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Statement Oliver Zipse, Chairman of the Board of Management of BMW AG, Conference Call Quarterly Statement to 31 March 2024

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– Check towards supply –

Ladies and Gentlemen,

The figures for the primary quarter of 2024 underline as soon as once more that: Our technique for long-term, worthwhile development is strong and efficient – particularly within the dynamic setting wherein we function.

These situations are the identical for all gamers inside our business. However, there are at present three distinct teams of economic actors, every with their very own strategy.

1. The newcomers: those who generate numerous hype with single merchandise. They usually have solely particular person technological highlights, reminiscent of most efficiency, the most important vary or the most important display screen. 
It stays to be seen whether or not the general package deal will meet excessive buyer expectations, particularly within the premium section, over your complete lifecycle.
Additionally, they face the problem of managing complexity as they scale up and develop. Market entry can be purchased with aggressive value positioning.

2. Then, there are the established producers, who’re making an attempt to repeat these new gamers’ strategy, however run the danger of shedding their very own identification.

3. And, lastly, there are a selection of producers who’re struggling to maintain tempo with change – and due to this fact stay entrenched of their conventional enterprise fashions.

In this aggressive house, the BMW Group continues to chart its personal, balanced course.

And we stay true to ourselves.

We analyse and anticipate each present and future developments with out prejudging the result. From this, we develop our strategic approaches. The capability to reply to market developments, buyer wants and new technological approaches is crucial.

This has earned us a number one place in e-mobility and, on the identical time, allowed us to take care of persistently excessive profitability, even in a risky setting.

For 9 quarters in a row, our EBIT margin within the Automotive Segment has been inside our goal vary of 8 – 10 % or increased, prefer it was within the first quarter of 2023. Walter Mertl already defined the explanations for this.

Our improvement efforts are centered on applied sciences that ship actual added worth for our clients. Decades of market expertise have taught us what our clients need all through your complete buyer journey. We use this information and our technological experience to create the right total idea.

This shouldn’t be straightforward to duplicate.

The BMW Group can be one of many few “true” world gamers within the automotive business. From manufacturing, to gross sales, to suppliers – we’re in a robust place in all main markets.

We have effectively established footprints in every area together with a local-for-local mindset.

This world strategy is our biggest power. It creates resilience, opens up alternatives and retains us versatile.

We are constructing on this to leverage our enterprise success – as we speak and sooner or later.

A take a look at world areas exhibits that markets and buyer demand proceed to develop in a extremely diversified means. Maintaining a presence in all main gross sales markets allows us to steadiness out these totally different developments.

Our distinctive BMW strategy permits us to reply flexibly to altering demand, particularly in terms of drive applied sciences.

But let me be fairly clear: We proceed to ramp up e-mobility at a quick tempo that our opponents can barely sustain with.

Just a number of weeks in the past, we hit an vital milestone: Since the market launch of the BMW i3, now we have delivered multiple million all-electric autos to clients. This confirms the attraction of our fully-electric product vary.

This can be backed up by our present figures within the Chinese BEV market. With development of greater than 18% in China within the first quarter, BMW outperformed each the full marketplace for electrical autos and the electrical premium section.

This means: We are gaining section share on the planet’s greatest e-mobility market.

However, our success in China is not only evident from the numbers. The BMW Group is held in excessive regard there as a “local player”.

I skilled this after I was a part of the enterprise delegation led by German Chancellor Olaf Scholz in April. And we had been additionally very happy that Premier Li Qiang took the time to go to the BMW Group stand at Auto China in Beijing.

We are assured about long-term financial prospects in China. We are due to this fact comprehensively making ready our three way partnership BBA’s manufacturing web site in Shenyang for future car fashions.

In late April, we signed a Memorandum of Understanding to this impact in Shenyang, for investments totalling round 2.5 billion euros.

Our extremely diversified electrical providing, throughout BMW, MINI and Rolls-Royce, is not only in demand in China, however worldwide.

With gross sales up by about 28 %, fully-electric autos as soon as once more made an vital contribution to the BMW Group’s gross sales development and earnings within the first quarter of 2024.

