- 2023 EBIT Hits Record High; 2024 EBIT Margin Predicted to Stay Strong*
Munich, Germany – Following a year with record operating results in the Automotive Segment, BMW Group is steering towards a prosperous 2024, the automaker’s earnings showed Thursday.
With plans to capitalize on the momentum of its strong 2023 performance, the company forecasts a continuing trajectory of profitable growth. The group’s EBIT margin for 2024 is expected to range between 8-10%, riding on the success of its robust product lineup, including fully-electric vehicles (BEVs) and models from the upper premium segment.
In a recent press release, the Munich-based automotive giant detailed its strategic focus for the coming year, emphasizing its commitment to electrification and luxury vehicles. With over two million electrified vehicles already on the roads, BMW Group is set to introduce more than 15 BEV models across all brands by 2024. Highlighting the imminent arrival of the BMW Vision Neue Klasse X, BMW Group promises a broad spectrum of choices for customers within the NEUE KLASSE lineup.
In 2023, the BMW Group significantly increased (+74.2%) its sales of fully-electric vehicles to over 375,000 units, clearly underlining its role as an e-mobility pioneer. The company thus delivered significantly more fully-electric vehicles to customers than its direct European competitors and also significantly more than most of the new-entry players from Asia and the US.
The company notably reduced its EU CO₂ fleet emissions by over 20% in 2023, exceeding regulatory requirements. In a bold move towards sustainability, BMW Group’s Munich plant will transition to exclusive BEV production starting in 2027.
BMW Group CEO Oliver Zipse commented on the company’s enduring commitment to customers, investors, and stakeholders, declaring, that BMW’s strong products and demand have positioned the auto maker for continued success.
This strategic direction, along with the company’s planned capital expenditure peak in 2024, sets the stage for BMW Group to fortify its position in the automotive industry. With its vision set on a future marked by innovation and growth, BMW Group is poised to maintain its course as a leading force in the global automotive market.