Investor Relations

Investor Relations.

+++ Speech Oliver Zipse, Chairman of the Board of Management of BMW AG +++ General Annual Meeting +++ Munich, 11 May 2023, 10.00 a.m. CEST +++


We move body, heart and mind. The BMW Group – your company,

Dear Shareholders! Today is one of the days of the year that I particularly look forward to. At our Annual General Meeting, we stand before you, to answer your questions.  Of course, you want to know: what are we accomplishing at Team BMW Group – and, most importantly: What are our plans?  You are invested in a company with ambitious goals. Thanks to our focus and determination, you can rely on us to realise our plans – in the short, medium and long term, year in, year out. That is what you expect from us – and we deliver!


+++ Zipse: “Our compelling products inspire customers all over the world” +++ Group EBT margin at 13.9% +++ Automotive EBIT margin climbs to 12.1% +++ Free cash flow of around € 2 billion in Auto Segment +++ Sales of BMW BEVs up 112% +++ 2023 Guidance confirmed in continuing volatility +++


Munich. With its fresh and attractive portfolio and a strong product mix, the BMW Group continued on its successful course in the first quarter of 2023. The company’s strong operating performance was confirmed by its margins: The Group EBT margin for the three-month period came in at 13.9%, while the EBIT margin for the Automotive Segment increased to 12.1%. The BMW Group’s operating financial strength is also reflected in the free cash flow of € 1,981 million in the Automotive Segment.

With its popular premium vehicles, the BMW Group benefited from positive development in many automotive markets and from continued stable pricing for both new and used cars. Sales momentum came from the electrified product line-up as well as models of higher classes, which are among the youngest in the market. Sales of BMW BEV models more than doubled to 55,979 deliveries (2022: 26,362 units/+112.3%).  


+++ Repurchased shares to be largely cancelled, reducing share capital accordingly +++


Munich. Today, the Board of Management of the Bayerische Motoren Werke Aktiengesellschaft (BMW AG) approved a further share buy-back programme in a volume of up to 2 billion EUR (total purchase price excluding ancillary acquisition costs), which is scheduled to start upon conclusion of the first buy-back programme. The latter was started in July 2022 and is expected to be completed in mid-2023. The authorization to repurchase up to 10% of the share capital within five years was granted by the Annual General Meeting of BMW AG in May 2022.

This second repurchase programme is also applicable to both common and preferred shares. The volume attributed to preferred shares is limited to a maximum of EUR 350 million. The second programme will be concluded no later than December 31, 2025.

Its primary objective is to redeem the repurchased shares and to reduce share capital correspondingly. In addition, it may also be used to transfer shares to employees of BMW AG or a group company within the framework of an employee share program. 


Why invest in BMW?

FIRST-CLASS INDIVIDUAL MOBILITY – We play a pioneering role in setting standards for the individual premium mobility of tomorrow. It combines pleasure and responsibility without compromise.

SUSTAINABILITY – The BMW Group is a holistically sustainable company taking responsibility for sustainable future mobility. Every investment in BMW is a sustainable investment.

INNOVATION & FLEXIBILITY – The BMW Group is an innovation pioneer in the automotive industry. Our business model is based on constant transformation and flexibility – successful for over 100 years.

ELECTRIFICATION – Due to our flexibility and permanently transformed plants, we will have a convincing battery-electric vehicle offer covering 90% of our current market segments from 2023.

DIGITALIZATION – We set standards in the digitalization and connectivity of our vehicles and use our competitive edge in remote software upgrades.

FINANCIAL PERFORMANCE – We offer financial stability due to our strong balance sheet and industry-leading credit ratings. We set ambitious profitability and cash flow targets and are a reliable dividend payer.

Mainland China figure includes 96,133 units delivered to customers by the BMW Brilliance Automotive Ltd., Shenyang, joint venture in the period from 1 January to 10 February 2022 (i.e. prior to the full consolidation of that entity in the BMW Group Financial Statements).

BMW Group Sales Distribution as of 31.12.2022.



EU-27 countries including Norway and Iceland; with effect from 2021, values are calculated on a converted basis in line with WLTP (Worldwide Harmonised Light Vehicles Test Procedure). Values from 2017 to 2020 according to New European Driving Cycle (NEDC).

CO2 EMISSIONS New car fleet Europe.

* Proposal by the Board of Management
** To improve year-on- year comparability, the 2020 NEDC figures were converted to WLTP after adjusting for permissible flexibilities – specifically from 99 g CO2 / km according to NEDC (including 5 g CO2 / km phase-in, 7.5 g CO2 / km supercredits and 2.4 g CO2 / km eco-innovations) to 135 g CO2 / km according to WLTP (excluding flexibilities). In 2020, a phase-in regulation was accepted, as was the recognition of supercredits. As of 2021, these two simplifications no longer apply for the BMW Group.


BMW Group.

  • Profit before tax: significant decrease
  • Workforce size at year-end: slight increase
  • Share of women in management positions in the BMW Group: slight increase


  • Deliveries to customers: significant increase
  • EBIT margin: between 8 and 10%
  • Return on capital employed: between 21 and 26%


  • Deliveries to customers: slight increase
  • Share of all-electric vehicles in total deliveries: significant increase
  • CO2 emissions new vehicle fleet EU: slight decrease
  • CO2 emissions per vehicle produced: slight decrease
  • EBIT margin: between 8-10%
  • Return on capital employed: between 15-20%


  • Return on equity (RoE): between 14 and 17%

The outlook does not factor in the following:

  • a deep recession in the BMW Group’s key sales markets
  • a further escalation of the conflict between Russia and Ukraine, combined with an expansion of the war
  • an exacerbation of the pandemic situation in China and the resulting impact on the economic environment

Due diligence in the supply chain.

To support our supply chain due diligence, we set mandatory sustainability standards for our suppliers.