At Auto China, a number of weeks in the past, we offered two autos that may reinforce this pattern:

the all-new fully-electric MINI Aceman* and an replace to the electrical BMW i4*.

The BMW i4 comes straight from the guts of the BMW model and is a hit story in its personal proper. People love its mixture of e-drive, design and signature driving dynamics – all of the issues they affiliate with the BMW model.

More than 80,000 clients purchased a BMW i4 final 12 months – making it one of many best-selling BEVs in your complete premium section.

MINI can be persevering with on a path that’s simply as brand-authentic and fashionable.

The “New MINI Family” is an actual sport changer that reimagines the model’s distinctive British heritage in a completely new means for the long run.

The all-electric MINI Aceman brings recent impulses. With this newest addition, the New MINI Family now options three fashions that serve totally different segments and attraction to new buyer teams.

This will allow us to proceed and develop the MINI success story in our world markets.

Our development and financial success as we speak are laying a stable basis for the long run.

We are investing greater than ever in creating new merchandise, environment friendly applied sciences and automatic driving features, in addition to in digitalisation.

As the most important single funding within the historical past of the corporate, the NEUE KLASSE exhibits how we’re redefining the BMW model for the long run.

From design, to drive trains, to completely new types of digital interplay between human and machine – the NEUE KLASSE represents an enormous leap into the long run throughout nearly all fields of know-how.

All future BMW fashions will profit from this – no matter their drive know-how. In this fashion, we’re in a position to make sure that our clients at all times have the most recent know-how on board.

The NEUE KLASSE will begin out with a Sports Activity Vehicle and a sedan within the present 3 Series section.

We offered a glimpse of what this future will appear to be for BMW at our Annual Conference.

The BMW Vision Neue Klasse and the BMW Vision Neue Klasse X showcase each the consistency and the breadth of the NEUE KLASSE.
There is loads of room between the 2 autos for innovation and new fashions – and we intend to make use of it.

Ladies and Gentlemen,

The BMW Group is rising – regardless of the numerous totally different challenges we face. Even in instances of change, we ship optimistic monetary outcomes at a persistently excessive degree.

The course we’re charting as we speak will allow us to construct on this success sooner or later – throughout all our manufacturers and merchandise, with next-generation applied sciences and throughout the firm.

We are in a robust place globally and sustaining our management of the worldwide premium section.

We recognise that there are numerous new gamers seeking to achieve a foothold on this extremely engaging section – and, after all, we’re taking this very critically.

But this isn’t a one-way road. You might be certain of that: Every participant on this business, whether or not an formidable newcomer or a longtime producer, can be conserving a really shut eye on the BMW Group.

BMW

Statement Walter Mertl Member of the Board of Management of BMW AG, Finance, Conference Call Quarterly Statement to 31 March 2024

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– Check towards supply –

Ladies and Gentlemen,

Good morning,

SLIDE 2: BMW Group Quarterly Statement to 31 March 2024

The BMW Group had a profitable begin into 2024.

Both gross sales and earnings for the primary quarter had been consistent with our expectations. This outcomes from the targeted implementation of our strategic priorities.

At the BMW Group, we’ve robust manufacturers and enticing merchandise, which create ongoing excessive demand and a worthwhile operational enterprise.

SLIDE 3: Highlights of BMW Group Performance in Q1 2024

In the primary three months, the BMW Group delivered slightly below 595,000 automobiles to clients. This is a slight enhance of 1.1 % over the identical interval of final yr.

Our all-electric automobiles, specifically, made an vital contribution, with development of 27.9 %.

If we have a look at the BMW model alone, that quantity was 40.6 %.

At the identical time, gross sales of fashions within the higher premium section additionally recorded important double-digit development of greater than 21 %.

The Group EBT margin for the primary quarter got here in at 11.4 %, which is above our strategic goal of 10 %.

The EBIT margin within the Automotive Segment was 8.8 %. This falls clearly inside our goal hall of 8 to 10 %.

Ladies and Gentlemen,

This quarter confirms as soon as once more that the BMW Group’s working enterprise persistently delivers robust outcomes.

