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BMW Group réalise des marges solides dans un environnement volatil grâce à une forte demande.

+++ Oliver Zipse : "Nos produits très attractifs inspirent les clients du monde entier" +++ Marge EBT du groupe à 13,9% +++ La marge EBIT du segment automobile grimpe à 12,1% +++ Flux de trésorerie disponible d'environ 2 milliards d'euros dans le segment automobile +++ Ventes de BMW électriques en hausse de 112% +++ Les prévisions pour 2023 sont confirmées dans un contexte de volatilité persistante. Ci-dessous, le communiqué de presse complet en anglais.+++

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Jeroen Lissens
BMW Group

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Jeroen Lissens
BMW Group

+++ Oliver Zipse : "Nos produits très attractifs inspirent les clients du monde entier" +++ Marge EBT du groupe à 13,9% +++ La marge EBIT du segment automobile grimpe à 12,1% +++ Flux de trésorerie disponible d'environ 2 milliards d'euros dans le segment automobile +++ Ventes de BMW électriques en hausse de 112% +++ Les prévisions pour 2023 sont confirmées dans un contexte de volatilité persistante. Ci-dessous, le communiqué de presse complet en anglais.+++


  • Zipse: “Our compelling products inspire customers all over the world”
  • Group EBT margin at 13.9%
  • Automotive EBIT margin climbs to 12.1%
  • Free cash flow of around € 2 billion in Auto Segment
  • Sales of BMW BEVs up 112%
  • 2023 Guidance confirmed in continuing volatility


Munich. With its fresh and attractive portfolio and a strong product mix, the BMW Group continued on its successful course in the first quarter of 2023. The company’s strong operating performance was confirmed by its margins: The Group EBT margin for the three-month period came in at 13.9%, while the EBIT margin for the Automotive Segment increased to 12.1%. The BMW Group’s operating financial strength is also reflected in the free cash flow of € 1,981 million in the Automotive Segment.


With its popular premium vehicles, the BMW Group benefited from positive development in many automotive markets and from continued stable pricing for both new and used cars. Sales momentum came from the electrified product line-up as well as models of higher classes, which are among the youngest in the market. Sales of BMW BEV models more than doubled to 55,979 deliveries (2022: 26,362 units/+112.3%). 


“The first quarter underlines that compelling products are the best answer to a persistently challenging environment. Both our electric vehicles and our renewed model line up with cutting-edge combustion technology inspire customers all over the world,” said BMW AG CEO Oliver Zipse in Munich on Thursday. “A high level of flexibility combined with our operational performance is the basis for ensuring the BMW Group's continued success even in the face of headwinds.”


Electrified models drive sales growth


The BMW Group is systematically expanding its range of electrified vehicles. In the first quarter of 2023, the BEV share of total deliveries increased to 11.0% (2022: 5.9%/+84.6%), while the figure for electrified models climbed to 19.0%. For the full year 2023, fully-electric vehicles’ share of total sales should reach 15%.


Overall, deliveries of electrified vehicles (BEV and PHEV models) rose to 110,486 units in the first quarter (2022: 89,669 units/+23.2%). The main sales drivers included the BMW i4* sport coupé and the Plug-in-Hybrid X5*, but the BMW iX3* and MINI Cooper SE* were also still key contributors. The fully-electric BMW i7* luxury sedan, the BMW iX1* and the BMW XM* plug-in hybrid all enjoyed a successful market launch.


Fully-electric models (BEVs) saw particularly strong growth in demand – with a total of 64,647 units delivered to customers (2022: 35,289 vehicles/+83.2%). The BMW Group is expanding its range of electrified models, as planned. The fully-electric BMW i5 and BMW iX2 will be released onto the market towards the end of the year. This means the BMW Group will have at least one fully-electric model of all its main series on the roads in 2023. By 2024, at least one in five of the company’s new vehicles should be a BEV; by 2025, it will be one in four.

The main growth drivers in 2023 will be fully-electric vehicles (BEVs) and models from the upper premium segment – like the new BMW 7 Series, the BMW XM and the Rolls-Royce model family, as well as the updated BMW X7 and the BMW X5 M* and X6 M* model updates.


In the upper segment, the BMW Group expects growth for this financial year to be in the mid-double-digit percentage range, while BEV models should even see high double-digit growth. The BMW Group is projecting a slight increase in global customer deliveries in the Automotive Segment in 2023.


BMW Group sales benefit from robust demand in automotive markets


In the first quarter of 2023, a total of 588,138 vehicles were sold (2022: 596,907 units/-1.5%). The BMW brand delivered 517,957 vehicles to customers in the first three months (2022: 519,796 vehicles/-0.4%). BMW M models, in particular, were again in high demand, with a significant increase in deliveries of 18.9% to 46,430 units. The main growth driver was the fully-electric BMW M Performance i4 M50*.


