BMW 2005 Annual Report Download - page 159
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11
In this way, the BMW Group has succeeded in developing its busi-
ness in established markets and, at the same time, in systematically
opening up new fields of growth. For example, in China, a booming
market where already more long-wheelbase versions of the BMW 7
Series sedan are sold than anywhere else in the world, the Company
opened its own production facilities in 2004. It is planning to do the
same in Chennai, India, in 2006/2007: then the BMW Group will
be represented on the subcontinent with its own sales subsidiary and
an assembly plant.
But even the pursuit of a distinctive course does not guarantee im-
munity against economic setbacks and currency risks, shifts in the
market and failures. Last year, conditions proved particularly difficult
for the automobile industry. Often, however, such difficult times
reveal whether or not a company is on the right course. In 2005,
the BMW Group sold around ten percent more vehicles than in the
previous year and approximately achieved the high earnings level of
2004.
In order to ensure that the Company’s growth course continues,
engineers and designers are working intensely on the further devel-
opment of the product range. At the same time the BMW Group is
going ahead with international expansion–aprocess that requires
a great deal of strength in the short term, but opens new sales di-
mensions in the long term. Also, it is important to prepare for global
challenges such as demographic change and the transition to the
hydrogen age.
The BMW Group is doing all of this in its own consistent way.The
fact that it sometimes takes a different approach to others is bound
to raise questions. Some of these are taken up on the following pages.