We have a clearly outlined long-term plan. And we’ve important flexibility in our programs and processes. This permits us to adapt rapidly to developments and benefit from market alternatives.

On this foundation, we anticipate to function at a constant stage all through 2024.

SLIDE 4: BMW Group in Q1

Let’s check out the monetary figures for the primary quarter in additional element.

I’ll begin with a short overview at Group stage.

BMW Group revenues had been on par with the earlier yr.

Group earnings earlier than tax totalled round 4.2 billion euros, leading to a Group EBT margin of 11.4 %.

SLIDE 5: Automotive Retail Units, BEV Units, Auto Revenue and Auto EBIT

And now extra particulars on how the Automotive Segment carried out throughout key metrics.

In the primary three months, the BMW Group delivered 595,000 BMW, MINI and Rolls-Royce automobiles to clients.

The BMW model reported development of two.5 %.

Due to the upcoming mannequin changeovers MINI gross sales had been down 9.4 % from the earlier yr. The New MINI Family, comprising the Countryman*, the Cooper* and the Aceman*, will enhance MINI gross sales – notably within the second half of the yr.

This gross sales growth can also be mirrored in section revenues. Adjusted for forex translation results, revenues noticed a slight enhance of 1.5 %.

Both the upper gross sales quantity and optimistic product combine results from the higher worth section and BEV contributed to the rise in revenues in Q1 2024.

This is anticipated to offer a tailwind for revenues additionally within the the rest of 2024.

Furthermore, costs throughout the product portfolio are anticipated to be consistent with final yr’s stage.

The electrification of our product line-up continued to generate substantial gross sales momentum in the newest quarter.

Almost 83,000 fully-electric automobiles had been bought – or 13.9 % of our whole gross sales.

Taken collectively, BEV and plug-in hybrids accounted for about 21 % of whole gross sales within the first quarter.

EBIT for the interval from January to March was 2.7 billion euros, with an EBIT margin of 8.8 %.

This implies that the primary quarter of 2024 is consistent with the constant development in profitability for the reason that starting of 2022.

Q1 2023 was distinctive, as the results of inflation weren’t but absolutely mirrored within the working consequence.

I’ll present extra particulars on the Q1 year-on-year growth with the EBIT bridge.

SLIDE 6: Automotive Segment EBIT in Q1

Changes in commodity costs accounted for a optimistic influence of round 200 million euros. Currency results remained impartial.

For the complete yr 2024, we anticipate a optimistic internet steadiness from forex and commodity positions.

The internet steadiness of quantity, model-mix and pricing results is about 300 million euros decrease than for the primary quarter of 2023.

Increase in volumes made a slight optimistic contribution.

The double-digit development by fashions within the higher worth section virtually fully compensated the impact from the upper BEV share.

Starting with the second quarter of 2023, we started to see elevated competitors resulting from higher availability of automobiles available in the market. This led to a gradual softening of the worldwide worth setting for brand new and used vehicles, which has continued into the primary quarter of 2024.

For the complete yr 2024, we anticipate the online impact from quantity, combine and pricing to be barely optimistic, as deliberate.

We anticipate further momentum from fashions like the brand new BMW 5 Series, which is at present ramping up in markets throughout the globe. In China, it launched after the Lunar New Year vacation and has due to this fact solely been in showrooms for just a few weeks.

Full availability of the BMW 7 Series will even have a optimistic impact.

Moving on, we come to analysis and growth bills – which had been 200 million euros greater than within the prior-year first quarter.

Based on Group R&D expenditure, the R&D ratio in line with the German Commercial Code got here in at 5.4 %.

Our R&D actions stay targeted on the electrification and digitalisation of our complete car fleet. We are consistently growing enticing new fashions, just like the NEUE KLASSE or the subsequent era of the BMW X5.

Sales and administrative prices had been 100 million euros greater than the earlier yr. This is basically resulting from IT initiatives and the rise in personnel prices, which was carried out from the third quarter of 2023.

The headwind of 700 million euros from Other Cost Changes primarily outcomes from two areas.

The first is manufacturing prices.

