Gasgoo.com (Shanghai March 25) - In its recently announced five-year plan, BMW AG has reaffirmed its commitment to the Chinese market. China is by far BMW¡¯s largest market, making up over 20 percent of its total sales.
Current BMW CEO Nobert Reithofer, who is preparing to leave his position at the company, announced the manufacturer¡¯s commitment to pursuing increased local production in China. According to Dr. Reithofer, there will be six new models produced locally in the country. On this note, BMW extended its partnership with Chinese company Brilliance Automotive until 2028. BMW has invested funds into expanding its production capabilities in Shenyang, Liaoning. Brilliance BMW President and CEO Kang Siyuan stated that two-thirds of the BMWs sold in China in the future will be domestically-produced.
In order to better suit the needs of the Chinese market, BMW has also announced its plans to increase new energy vehicle and Internet technology for vehicles in the country. In addition to releasing new energy vehicles like the i3 and i8 in the country, the manufacturer has also announced its increasing support for improving the country¡¯s electric vehicle charging infrastructure.
According to Dr. Reithofer, BMW achieved earnings before interest and taxes of 9.18 billion euros ($9.97b) in 2014, representing year-on-year growth of 14.3 percent. The manufacturer¡¯s net profits increased 9.2 percent that year, totaling 5.82 billion euros ($6.31b).