Bayerische Motoren Werke AG (BMW), the world’s largest maker of luxury vehicles said is confident about the current financial year after a record year in 2011.
The German automaker said pretax profit this year will probably beat 2011’s 7.38 billion euros ($9.72 billion). If so, the outlook is ahead of the 7.06 billion-euro average estimate of 20 analysts surveyed by Bloomberg.
“We are starting the new year with a full order book and a highly attractive model range. The BMW Group plans to grow faster than the market as a whole in 2012 and expects to achieve new sales volume records for its BMW, MINI and Rolls-Royce brands” stated Norbert Reithofer, Chairman of the Board of Management of BMW AG at the Annual Accounts Press Conference in Munich on Tuesday.
The company plans to build a new plant in Brazil and is expected to add a second factory in China this year as it seeks to fend off efforts by Volkswagen AG (VOW3)’s Audi and Daimler AG (DAI)’s Mercedes-Benz to take the lead in the segment.
Last week BMW said its profits jumped by 51 percent last year to euro4.9 billion ($6.43 billion), AP reported. Profit compared with an €8.04 billion average estimate of 20 analysts surveyed by Bloomberg. Revenue climbed 14 per cent to €68.8 billion.
BMW, which is fending off efforts by Volkswagen’s Audi and Daimler’s Mercedes-Benz to take the segment’s top sales spot, spent €500 million in the second half to introduce new versions of the 3-Series sedan and 1-Series compact.