Sales margins within the first quarter of 2023 nonetheless benefitted from a decrease stage of buying costs in 2022.

This led to a optimistic EBIT impact in Q1 2023 as inventories with decrease manufacturing prices had been bought.

Starting in Q2 2023, we noticed an elevation in prices that has carried by into Q1 2024.

Another purpose for the distinction in different price modifications is earnings from the resale of end-of-lease automobiles.

As anticipated, earnings was decrease than within the first quarter of 2023, but stays optimistic.

The normalisation we’ve been seeing within the used automobile market over the previous twelve to fifteen months has progressively continued.

SLIDE 7: Automotive Segment Free Cash Flow in Q1

Free cashflow within the Automotive Segment totalled about 1.3 billion euros within the first quarter of 2024.

The distinction to the primary quarter of 2023 primarily outcomes from the decrease EBT.

Inventory ranges rose through the first quarter, consistent with planning. This contributed to the change in working capital, which quantities to 1.2 billion euros.

The enhance in inventory will be certain that we are able to service the anticipated buyer demand.

The internet impact from capital expenditure and depreciation additionally decreased free money stream by 200 million euros.

Capital expenditure for January to March totalled round 1.3 billion euros. This was primarily allotted to new fashions and constructions, with a transparent give attention to electrification and digitalisation in addition to automated driving programs.

The capex ratio for the yr to the top of March was 3.6 %.

Changes in provisions and within the place different, resembling tax funds, had no internet influence on free money stream.

In the primary quarter of 2024, investments totalling 2.3 billion euros had been made into future fashions and improvements. Nevertheless, the Automotive section generated 1.3 billion euros in free cashflow.

For the complete yr, the BMW Group is focusing on a free cashflow above 6 billion euros within the Automotive section, regardless of the deliberate peak investments in R&D and capex in 2024.

The robust underlying free cashflow era helps our ongoing and constant shareholder return.

As a part of the share buyback program BMW AG has acquired shares equal to five.03 % of the share capital in place on March thirty first.

The second tranche of the second program with a quantity of 500 million euros is at present in progress and can be accomplished no later than June twenty eighth.

Currently we see no purpose to not proceed with tranche three instantly after conclusion of tranche two.

SLIDE 8: Financial Services Segment in Q1

In the Financial Services Segment, the optimistic development in new enterprise from the second half of 2023 continued by the primary three months of 2024.

The variety of new contracts concluded with retail clients elevated considerably by 21.5 % year-on-year to achieve 422,000 contracts. Financing for each new and used automobiles contributed to this development.

In line with this, the amount of recent enterprise grew by 22.1 % to only over 15.6 billion euros.

Segment earnings for the primary quarter amounted to 730 million euros – a lower of 215 million from the earlier yr.

This might be attributed each to greater credit score threat provisioning and the normalisation of earnings from the resale of lease returns.

The credit score loss ratio throughout the whole mortgage portfolio remained at a low charge of 0.21 %.

SLIDE 9: Motorcycles Segment in Q1

In the Motorcycles Segment, first-quarter deliveries decreased barely by 3.1 % year-on-year.

EBIT for the yr to the top of March totalled 106 million euros, with an EBIT margin of 12.2 %.

SLIDE 10: Outlook 2024

Ladies and Gentlemen,

After a profitable first quarter, we anticipate the stable enterprise efficiency to proceed all year long 2024.

Therefore, our steering for key efficiency indicators stays unchanged.

This is predicated on the belief that geopolitical and macroeconomic situations don’t deteriorate.

Group earnings earlier than tax are projected to lower barely.

In the Automotive Segment, we’re planning for slight year-on-year gross sales development – with the proportion of all-electric automobiles set to extend considerably.

We anticipate to see an EBIT margin of between 8 and 10 % and a Return on Capital Employed (RoCE) of between 15 and 20 %.

Sales ought to be barely greater within the Motorcycles Segment, too. The section’s EBIT margin ought to are available in at between 8 and 10 % and Return on Capital Employed (RoCE) ought to be between 21 and 26 %.

In the Financial Services Segment, we’re focusing on a Return on Equity (RoE) within the vary of 14 to 17 % for the complete yr.

