BMW 2008 Annual Report Download - page 165

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06
than other automobile manufacturers. Consumers’ reluctance to buy new vehicles;
the poor state of the pre-owned vehicle market and the resulting residual value
problems; and, not least, much higher refinancing costs – are all factors which have
affected our business and had a negative impact on earnings. However, although
we revised our forecasts for , we were still able to close the year with positive
earnings.
At the same time, we also achieved a great deal during : We made great strides
in implementing Strategy Number ONE, which gives us a significant competitive
edge and provides a clearly formulated vision. We took decisive action early on –
which has proved to be the right course in the current challenging circumstances.
You will find many examples of this in our annual report. Strategy Number ONE is our
compass out of this crisis and we will be stronger than before. And we will follow this
strategic path consistently.
We have continued to invest in Efficient Dynamics and other technologies – and thus
in our future. That future can be seen in the many new models which we introduced
in .
We presented a new version of the BMW brand’s flagship 7 Series. From the positive
response it received in the media and particularly among our customers, it looks like
we truly hit the mark. We were also able to offer our customers exciting new products
in other segments: including the BMW 1 Series Convertible; revised models of the
BMW 3 Series Sedan and Touring; the BMW X6 and the BMW M3; through to the
Rolls-Royce Phantom Coupé.