Dear Shareholders!
Today is one of the days of the year that I particularly look forward to. At our Annual General Meeting, we stand before you, to answer your questions.
Of course, you want to know: what are we accomplishing at
You are invested in a company with ambitious goals. Thanks to our focus and determination, you can rely on us to realise our plans - in the short, medium and long term, year in, year out. That is what you expect from us - and we deliver!
On that note, let me wish you all a warm welcome from BMW Welt in
You are our owners.
We have entrepreneur
We stand together and we respect each other - that is how the
Together, our
This diversity sets us apart.
Right next door is our main plant. We have people of over 70 nationalities working at that site alone. In March, I attended the employee meeting. It reminded me that our associates really know what they are doing. We are currently refurbishing our oldest plant, located right in the heart of the city, and transforming it into a cutting-edge location for e-mobility. An area the size of nine football pitches will be remodelled in the coming years - while maintaining production at full tilt. That doubles the burden on our team. It is like performing open heart surgery - but everyone is on board.
It was therefore also important to me personally to be able to announce the highest-possible profit-sharing bonus. Not just in
On the weekend of 8 to 9 July, we will be opening the doors of our
Our home base is representative of our network. We all live the
That is why my first thank you today goes out to our global team. Personally, and on behalf of the
Our values are also reflected in how we engage with our partners. Last year, we faced disruptions to key supply chains, like semiconductors. Once again, our sound supplier relationships proved they were up to the task. So, my second thank you is for our suppliers! We are all in the same boat: If the
Dear Shareholders,
Last year, I introduced you to our
This pledge is our promise to customers - and to society, which expects us to make an effective contribution, to have an impact. That is why we are confidently continuing on our path forward as a company.
I'd like to talk about five aspects regarding how we are doing this:
Your company is becoming even more resilient in the face of complex challenges.
Your company charts its own course.
Your company maintains a good balance between the
different regions of the world.
Your company is becoming entirely digital.
Your company is already taking the next leap in innovation.
Ladies and Gentlemen,
Every journey into the future starts with a status quo.
That is why I'd like to talk first about our starting position:
the financial year 2022 and our goals for 2023.
In the past year, we grew in three different ways: with e-mobility, in our financial results and through the complex challenges we faced. Looking back, 2022 could broadly be described as a year in task-force mode. Our environment was dominated by unexpected events and profound challenges - each with the potential to jeopardise our goals: supply challenges for semiconductors and wiring harnesses; bottlenecks in vehicle and parts logistics; pandemic-related closures in
As so often in our history, we drew on our inner strength, learning from crises and emerging from them stronger than ever. We proved once again that we can handle complexity and are capable of pivoting quickly if the situation requires.
Your company remains on track for success: Around 2.4 million people bought a
Our Rolls-Royce and BMW Motorrad brands even posted all-time highs, along with
We also delivered on another promise: We reduced the CO2 emissions of our EU new vehicle fleet by more than nine percent in the WLTP cycle compared to the previous year, so that CO2 is now at 105.0 grams per kilometre.
We are even 22.5 grams below the ambitious EU27+2 CO2 fleet target of 127,2 grams - a decrease of 17 percent. That's a lot of numbers - but behind them stands a tremendous performance. This is only possible if all types of drive train contribute to climate goals. I'll come back to that in just a moment.
Our vehicles are in demand, as reflected clearly in your company's profitability.
Let me give you the most important key figures for 2022:
Group revenues reached
The EBIT margin in the Automotive Segment was within our strategic target range of 8 to 10 percent. The figures for the first quarter of 2023 also underline the robust results of your company. Together, this underscores that your company remains profitable, even in a turbulent environment, as we continue to invest in our own future.
Today, we are therefore proposing to you as our shareholders a dividend of
In 2023, macroeconomic conditions will continue to be difficult, with high inflation and an uncertain overall geopolitical situation. Our assessment of external developments is realistic, but deep down, we are always optimistic. Our order books are still strong, for both all-electric and conventional vehicles -
which is a unique quality. So, what are our plans for 2023?
