AG has today extended the contract of Oliver Zipse as Chairman of the Board of Management until 2026. Zipse has been a member of the Board of Management since 2015 and Chairman of the Board since August 2019. During his term of office, the BMW Group significantly expanded its range of electric vehicles and today offers fully electric models in almost all of its core segments. In addition, development began on the Neue Klasse as the next model generation, with production starting in 2025.

Norbert Reithofer, Chairman of the Supervisory Board of BMW AG, said: “Oliver Zipse has very successfully steered the company in recent years through an extremely volatile environment. In a phase of global crises and profound transformation, the BMW Group has not only achieved reliably robust results under his leadership, but has also sustainably strengthened its leading position in global competition. With the Neue Klasse, the BMW Group is well on track to further expand this position.”

+++ Higher sales target and automotive EBIT margin for 2023 +++ Group EBT margin comes in at 12.6% for HY1 +++ Automotive EBIT margin at 10.6% after six months +++ Free cash flow of € 3.1 billion in Automotive Segment in YTD June +++ Deliveries of fully-electric BMW vehicles up 133% +++ Zipse: “Economic success during the transformation” +++

Munich. The BMW Group delivered a strong financial and operating performance in a difficult environment in the first half of 2023. In the first six months, the premium automotive manufacturer achieved a Group EBT margin of 12.6% and an EBIT margin of 10.6% in the Automotive Segment. In the second quarter, the Group EBT margin came in at 11.3% (Q2 2022: 11.3%). In the Automotive Segment, the EBIT margin increased to 9.2% (Q2 2022: 8.2%).
As previously reported in an ad hoc announcement, the company is now planning for solid growth in deliveries for the full year 2023 (previously slight growth). Growth drivers should be highly priced models as well as fully electric vehicles.  BEV models are set to account for 15% of total vehicle sales. The EBIT margin in the Automotive Segment is now projected to be within the range of 9-10.5% (previously 8-10%). 

Munich. The BMW Group updated its full-year outlook for 2023 today. Given the solid operational performance in the first half of 2023, the company expects positive momentum in the business during the second half of the year. This is built on the ongoing strength of the order bank and an expected improvement in the availability of its premium vehicles.

The BMW Group made the following changes to their guidance on financial indicators:

• Automotive segment deliveries to customers is expected to see solid growth over the prior-year level (previously: slight growth).
• In the Automotive segment, the EBIT margin for full year 2023 is anticipated to be within the corridor of 9% to 10.5% (previously: 8% to 10%)
• In the Automotive segment, Return on Capital Employed (RoCE) is expected to be between 18% and 22% (previously: 15% to 20%)
• The Financial Services segment Return on Equity (RoE) is expected to be between 16% and 19% (previously: 14% to 17%).

Additionally, free cash flow in the Automotive segment is now anticipated to be above €6 billion for the full year 2023, taking into account higher investments in the transformation to electromobility as well as increased inventories to ensure the necessary supply of vehicles to the markets.