The recently introduced new M3 Touring* is also in very high demand, as well as the BMW M3 Sedan* and the BMW M4*, which are already well established on the market. The sales launch of model updates for the X5 M* and X6 M*, as well as the X5*, X6 M60i* and BMW M2 Coupé*, is scheduled for the coming months.


Rolls-Royce once again improved on the strong first quarter of last year, with 1,640 motor cars delivered to customers (2022: 1,624 vehicles/+1.0%). The Rolls-Royce Cullinan and Ghost models were the most in demand. The market introduction of the fully-electric Rolls-Royce Spectre towards the end of 2023 is set to generate further sales momentum.


The MINI brand reported sales of 68,541 units (2022: 75,487 units/-9.2%). The electrified MINI Cooper SE* and MINI Countryman Plug-in-Hybrid* models once again increased their share of total MINI sales, to 19%. The market launch of the limited MINI Cooper SE Convertible* is another strategic step towards full electrification of the brand.


Thanks to its balanced global positioning, the BMW Group was able to take advantage of differentiated sales growth in different regions of the world during the first quarter. For example, in the Americas and in the US, it once again posted a significant increase in deliveries. In the Americas, BMW Group first-quarter deliveries were up 8.8%, with 107,855 vehicles sold (2022: 99,169 vehicles). In the US, 90,174 vehicles were delivered to customers (2022: 80,974 units/+11.4%).


In Europe, where the environment was characterised by persistent inflation and high interest rates, the BMW Group delivered a total of 216,270 vehicles to customers (2022: 220,393 units/ -1.9%). Stable new orders and an order book reaching into the second half of 2023 confirmed the BMW Group’s strong position in the Europe region in the first quarter.


The aftereffects of the coronavirus pandemic in China dampened the BMW Group’s business development in Asia in the three-month period. The company sold a total of 251,927 vehicles (2022: 265,065 vehicles/-5.0%) in Asia and 195,100 in China (2022: 208,953 vehicles/-6.6%). Sales of electrified models climbed 79% to 22,390 units.


The upward trend in BMW Group deliveries, which was clearly visible in March, continued globally in April.


Full consolidation in Q1/2022 affects comparative basis


BBA's operating profit was included in full and consistently in the first quarter of 2023, and only from February 11, 2022 in the prior-year quarter, which should be taken into account when comparing the previous year. EBIT in the Automotive segment also includes consolidation effects of varying amounts for 2022 and 2023.


Group revenues increase significantly following BBA full consolidation in prior-year quarter


First-quarter revenues of BMW Group once again increased significantly to
€ 36,853 million (2022: € 31,142/+18.3%). This mainly reflected full integration of the operating business of BMW Brilliance Automotive Ltd. (BBA) into the Automotive Segment, as well as robust pricing and a continued positive product mix. Higher material prices and increased manufacturing costs, due to higher production volumes, raised the cost of sales compared to the previous year.


Group research and development expenditure totalled € 1,554 million (2022:
€ 1,391 million/+11.7%) and were therefore significantly higher than the previous year. Spending was mainly focused on new models, as well as further electrification and digitalisation of the line-up.

The R&D ratio (according to the German Commercial Code) decreased to 4.2% (2022: 4.5%), due to higher revenues.


Capital expenditure at the BMW Group increased to € 1,328 million and was channelled into new models and structures, with a clear focus on the future topics of electrification and digitalisation (2022: € 1,098 million/ +20.9%). These investments were financed from operating cashflow. The capex ratio stood at 3.6% (2022: 3.5%). The company expects the ratio for the full year to be around 6%.


Lower financial result and Group earnings following full consolidation of 2022


In the prior-year quarter, one-time effects from the full consolidation of BBA had substantially boosted BMW Group financial result and Group earnings. Due to this base effect, both indicators were significantly lower in the first quarter of 2023. The financial result for the reporting period was -246 million (2022: 8.836 Mio. €), while Group earnings before tax (EBT) totalled € 5,129 million (2022: € 12,227 million). The Group EBT margin for the first quarter of 2023 came in at 13.9% (2022: 39.3%) and Group net profit amounted to 3,662 million (2022: 10,185 million; -64.0%).


