BMW 2008 Annual Report Download - page 164

05
Ladies and Gentlemen,
 has not been an easy year for any of us – and that applies equally to the BMW
Group. Who would have thought, at the start of the year, that we would see so much
turmoil in the international finance markets within a matter of months? That within
a few short weeks a whole series of reputable banking institutions would vanish from
the market? Or that entire countries would find themselves in financial difficulties?
During the course of the year, developments in the financial markets began to affect
the real economy. More than that, they shook the very framework and the mechanisms
of the global economic and financial system. Within the space of weeks, much valu-
able trust was lost. Consumers are naturally concerned – and their lack of confidence
is reflected in sales of automobiles.
Although most markets saw a major drop in sales from the previous year, the BMW
Group brands BMW, MINI and Rolls-Royce performed comparatively well under the
circumstances. Our company’s global automotive sales were .  lower than the
previous year, but despite this decrease we were still able to achieve the second-best
sales figures in our company’s history. In fact, MINI was one of the few automotive
brands that reported growth in . Our motorcycle business also performed well
and almost matched the previous year’s high level, with sales of , BMW motor-
cycles.
Nevertheless, the situation remains challenging and there is currently no improvement
in sight. The BMW Group will be confronted by economic developments no less
The challenge of the future Preface Norbert Reithofer Chairman of the Board of Management