BMW Predicts 2002 Growth as Luxury Demand Counters Market
BMW AG said its unit sales and revenue will increase next year as demand for luxury cars continues even as it expects industry-wide car sales will decline, according to the Detroit News.The luxury carmaker, home of the 3-Series and the X5 sport utility vehicle, said unit sales next year will surpass its goal of more than 900,000 vehicles for 2001. The company already exceeded last year's record net income in the first nine months of this year.The No. 2 luxury carmaker said it expects demand in the premium segment to grow twice as fast as the market for cars from volume manufacturers such as Ford Motor Co. and Volkswagen AG over the next decade.To meet the expected demand, BMW plans to bring out 20 new models over the next six years. Analysts expect investment in the new models will mean profits won't match sales growth.