Our deliveries are forecast to increase slightly, with a significantly higher percentage of all-electric vehicles. We expect the EBIT margin in the Automotive Segment to be between 8 and 10 percent.
Group pre-tax earnings will decrease significantly, largely due to the one-time positive effect from the revaluation of our previously held equity interests in BBA in 2022.
After the first quarter, we are on track to meet our goals. In BEV deliveries, we reported strong growth in all four major regions of the world. The BMW brand alone more than doubled its BEV sales and this trend continued in the month of April.
The development of the
That brings me to my second point:
charting our own course.
Our product offering is younger, more diverse and more attractive than ever before. This applies to all our brands, all segments and all types of drivetrain. It reflects the diversity of our customers' lives and is the most effective way we can contribute to climate goals - already today!
The new
Vehicles from your company were also very present on the streets of
With our strong line-up in the upper segments, we are targeting growth in the
mid-double-digit percentage range this year and aiming even higher with our BEVs, where our sights are set on high double-digit growth.
Over the full year, BEVs should account for 15 percent of our global deliveries. That is what I call ambitious because this will be the highest absolute increase we have targeted to date. Ramping up e-mobility is a priority for us.
We already have over 600,00 BEVs on the roads - and this dynamic momentum is set to continue: By 2024, at least one in five of the
In
The Rolls-Royce Spectre is being released at exactly the right time. We have never had so many pre-orders for a new Rolls-Royce model. MINI embodies an attitude to life. MINI fans can look forward to three new BEV models over the next year, all of which represent the NEW MINI Family.
BMW Motorrad is already relying on e-drives for urban settings today. Its CE 02 will mainly appeal to young people living in the city. I've brought the Concept along with me today.
But let's move on to our core
2023 will be all about the new 5 Series and the new X2, including their BEV variants: the i5 and the iX2. The media is currently putting the 5 Series through its paces in the pre-drive phase. And it is receiving great coverage. Bottomline: the
The market for e-mobility is attractive and therefore highly competitive. In
We can confidently say that your company has a strong position in
In April, I also visited
There is also considerable interest in hydrogen and our
Your company is once again leading the way: At Plant Leipzig, we already use over 130 hydrogen-powered vehicles for internal logistics and operate five hydrogen filling stations.
Our world is diverse and highly individual at the same time - why should our mobility be any different? Have you ever tried standing on one foot for an extended period of time - never mind trying to walk like that? We believe the future of mobility needs at least one more leg to stand on, in addition to battery-electric drivetrains.
It is already easy to see that anyone who relies solely on e-mobility risks new dependencies, especially with regard to raw materials for batteries. It's like driving down a one-way street - if something holds up traffic, everything grinds to a standstill.
With our technology-open approach, we know we are swimming against the tide - but the picture is slowly evolving. Both the media and analysts recognise the positive climate effects we are achieving. At the same time, this also puts us in the best position to meet real customer requirements and take account of regional conditions. Diversity means resilience. And resilience means success - for business and for climate protection.
Let's continue with the third point of our path to the future.
Your company has a presence in all regions of the world.
We at
Just as with sales, we also produce in a balanced way in regions of the world. The
Next week, we will celebrate '20 years of BMW Brilliance' in
In
We are also applying our local for local principle to the ramp-up of e-mobility. All our plants in
This is just one example of how we are selectively expanding our local production of high-voltage batteries. This currently applies to our BEVs at sites in
We also need a location for high-voltage batteries that is close to our Bavarian vehicle plants. For this, we are planning a high-tech production facility, which meets to the highest environmental standards.
All these decisions show how, with our local for local approach, we are strategically securing our BEV ramp-up in the main regions of the world and, at the same time, significantly increasing our resilience to unforeseen events. This is very important in a world in which the major economic areas are drifting further apart.
Politics is increasingly impacting our business. In the US, the Inflation Reduction Act is being used by policymakers to promote climate protection and strengthen the domestic economy. In
The planned date of
I think everyone can answer this for themselves: How often, for example, do you drive up a mountain pass, at full throttle, in minus seven degrees, in a car that is fully loaded and pulling a trailer? We are fighting for a sensible
What matters most to us is:
A realistic start date in mid-2027.
