BMW will reach the higher end of its 7-9% margin target for its vehicle business and will see slight sales growth in 2023, forecasted CFO Nicolas Peter in a roundtable this week.  -  IMAGE: BMW

BMW will reach the higher end of its 7-9% margin target for its vehicle business and will see slight sales growth in 2023, forecasted CFO Nicolas Peter in a roundtable this week.

IMAGE: BMW

BMW will reach the higher end of its 7-9% margin target for its vehicle business and will see slight sales growth in 2023, forecasted chief financial officer (CFO) Nicolas Peter in a roundtable this week.

The CFO described the year as a "rollercoaster" year in their largest sales market.

He reported order books were still full in Europe, but demand was weak in Germany and the United Kingdom and stronger in France, Spain, and Italy.

The luxury automaker also expects to hit its target of 10% fully electric sales in 2022, he noted. The company will sell about 240,000-245,000 vehicles in 2022, with Peter predicting that figure would rise to around 400,000 in 2023.

Peter also said the company had reduced its gas intake in Germany and Austria by 15% and would cut it further as needed because of the gas crisis in Europe.

"The gas issue will not have any direct impact on us this year," Peter said.

Volkswagen and Mercedes-Benz have outlined contingency plans in the past week if their supplier networks cannot deliver parts because of the crisis. Those plans included increasing orders from suppliers outside of Europe.

Peter did not supply specifics on whether BMW was doing the same but noted the automaker had developed a closer relationship with its supplier network since the chip shortage.

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