Sees automotive operating profit margin 810
Sees slight increase in key brand deliveries
Says spending on electric switch should peak this year

March 21 Reuters BMW said on Thursday it was targeting 2024 automotive profit margins broadly in line with last year and expected a slight increase in car sales, as spending on launching electric vehicles across its model lineup peaks this year.

We are investing in the future of our company like never before, finance chief Walter Mertl said in a statement.

BMW shares were down 1 in early trading.

The premium German automaker said fullyelectric vehicle sales should rise significantly in 2024 after jumping 74 in 2023.

Fullyelectric cars made up 15 of sales last year and the company said sales were up by a significant doubledigit percentage so far this year.

BMW said it expected overall deliveries of key brands BMW, MINI, and RollsRoyce this year to be slightly higher than in 2023.

It said the operating profit margin in its core automotive division should be in a range of 810, versus 9.8 in 2023.

The 2023 margin, reported last week, fell short of expectations due to higher costs. BMW also had to slash dividends as consolidation of its Chinese joint venture weighed on the bottom line.

The automaker also did not announce an extension of its current share buyback plans, which could provide a potential source of disappointment, amidst accelerated buyback programmes from other automakers, Bernstein analyst Daniel Roeska…