Effective limits for testing environmental conditions.
No focus on special and extreme cases.
We proposed a valid solution in the
On to the fourth part:
Your company is becoming entirely digital.
Ladies and Gentlemen,
The best way to understand digitalisation is by experiencing it.
That gives you a few impressions of the world's biggest tech show. 2023 got off to a brilliant start for us: We unveiled the
For example, with Dee's dazzling array of colours. Thanks to E-Ink technology, Dee can easily change colour or create a mix of any of 32 colours.
In the video, you also saw the Head-up Display across the full windscreen, which lets you seamlessly merge real driving pleasure with virtual worlds. Our BMW Panoramic Vision is no science fiction: A standard-production version of this technology will be available in about two years.
It is also clear that a vehicle like Dee can only be built at a digital company. Digital mobility can already be experienced in our vehicles today. Let me give you three examples:
1. The 'Highway Assistant' in the newBMW 5 Series continuously takes over distance control and steering tasks for an extended period. For the first time, the vehicle can also change lanes using gaze activation. It notices when you look to the side, registers what you want to do and then switches lanes. This is a world first. No one else offers a package like this.
2. With the 'Digital Key Plus', you can now unlock and start yourBMW with an Apple or Android smartphone - with ultra-wideband technology, you don't even need to take your phone out of your pocket.
3. In the new 7 Series, the Theatre Screen in the rear compartment gives you an exclusive seat in the stadium for Bundesliga games. We are the first automotive manufacturer to sign a contract with the football league inGermany to make live football matches available.
Digital vehicles also use artificial intelligence - but it's still no replacement for human creativity. We are currently embarking on the company's biggest-ever training initiative. This digital boost will create the knowledge and tools we need to identify and implement digital potential in every area of responsibility. All managers, non-production functions and, of course,
Lastly, digitalisation will open up new ways of approaching customers. Our future sales structure also includes direct sales through agents. We already successfully tested this model in
On to the fifth part:
Your company is already taking the next leap in innovation.
Transformation is deeply rooted within our experience, as illustrated by the three major tipping points in
The shift from engine manufacturer to putting the first
The development of the style-defining cars of the 1930s, and
The rediscovery of the sporty mid-range car in the early 60s.
Each of these milestones moved your company forwards and continues to drive the
In 2025, we will be taking another huge leap with the introduction of the NEUE KLASSE. This tipping point will herald another typical
This year and next, our preparations for the NEUE KLASSE will be intense.
In 2025, production will initially get underway at Plant Debrecen, followed, in 2026, by the main plant in
The NEUE KLASSE will be electric, digital and circular - precisely the right buzzwords for future mobility. But none of this will happen overnight. Many smart intermediate steps will be needed, like our Vision Vehicles: the
In September, right here in
Dear Shareholders,
You support our long-term strategy; you give us strength. On behalf of the
I started out today talking about our home base and I would like to close by coming back to that. You are all familiar with the discussion in the media and the sobering fact that women in
There is no question in my mind that fair salaries are part of our culture.
We expect a great deal from our team: We expect them to push forward with the complex transformation of mobility, to be flexible, to take on new tasks. For the first time last year, we invested more than
Already at
Our decisions in all areas must be rooted more in facts, scientific knowledge and a healthy pragmatism.
This creates a positive spirit - inspiring fresh confidence in our ability to find solutions through innovation and technological progress. It is our task at the
That is why we are consistently pursuing our own
Thank you for standing by us! It is the right decision.
We'll make sure of that.
Thank you!
CO2 EMISSIONS & CONSUMPTION.
Consumption/emissions data:
BMW XM: Fuel consumption weighted, combined in l/100 km: - (NEDC)/1.6-1.4 (WLTP); CO2 emissions weighted, combined in g/km: - (NEDC)/36-32 (WLTP); power consumption weighted, combined in kWh/100 km: - (NEDC)/301-28.6 (WLTP); electric range (WLTP) in km: 82-90
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