SLIDE 11: BMW Group with Consistent Performance

Ladies and Gentlemen,

The BMW Group combines a strong monetary efficiency in its present enterprise with a long-term perspective for the longer term.

We have a spread of extremely enticing merchandise available in the market and we’re repeatedly growing new fashions that can set the usual for driving expertise, digitalisation and connectivity.

As deliberate for and beforehand introduced, our analysis and growth spending, and our capital expenditure, will respectively peak in 2024.

We anticipate our R&D ratio for the complete yr to be above 5 %, and the capex ratio above 6 %.

Our underlying profitability permits us to finance these investments sooner or later and on the identical time yield enticing returns to our shareholders.

We proceed to steer the corporate consistent with our strategic priorities. And we ship what we promise.

Our flexibility permits us to rapidly adapt to market fluctuations and to satisfy buyer demand throughout the globe.

This ensures that we capitalize on market developments and ship robust outcomes by constant execution.

Thank you.

News

The Smallest Displacement Inline-Six Ever Produced

The inline-six engine has lengthy been celebrated for its smooth power delivery and balanced design. In automotive engineering, bigger displacements have typically been favored to maximise efficiency. However, there’s a distinctive and intriguing nook of the automotive world that used the smallest displacement inline-six engines ever produced.

These pint-sized energy vegetation might lack the spectacular displacement of their bigger counterparts, however they make up for it with their effectivity, packaging benefits, and typically even stunning efficiency capabilities. Auto producers which have produced these small engines have included them in quite a lot of fashions. From economic system automobiles to sports activities coupes, these small-displacement inline-sixes have left an enduring influence on the automotive business.

In order to provide the most recent and correct data doable, the information used to compile this text was sourced from varied producer web sites and different authoritative sources, together with Stellantis and Spyker.

Gray Alfa Romeo Tonale parked

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The Smallest Inline-Six Engine

Straight-six or inline-six engines usually are not typically related to small-displacement engines. Typically, most individuals count on a six-cylinder engine to have a capability of a minimum of 2.0-liters, however often nearer to three.0-liters or extra.

Consequently, small-displacement inline-six engines are considerably uncommon within the automotive world, they usually generate some intrigue when they’re produced by auto producers. While many automobile producers have used straight-six engines of their automobiles, small displacement engines on this configuration weren’t at all times sensible or environment friendly to fabricate on a big scale.

The Displacement of The Smallest Inline-Six

Alfa romeo 6c 1500-1
Rutger van der Maar | Flickr

Alfa Romeo was a producer that produced one of many smallest inline-six engines that went right into a manufacturing automobile. Alfa launched the inline-six configuration engines early on in its automobile manufacturing historical past. Straight-sixes had been used the G1 fashions produced between 1921 and 1923, and the RL mannequin between 1922 and 1927. However, all these fashions had bigger capability engines. The engine capability of the G1 straight-six was 6.0-liters (6,330 cc / 386.3 cu in), whereas the RL mannequin, Alfa’s first sports activities mannequin, was powered by engines starting from 3.0-liters within the RL Normale to three.6-liters within the RL Targa Florio.

The smallest inline-six engine was the 1500 engine, with a capability of 1,487 cc or 90.7 cubic-inches that produced 44 horsepower.

This engine was designed for racing for the reason that engine within the RL was thought-about too heavy for this utility. It was first used within the Alfa Romeo P2 Grand Prix automobile and later within the highway model 6C 1500, which was launched to the motoring public in 1925 and produced between 1927 and 1929.

The Car With The Smallest Inline-6 Engine

Alfa Romeo 6C 1500 multiple
Rutger van der Maar | Flickr

The Alfa Romeo 6C fashions had a variety of engines. The 6C 1500 was the one mannequin launched with a small displacement inline-six engine and was in manufacturing from 1927 to 1929. The preliminary mannequin had a single overhead camshaft whereas the later sport mannequin featured double overhead camshafts.

The small 1500 inline-six engine within the 6C, powered the automobile to a high velocity of 68 MPH, whereas the DOHC model squeezed an additional 10MPH out of the engine and delivered a blistering high velocity of 78 MPH.

