BMW Boss Advertises Trust In The I3 Electric Car

2023 Author: Eric Donovan | [email protected]. Last modified: 2023-08-25 09:36

This year, Norbert Reithofer is launching his new i3 electric car. At the general meeting in Munich, the BMW boss promoted the project and complained about the German fear of the new.

A few months before the start of the first BMW electric car, CEO Norbert Reithofer stood up to skeptics. At the general meeting on Tuesday in Munich, he complained of a typically German fear of the new. "When it comes to introducing fundamental changes, there is long and fearful discussion in this country." This “German fear” is also known abroad. “Then we Germans see more problems than opportunities. It's no different with electromobility."

The Munich-based car manufacturer will launch its BMW i3 this year and has high hopes for the development of alternative drive concepts. However, many experts doubt that electromobility will prevail on the roads in Germany because cars are still very expensive and have a short range.

Respect for brave decision

In front of the shareholders in the Munich Olympic Hall, Reithofer asked for trust in the project. "Every industry needs someone who moves ahead." Shareholder advocates had his back. "Respect for your courageous decision," said Klaus Schneider from the protection association of capital investors. Reithofer did not comment specifically on the exact market launch, number of units and price, but was confident that the i3 would be a success.

The first vehicles before the start of series production were currently rolling off the assembly line in Leipzig. «If anyone has any doubts - this is a clear signal: the i3 is definitely coming onto the market. And we'll make money with it. It is estimated that customers will have to be prepared for prices of 40,000 euros.

Car sharing as a business model

In addition to electromobility, BMW is also increasingly using car sharing. More than 100,000 members are already members of “Drive Now”. Reithofer does not share the concerns of shareholder spokeswoman Daniela Bergdolt that BMW is foregoing buyers for the cars. "The lack of parking spaces, traffic jams and high costs in urban areas mean that many people no longer own a car." BMW can achieve this with car sharing.

BMW is launching a total of eleven new models this year and, also because of the associated costs, is expecting a profit before taxes in the order of magnitude of the previous year. Reithofer reaffirmed the prognoses and thus promised another sales record. In 2012, BMW delivered 1.845 million BMW, Mini and Rolls-Royce brand vehicles worldwide, almost 11 percent more than a year earlier.

The bottom line was that the group earned 5.1 billion euros, an increase of 4 percent. Sales climbed by 11.7 percent to almost 77 billion euros. BMW received a lot of praise from shareholders for this. "What can you find fault with this year?" Said Bergdolt. "Please keep it up." The shareholders will receive a dividend of 2.50 euros per share, which is 20 cents more than in the previous year. That should be particularly pleasing to the three major shareholders Johanna Quandt, Stefan Quandt and Susanne Klatten, who together hold 46.7 percent of BMW and together expect around 703 million euros. (dpa)