Share repurchase: BMW AG holds shares valued at 3.23% of share capital


The BMW Group will conclude the share repurchase programme with a value of up to € 2.0 billion on the basis of the authorisation granted by the 2022 Annual General Meeting at the latest in mid-2023. A supplementary € 2 billion share buy-back programme will be launched shortly thereafter and be completed at the latest by 31 December 2025. A strong operating performance, which results in a strong balance sheet and free cash flow, are the basis for a continuation of share buyback activities. As of 31 March 2023, the company holds 21,368,120 treasury shares, with a nominal value of € 21,368,120. The shares held represent 3.23% of the share capital at the time the resolution was passed.


Higher financial figures in Automotive Segment


Revenues rose significantly to € 31,268 million, largely due to full consolidation of BBA (2022: € 26,726 million/ +17.0%). Continued robust pricing for new and used cars, combined with positive product mix effects also boosted revenues. 


First-quarter earnings before financial result (EBIT) reached 3,777 million (2022: € 2,367 million/+59.6%). This strong performance by the Automotive Segment was confirmed by its EBIT margin of 12.1% (2022: 8.9%). Without the subsequent effects of full consolidation of BBA, the EBIT margin was 13.2%.


“We achieved these margins in the face of persistently volatile conditions. The geopolitical and macroeconomic situation remains unpredictable and tense. Inflation and interest rates in key markets are high. The same applies to material and commodity prices. But we are in a good position: Our strategy is coherent, our attractive product portfolio is fresh and innovative, and recent challenges have made us flexible and resilient. This gives us strength and confidence for the coming months,” said Nicolas Peter, member of the Board of Management responsible for Finance.


Free cash flow in the Automotive Segment totalled € 1,981 million (2022:
€ 4,816 million). The seasonal increase in inventory impacted free cash flow in the first quarter. The BMW Group is targeting a free cash flow in the Automotive Segment of around € 7 billion for the full year.


Financial services successful despite intense competition


BMW Group Financial Services’ financing and leasing business faced considerable competition in the first three months of the year and was particularly impacted by macroeconomic factors, such as persistently high interest rates and inflation-related price increases in many markets. Higher prices in the automotive business and an improved product mix led to a higher average financing volume per vehicle in first quarter. The volume of new business with end customers amounted to €12,788 million (2022: €14,875 million/-14.0%).  


The positive development in the used car markets which led to continued high revenue from the sale of end-of-lease vehicles, and a stable risk situation had a positive effect on the segment’s financial performance.


The Financial Services Segment generated earnings before tax of 945 million in the first quarter of 2023(2022: € 1,007 million/-6.2%).


The percentage of BMW Group new vehicles leased or financed by the Financial Services Segment was 36.5% in the first quarter (2022: 46.8%/-10.3%-points).


Motorcycles Segment increases deliveries and revenues


The Motorcycles Segment posted a new all-time high in the first quarter of its centenary year: BMW Motorrad delivered a total of 47,935 motorcycles and scooters, selling more vehicles in a first quarter than ever before (2022: 47,403 units; +1.1%). A compelling product line-up, with attractive new models like the M 1000 R, provides confirmation of the segment’s successful growth strategy.

This strong operating performance was reflected in significantly higher financial key figures. Revenues climbed to € 933 million (2022: € 799 million/+16.8%). Segment EBIT was up 42.6% to € 154 million (2022: € 108 million) and the EBIT margin increased to 16.5% (2022: 13.5%/ +3%-points).


BMW Group confirms guidance despite high volatility


Despite recessionary trends in many markets, stable development is forecast for the global automotive market in 2023. In Europe, slight growth is currently still projected for the total market, after order books across the region remained at healthy levels during the first quarter. However, high inflation and interest rates are creating uncertainty that continues to weigh on European consumers.

In the US, the robust sales situation should continue. In China, now that the COVID pandemic has subsided, the economy and the automotive market are expected to stabilise over the course of the year, although more intense competition should also be anticipated.


Bolstered by strong global demand for its attractive premium vehicles, the BMW Group can confirm its guidance for the year and is planning for slight growth in deliveries to customers worldwide in 2023.


The stable pricing situation in the new and used car markets, which has benefited the BMW Group, is likely to normalise over the course of the year. More resilient supply chains should improve vehicle availability – although this could lead to more intense competition.


The BMW Group recognises the uncertainty created by the ongoing burden of high inflation and interest rates on consumers in many markets. It also expects manufacturing costs to remain at a high level, as a result of continuing high prices for industrial metals ‒ especially battery raw materials.


Additional cost headwinds could come from the supply chains and logistics, as well as from continued high energy prices. Due to inflation, higher costs for personnel and external services should be expected over the course of the year.


Taking the above developments into account, the BMW Group forecast calls for an EBIT margin in the Automotive Segment of between 8 and 10% for the full year. This still includes headwinds of € 1.5 billion from consolidation effects which is around 1% impact in EBIT margin.