Subsequent fashions within the 6C vary had been the 6C 1750, 6C 1900, 6C 2300, 6C 2500, and the 6C 3000, which had correspondently bigger engines. The final Alfa to function a straight-six engine was the Alfa Romeo 2600, produced between 1961 and 1969, after which the producer opted to standardize on the V-6 configuration.

Historical Overview of Straight-Six Engines

Land Rover Defender
David Traver Adolphus / TopSpeed

Inline-six engines usually are not newcomers to the car business and even outdate the introduction of the V-configuration engines. The early automobile ICE engines had been all within the inline configuration, which led to the hypothesis that including extra cylinders would give extra energy.

The First Inline-Six Engine

The first inline-six engine was created again in 1903 by the Dutch producer Spyker. The engine was developed for racing and produced 60 horsepower, setting the pattern for auto producers of the day. The further energy produced by the six-cylinder engine was seen and shortly adopted by the early automobile producers.

The pattern caught on so shortly that by 1909 a big portion of automobile producers worldwide had adopted the configuration and had been producing automobiles with inline-six engines.

The Benefits Of Inline-Six Engines

Inline-six engines supply quite a few advantages that make them nonetheless a well-liked alternative amongst automotive producers immediately. One of the important thing benefits of inline-six engines is their inherently balanced design, which ends up in smoother operation and decreased vibrations in comparison with engines with fewer cylinders. This stability permits for greater engine speeds and improved efficiency with out sacrificing consolation.

Additionally, inline-six engines usually have a better torque output throughout a wider vary of engine speeds, making them well-suited for quite a lot of driving situations. This torque benefit interprets to higher acceleration and towing capabilities, making inline-six engines a most well-liked alternative for automobiles resembling vans and SUVs.

Another good thing about inline-six engines is their compact dimension and environment friendly packaging. Due to their straight configuration, inline-six engines could be mounted longitudinally within the engine bay, permitting for higher weight distribution and simpler entry to parts for upkeep and repairs. This format additionally allows smoother airflow and extra environment friendly cooling, contributing to improved total efficiency and reliability.

spyker c8 spyder

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The Popularity Of Inline-Six Engines

Green 1963 Jaguar E-Type
Jaguar

Despite dealing with competitors from different engine layouts, the inline-six has maintained a loyal following and continues to be a well-liked alternative in quite a lot of automobiles. The longer design of the inline-six permits for higher weight distribution within the car, contributing to improved dealing with, stability, and flexibility.

This engine configuration, mixed with developments in gas effectivity and elevated environmentally pleasant calls for, has resulted in its continued use in a variety of automobiles, from luxurious sedans to rugged vans.

Straight-six or inline-six engines have been fashionable throughout a broad spectrum of automobile producers, with many manufacturers nonetheless choosing this engine configuration in lots of their present fashions.

BMW Inline-Six Implementation

BMW is understood for its long-standing dedication to the straight-six configuration, and it presents this engine in quite a lot of fashions throughout their lineup. Notable examples embody:

  • 3 Series (particularly fashions just like the 340i)
  • 4 Series
  • 5 Series (such because the 540i)
  • 7 Series
  • X Series SUVs (X3, X4, X5, X6, X7)
  • Z4 Roadster

BMW traditionally created what they claimed to be the lightest inline-six engine to ever be produced. The engine was made in 2005 and included within the BMW 130i supposed for the UK market. The engine was constructed of an aluminum and magnesium alloy, which considerably decreased its weight and allowed its inclusion within the development of smaller automobiles. While this engine might have been the lightest six-cylinder engine, it was definitely not a small displacement engine, with a 3.0-liter capability.

Other Manufacturers Offering Inline-Six Options

Mercedes-Benz is one other luxurious model that makes use of straight-six engines, particularly of their newer fashions outfitted with delicate hybrid programs for enhanced efficiency and effectivity.

  • CLS 450
  • E450 (Sedan, Coupe, Convertible)
  • GLE450 SUV
  • GLS 450

British automobile producer Jaguar has reintroduced the straight-six in a few of their fashions, leveraging the engine’s inherent smoothness. Models that provide the inline-six engine embody the F-PACE SUV and the XF Sedan.

