BMW Predicts Slight Sales Growth In 2023

German luxury car maker BMW (Bayerische Motoren Werke AG) BMWYY expects to reach the higher end of its 7-9% margin target for the cars business.
BMW sees slight sales growth in 2023, Reuters reported, citing chief financial officer (CFO) Nicolas Peter.
Remarking on BMW's performance in its largest market in China as a 'rollercoaster' year, the CFO added there was a demand recovery underway in the region.
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The company would also expect to achieve its target of 10% fully electric sales at around 240,000-245,000 vehicles in 2022.
Commenting on the gas shortage scenario in Europe, Peter said BMW had reduced its gas intake in Germany and Austria by 15%.
He also noted that the company still has weak demand in Germany and the U.K., whereas demand in France, Spain, and Italy remained strong.
Price Action: BMWYY shares closed lower by 0.52% at $23.10 on Monday.