BMW
The German luxury brand's profits fell 36.4% in the second quarter as the company struggled to find semiconductors and with lockdowns in China that slashed unit sales by 19.8% even as the company braces for power shortages. in the main factories in Europe.
The company's revenues rose 21.6% in the second quarter on higher prices, but inflation also pushed up BMW's cost of sales by 27.8% during the same period, according to the quarterly financial report. The trend has forced top management at BMW to reduce production, which has a ripple effect.
“Semiconductor supply difficulties remain the dominant and decisive issue for our sales performance. In this context, we have updated our sales guidance for 2022”, warned Oliver Zipse, Chairman of the Board of Management of BMW.
BMW now expects full-year deliveries to be slightly lower than the previous year's high level.
“Our EBIT margin in the automotive segment should be in the range of 7% to 9%. The crucial factor will be how the supply situation develops – not just for semiconductors, but also for energy supply in Europe,” said Zipse.
Volatility is king now...Zipse noted that BMW, like other automakers, is facing a challenging environment. In the case of the automaker, it is not just limited to the supply of chips, but the unpredictability of the global supply chain.
“At the moment, no one can reliably predict how the situation will develop in the coming months and years. But we at BMW believe in seizing opportunities wherever they arise. The flexibility of our vehicle architectures and our global production network are proving extremely valuable – as are our strong partnerships with our suppliers,” he said.
BMW's Oliver Zipse has warned that the company will deliver fewer vehicles this year than it did last year(image above)
He noted the company's prosperity in one area despite ongoing problems: electric vehicles.
“We are able to serve different markets efficiently. At the same time, our electric models are winning important comparative tests,” he added.
Bottlenecks won't stop improvement...Without supply bottlenecks, the company would have sold more vehicles in the three main markets in the first half of the year, according to officials. Indeed, BMW expects to register a solid increase in deliveries to customers in the second half.
In addition to parts issues, the company is dealing with other potential problems, such as a national gas shortage. The company's “natural gas competence team” is actively preparing for a potential gas shortage. It is carrying out complete overhauls at sites in Germany and Austria.
“We are looking at all areas and all fuels to see where we can reduce our gas usage,” Zipse said. “We could imagine generating electricity from gas-fired cogeneration plants by purchasing external energy.
“We are evaluating whether this is feasible and what the possible implications might be. We share tips with our employees on how to save gas and electricity at work and at home.
Despite the problems, BMW is looking to increase deliveries of its EVs in the second half of the year – vehicles with updated operating systems designed to improve the performance of these battery-powered cars and SUVs.
The iX introduced the BMW Operating System 8 – the most powerful data processing system you'll find in any car, officials say. The BMW iX xDrive50 set a new range record for an electric SUV, driving 377 miles, or about 607 kilometers, exceeding its EPA range by 62 miles, according to Edmunds.com. It also used less power per hundred miles than any other electric SUV and even some smaller EV models.
“By the end of this year – including pre-series models – we will be producing 15 BEV models. By 2025, we aim to deliver a total of two million all-electric vehicles to customers. And we are doing everything we can to ensure that at least half of our global deliveries come from BEVs before 2030,” he said.
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