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BMW expects higher profits, more electric cars

2017-03-22 07:03

ELECTRIC VEHICLE PUSH: BMW aims to sell 100 000 electric-powered cars in 2017. It has sold 62 000 EVs. Image: Wheels24

Germany - German automaker BMW is forecasting increased sales and profits this year as it begins the rollout of some 40 new models and aims to sell 100 000 electric-powered cars.

The company said on Tuesday it expects "a slight increase" from last year, when it had 94.2 billion euros ($101.7 billion) in revenues and net profit of €6.9-billion euros. It has sold 62 000 electrics.

Munich-based BMW AG has invested heavily in electric vehicles even though they remain less than 1% of the global market, saying they're the key to future sales. The company predicts electric vehicles will be 15-25% of the market by 2025.

CEO Harald Krueger said at the company's annual news conference that that "our goal is sustainable mobility. There's no turning back."

READ: So BMW is developing ‘super batteries’ for electric cars

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