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BMW sees significant profit growth in 2021

By Reuters | March 17th 2021

German carmaker BMW on Wednesday said it expects a significant year-on-year increase in group pretax profit in 2021 as it forecast a strong performance in all of its segments.

BMW, which also owns the MINI and Rolls-Royce brands, said it expects the automotive segment to record a solid year-on-year increase in deliveries, with the segment’s EBIT margin expected to rise to between 6 per cent and 8 per cent.

Around 90 per cent of market segments will have fully electric models by 2023 and the BMW i4 model will be launched three months ahead of schedule, the carmaker said in a statement.

“The BMW Group has ambitious plans for 2021,” Chief Executive Oliver Zipse said. “We have started the new year with strong momentum and are aiming to return to pre-crisis levels as swiftly as possible – and go even further.”

BMW shares gained 2.2 per cent in pre-market trading at Lang and Schwarz.

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