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MarketScreener Homepage  >  Equities  >  Xetra  >  BMW AG    BMW   DE0005190003

BMW AG

(BMW)
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BMW : CEO urges staff to narrow sales gap with Mercedes

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08/16/2019 | 09:14am EDT
FILE PHOTO: Oliver Zipse, board member of German luxury carmaker BMW attends the company's annual news conference in Munich

FRANKFURT (Reuters) - BMW's new chief executive urged employees to embrace change and to find innovative ways to help the Bavarian carmaker overtake rival Mercedes at a time when demand for luxury cars is waning.

Oliver Zipse addressed staff in an internal email a day after his predecessor Harald Krueger stepped down. BMW has lost ground to Mercedes-Benz producer Daimler in the past five years and seen rivals such as Tesla jump ahead in electric car sales.

"Instead of blaming the current situation, conditions, political landscape or particular individuals, a positive spirit will enable us to seize the opportunities available to us. Such a positive spirit will be reflected in our culture: the harder the job, the more innovative our solution," Zipse said.

"We don't always have to be first, but we most certainly have to be far better than our competitors in everything that we do. This applies not only to our products and services, but also to our processes and structures, as well as our costs," he said.

BMW has already narrowed the sales gap between BMW and Mercedes and is preparing to launch more models, Zipse said.

BMW's flexible production methods, which allow the carmaker to build electric and combustion-engined cars on the same production line, provide a major competitive advantage because it will allow the carmaker to scale up or slow down production of electric cars in line with demand, Zipse said.

(Reporting by Jan Schwartz; Writing by Edward Taylor)

Stocks mentioned in the article
ChangeLast1st jan.
BMW AG 0.25% 65.15 Delayed Quote.-8.08%
DAIMLER AG -0.17% 47.345 Delayed Quote.3.13%
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Financials (EUR)
Sales 2019 98 725 M
EBIT 2019 7 345 M
Net income 2019 5 200 M
Finance 2019 15 750 M
Yield 2019 4,69%
P/E ratio 2019 8,25x
P/E ratio 2020 6,87x
EV / Sales2019 0,27x
EV / Sales2020 0,29x
Capitalization 42 150 M
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Mean consensus HOLD
Number of Analysts 31
Average target price 72,56  €
Last Close Price 65,12  €
Spread / Highest target 81,2%
Spread / Average Target 11,4%
Spread / Lowest Target -25,9%
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Managers
NameTitle
Harald Krüger Chairman-Management Board
Norbert Reithofer Chairman-Supervisory Board
Nicolas Peter Chief Financial Officer
Susanne Klatten Independent Member-Supervisory Board
Manfred Schoch Deputy Chairman-Supervisory Board
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