Single-digit growth for global car market: BMW

Single-digit growth for global car market: BMW

Frankfurt: German auto group BMW AG said on Wednesday that the economic crisis had probably reached its lowest point and that the company’s brands and the global car market could see growth in a single-digit percentage range in 2010.

BMW said setbacks in the world economy could continue to arise and that it was still difficult to make a more precise or reliable forecast.

The Munich-based group is the biggest luxury car maker in the world by sales.

BMW said net income for the whole of 2009 fell 37% to €204 million (Rs1,277 crore) from €324 million in 2008. Revenue for the year fell nearly 4% to €51 billion from €53 billion in 2008. The results were in line with preliminary results released earlier this month.

BMW said the launch of its new 5 Series BMW cars would lead to sales gains, especially during the second half of 2010, and that BMW would also continue to revitalize the model range to increase volumes.