A slight increase in deliveries is projected for the Motorcycles Segment. Its EBIT margin will remain within the target range of 8 to 10%. Return on equity (RoE) in the Financial Services Segment is expected to be between 14 and 17%.

Group earnings before tax will decrease significantly. These targets will be achieved with slightly higher employee numbers.


The underlying assumption is that geopolitical and macroeconomic conditions will not substantially deteriorate. This guidance does not factor in the possibility of a deep recession in key BMW Group sales markets or further escalation of the conflict between Russia and Ukraine, with potential spread of the war.

The BMW Group continues to make targeted investments in the future on the basis of its current operating performance. During the transition to emission-free mobility, the BMW Group aims to maintain its successful course.



The BMW Group – an overview

1st Quarter 2023

1st Quarter 2022

Change in %

Deliveries to customers


Automotive 1





thereof:  BMW1

























Employees                                      (as of 31 Dec. 2022)





Automotive Segment EBIT margin




3.2 %-points

Motorcycles Segment EBIT margin




3.0 %-points

EBT margin 2











€ million




thereof:   Automotive

€ million





€ million




Financial Services

€ million




Other Entities

€ million





€ million









Profit before financial result (EBIT)

€ million




thereof:   Automotive

€ million





€ million




Financial Services

€ million




Other Entities

€ million





€ million









Profit before tax (EBT)

€ million




thereof:   Automotive

€ million





€ million




Financial Services

€ million




Other Entities

€ million





€ million









Income taxes

€ million




Net profit

€ million




Earnings per share (common/preferred share)





1 including joint venture BMW Brilliance Automotive Ltd., Shenyang (1 January to 10 February 2022: 96,133 vehicles, 2021: 651,236 vehicles, 2020: 602,247 vehicles, 2019: 538,612 vehicles, 2018: 455,581 vehicles, 2017: 385,705 vehicles).

2 Ratio of Group earnings before taxes to Group revenues


GLOSSARY – explanatory comments on key performance indicators


BEV: Battery Electric Vehicle

Deliveries to customers

A new or used vehicle is recorded as a delivery once its handed over to the end user (which also includes leaseholders under lease contracts with BMW Financial Services). In the US and Canada, end users also include (1) dealers when they designate a vehicle as a service loaner or demonstrator vehicle and (2) dealers and other third parties when they purchase a company vehicle at auction and dealers when they purchase company vehicles directly from the BMW Group. Deliveries may be made by BMW AG, one of its international subsidiaries, a BMW Group retail outlet, or independent third-party dealers. The vast majority of deliveries – and hence the reporting of deliveries to the BMW Group – is made by independent third-party dealers. Retail vehicle deliveries during a given reporting period do not correlate directly to the revenues that the BMW Group recognises in respect of that particular reporting period.



Profit before financial result. Profit before financial result comprises revenues less cost of sales, less selling and administrative expenses and plus/minus net other operating income and expenses.


EBIT margin

Profit/loss before financial result as a percentage of revenues.



EBIT plus financial result.


PHEV: Plug-in-hybrid electric vehicle



Return on capital employed (RoCE). RoCE in the Automotive and Motorcycles segments is measured on the basis of relevant segment profit before financial result and the average amount of capital employed – at the end of the last five quarters  – in the segment concerned. Capital employed corresponds to the sum of all current and non-current operational assets, less liabilities that generally do not incur interest.



Return on equity (RoE). RoE in the Financial Services segment is calculated as segment profit before taxes, divided by the average amount of equity capital – at the end of the last five quarters – attributable to the Financial Services segment.


If you have any questions, please contact:


BMW Group Corporate Communications


Dr Britta Ullrich, Finance Communications

Telephone: +49 89 382-18364



Eckhard Wannieck, head of Communications BMW Group, Finance, Sales

Telephone: +49 89 382-24544



Media website:



The BMW Group


With its four brands BMW, MINI, Rolls-Royce and BMW Motorrad, the BMW Group is the world’s leading premium manufacturer of automobiles and motorcycles and also provides premium financial and mobility services. The BMW Group production network comprises over 30 production sites worldwide; the company has a global sales network in more than 140 countries.


In 2022, the BMW Group sold nearly 2.4 million passenger vehicles and more than 202,000 motorcycles worldwide. The profit before tax in the financial year 2022 was € 23.5 billion on revenues amounting to € 142.6 billion. As of 31 December 2022, the BMW Group had a workforce of 149,475 employees.


The success of the BMW Group has always been based on long-term thinking and responsible action. The company set the course for the future at an early stage and consistently makes sustainability and efficient resource management central to its strategic direction, from the supply chain through production to the end of the use phase of all products.






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