BMW 2005 Annual Report Download - page 14
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13
However, the price of a roll of cold-rolled steel, at
US dollar 550, is still around 20 % higher than in the
previous year.
By contrast, the rise in prices of precious metals
continued unabated. Here also, increases in demand
from the Asian region have helped to drive up prices.
A further factor is that raw materials are increasingly
being seen as an alternative form of investment at
a time of global cash flow surpluses and related low
interest rates.
Automobile markets in 2005
Worldwide demand for cars increased moderately
in 2005 compared to the previous year. Within this
overall development, however, the growth rates of
three main traditional markets (Japan, the USA and
Western Europe) fell well short of those for South
East Asia and Latin America.
The total number of cars (light vehicles) sold in
the USA stagnated in 2005 at 16.9 million units.
Although sales in the summer months increased
sharply due to massively extended purchase incen-
tives offered by US manufacturers, this was only just
sufficient to offset the shortfall in unit sales in the
preceding and subsequent months. Despite these
measures, the market share held by US manufacturers
continued to decline in 2005.
The number of cars sold in Western Europe
was static and thus, at approximately 14.5 million,
remained almost unchanged from the previous year.
Whilst Germany (+2.3%) and France (+2.7%) were
able to register somewhat faster growth rates again
in 2005, the Spanish market was more modest,
growing by just 0.8%. By contrast, the number of
cars sold in Italy fell by 1.3% and in the United King-
dom the reduction was as much as 5%.
Since their admission to the EU in May 2004,
the car markets in the new member states have had
to cope with higher prices and an increased volume
of imported used cars. Thereafter, the upturn pre-
viously experienced by those markets has come to
an end, with some of them even suffering severe
declines in 2005.
On the other hand, the Russian car market again
experienced robust growth in 2005, registering a
growth rate of approximately 10 %.
Steel price trend
(Index: January 2001= 100)
150
140
130
120
110
100
90
80
70
01
Source: German Federal Statistical Agency
02 03 04 05
Precious metals price trend in 2005
(Index: 3 January 2005 = 100)
160
150
140
130
120
110
100
90
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
Palladium
Palladium
Silver
Platinum
Gold
Silver Gold Platinum
Source: Reuters