BMW has said that its 2009 sales revenues slipped by 4.7% as the recession hit demand for premium cars. Vehicle sales for the BMW Group were down 10.4% to 1.436m units, with revenues for the automotive division down 10.3%.
However the firm said that it is confident that it will be able to post a pre-tax profit for 2009 when it reveals full results in March. It also expects to grow sales volume in 2010.
"We are confident that the BMW Group will, as planned, be able to post a profit before tax for 2009. This demonstrates that rigorous cost management and other wide-ranging measures to improve profitability in conjunction with our Strategy Number ONE are taking effect," said Norbert Reithofer, BMW board chairman.
BMW said that the worldwide financial and economic crisis will continue to have an impact on the automobile industry during the current year. However, it expects to grow profitably due to new models an expected gradual global economic recovery in 2010.