Associated Press reports that BMW expects its 2005 net profit to remain even with last year, when it earned euro2.2 billion, but said Thursday that reaching the target is a “big challenge.”
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BMW said earlier this year that the weak U.S dollar and higher steel prices would offset an expected increase in unit sales, and as a result, earnings would be flat, the AP report said.
Chief Executive Helmut Panke, speaking to shareholders Thursday at the Munich-based automaker’s annual meeting, said the company could reach last year’s target, and could reach or exceed the 1.2 million vehicles sold in 2004.
“The steps I have described to you — continuation of our product and market initiative, expansion of our production network, and greater participation of our shareholders — represents a big challenge for a company, if you take such steps individually, one by one,” Panke told shareholders, according to the report.
So far, sales of the company’s BMW, Mini and Rolls-Royce brands are up 8.6 percent to 403,521 vehicles, compared with the 371,417 sold in the same period last year.
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