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BMW’s 2022 pre-tax earnings target met, CFO says

According to a report by Focus Money magazine, citing BMW’s Chief Financial Officer, the company has met its 2022 target for significantly higher pre-tax earnings compared to the prior year.

“We had no reason to correct the forecasts … Otherwise we wouldn’t be sitting here so relaxed,” BMW’s CFO Nicolas Peter was quoted as saying by Focus Money.

According to the CFO, demand is robust in America, while Europe’s order backlog is still high.

New orders are weakening in the United Kingdom and Germany, while France and Spain are doing better, Peter said.

The German luxury car maker is to report full-year results next month.

As of 9:10 GMT on Monday the shares of Bayerische Motoren Werke AG (BMWG) were gaining 0.83% (EUR 0.815) to trade at EUR 98.585 in Frankfurt, while recouping the loss from Friday.

The luxury auto maker’s total market cap now stands at EUR 64.799 billion.

The shares of BMW AG went down 5.77% in 2022, compared with an 8.79% loss for the DAX Automobile (CXPAX) Index.

The shares have risen 18.23% so far this year.

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