BMW CEO says Neue Klasse at least as profitable as current EVs By Reuters

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<span>© Reuters. FILE PHOTO: Chairman of the Board of Management of BMW AG Oliver Zipse attends an event at the Auto Shanghai show, in Shanghai, China April 18, 2023. REUTERS/Aly Song/File Photo</span><br />
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<p>MUNICH (Reuters) &#8211; BMW (ETR:)&#8217;s new Neue Klasse EV line will be at least as profitable as battery-powered electric vehicles already being sold by the German luxury carmaker, CEO Oliver Zipse said on Saturday at the IAA (NYSE:) car show in Munich.</p>
<p>&#8220;We are very profitable with electric cars today, already today,&#8221; Zipse told reporters, adding that the Neue Klasse would be &#8220;very profitable. We will &#8230; definitely not be less profitable than today.&#8221;</p>
<p>Zipse said the company would stay within its 8%-10% long-term target for profit (EBIT) margins in its automotive segment, adding that in some quarters the group could exceed that range.</p>
<p>For 2023, BMW last month raised its EBIT margin outlook for its cars division to between 9%-10.5%, up from 8%-10% previously, on the basis of a strong order bank and improved availability of its premium vehicles.</p>
<p>BMW&#8217;s Neue Klasse, to be launched in 2025, is at the heart of the carmaker&#8217;s efforts to replicate past successes and catch up with EV pioneer Tesla (NASDAQ:), which is also staging a return to the IAA this year.</p>
<p>Zipse earlier said BMW was planning to roll out six models within 24 months of the Neue Klasse&#8217;s launch, adding these would range from sports activity vehicles to sedans. </p>
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<br /><a href="https://www.investing.com/news/stock-market-news/bmw-ceo-says-neue-klasse-at-least-as-profitable-as-current-evs-3166516">Source link </a></p><p>The post <a href="https://forextraderhub.com/bmw-ceo-says-neue-klasse-at-least-as-profitable-as-current-evs-by-reuters.html">BMW CEO says Neue Klasse at least as profitable as current EVs By Reuters</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>