BMW’s chief financial officer Walter Mertl said at the IAA car show in Munich that the company expects to sell more cars in China in 2023,Foreign Archives according to a September 3 report by Reuters. BMW’s growth in China during the first half of the year was 3.7%, Mertl told Reuters. The CFO expressed confidence that this positive trend would persist, and said “We are assuming, and we are seeing that we will sell more this year than last year.” He also noted that the price war in the Chinese auto market primarily affected the lower-priced segments in which BMW was not heavily involved. In 2022, BMW’s vehicle sales in China declined by 6.4% to 791,985 units. The company plans to increase the proportion of electric vehicles (EVs) in its total vehicle sales to 15% in 2023 and 20% in 2024, up from approximately 9% in 2022, according to Reuters. [Reuters]
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