BMW CEO confirms Neue Klasse as equally profitable as current EVs.

MUNICH (Reuters) – BMW’s Neue Klasse EV Line to ‍Deliver Strong Profits, CEO Says

“We are ‍very‌ profitable with electric cars today,⁣ already⁣ today,” said BMW CEO Oliver Zipse ​at‌ the IAA ‌car show​ in ⁣Munich. He further added that ​the‌ upcoming Neue Klasse EV line will be​ “very profitable” ‌and assured that the company will not be less profitable ⁢than it is currently.

Staying ‌Profitable

Zipse emphasized that BMW will ⁤maintain its long-term ‍target for profit margins ​in its automotive segment, aiming for⁣ 8%-10% (EBIT). He also mentioned that there⁣ may be quarters where the company exceeds this range.

2023 Outlook

Last⁢ month, BMW ⁣raised its EBIT margin outlook for its ‍cars division for 2023 to between‍ 9%-10.5%, reflecting a strong order bank and improved‌ availability of premium vehicles.

Challenging⁢ Tesla

The upcoming ‌Neue Klasse, set to⁣ launch in 2025, is a crucial ​part⁤ of BMW’s ⁣strategy ​to compete with EV pioneer Tesla. CEO Zipse ‌revealed plans‌ to introduce six models within 24 months of the‌ Neue⁣ Klasse’s⁤ debut, covering a range from sports activity vehicles to sedans.

(Reporting by​ Christina Amann; ​Writing by Christoph Steitz; Editing ⁣by ⁣John Stonestreet and Helen Popper)

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