BMW Anticipating Strong 2011 Profits Helped By New Models
BMW expects 2011 sales and earnings to beat 2010's record results, with the newly-redesigned X3 crossover and 6 Series coupe helping to contribute to the gains, Bloomberg reports.
The carmaking division will probably exceed the earnings before interest and taxes margin of 8 percent of sales reported in 2010, the Munich-based company said today. The new X3 debuted in January, and sales of the refurbished 6 Series convertible started earlier this month, which will be followed by the coupe version in the Fall, the company said.
The company is expected to record a 13-percent increase in net income to 3.64 billion euros ($5.05 billion) in 2011, according to the average of 13 estimates compiled by Bloomberg. The carmaker is targeting deliveries more than 1.5 million vehicles this year, with all-time highs for the BMW, Rolls-Royce and Mini brands.
Growth has been so strong, the company is adding production in China and India, and is considering expanding production facilities in South America to meet strong demand in Brazil.
Source: Bloomberg, BMW