Land Rover, significantly within the Defender and Range Rover fashions, has seen the introduction of straight-six engines, changing V6s in some variants.

  • Defender
  • Range Rover
  • Range Rover Sport

Volvo has traditionally used straight-six engines, however in recent times, it has seen a shift in direction of four-cylinder and electrical powertrains. However, some older however nonetheless fashionable fashions feature straight-six engines, such because the XC90.

Hyundai’s luxurious model, Genesis, has begun utilizing straight-six engines in some markets, significantly of their bigger sedans and SUVs, such because the Genesis GV80.

These producers and fashions spotlight the variety of automobiles that make use of straight-six engines, starting from sports activities automobiles to luxurious sedans and SUVs.

2024 Mercedes-AMG GT63 S E Performance black front top view

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1964 Alfa Romeo 2600 - Last Alfa Romeo with an inline-six
Bring A Trailer

The straight-six engine has lengthy been celebrated for its easy operation, balanced efficiency, and iconic sound. In current years, developments in automotive know-how and altering shopper preferences have sparked a renewed curiosity on this basic engine configuration.

As we glance to the way forward for automotive engineering, there might but be an utility for small displacement inline-six engines, significantly in new-generation inexperienced functions. From hybrid powertrains to elevated give attention to effectivity and efficiency, the longer term developments of straight-six engines might probably ship thrilling improvements and enhancements for drivers all over the world.

The way forward for small displacement inline-six engines appears to be like promising as producers intention to strike a stability between efficiency and effectivity. With developments in turbocharging and hybrid know-how, smaller inline-six engines are in a position to ship spectacular energy outputs whereas additionally bettering gas economic system and emissions. This pattern is especially noticeable within the luxurious automobile phase, the place automakers are downsizing their engine choices with out compromising on efficiency or refinement.

The compact dimension of inline-six engines makes them well-suited for a variety of auto functions. Their inherent easy operation supplies a stage of refinement that’s tough to match with different engine configurations. As automakers proceed to push the boundaries of engineering and know-how, we are able to probably see even smaller displacement inline-six engines that provide a compelling mixture of energy, effectivity, and class, shaping the way forward for automotive propulsion.

Technology

Will UPS And FedEx Deliver Packages This Christmas Weekend? Here’s The Answer

UPS is likely one of the largest supply methods within the U.S., and many individuals depend on its common service hours to get their packages delivered on time. Luckily for them, evidently UPS will principally function like regular within the days main as much as Christmas. According to the official web site’s 2023 Year-End Holiday Schedule, regular pickup and supply providers will likely be obtainable Monday, December 18 by means of Friday, December 22. There will even be particular Saturday pickup and supply providers on December 23. All providers, besides UPS Express Critical, will likely be closed on December 24-25 in observance of Christmas Eve and Christmas Day.

For these wishing to have packages delivered earlier than Christmas, UPS states that December 19 is the final day to ship UPS 3 Day Select packages, December 20 is the final day to ship UPS 2nd Day Air packages, and December 21 the final day to ship UPS Next Day Air packages for them to be delivered by Friday. After that, packages that may have been delivered on a vacation date will likely be rescheduled for supply on Tuesday, December 26.

News

Mercedes-AMG SL plug-in hybrid arrives with greater than 800bhp

The battery is alleged to present a steady and dependable supply of efficiency in high-demand conditions, with specific consideration paid to improved cooling. It permits the automotive to journey eight miles on electrical energy alone however wasn’t developed to offer “the longest possible range”. 

The driver can select between eight driving modes: Electric, Battery Hold, Comfort, Smoothness, Sport, Sport Plus, Race and Individual. Each one adapts throttle response, gearchange ferocity, steering weight, sound and chassis damping.

Up to 4 ranges of vitality regeneration can be found in every mode, permitting greater than 100kW of energy to be fed again into the battery.

When the automotive begins, it will likely be below electrical energy solely, however inside the motive force will hear an artificial sound that mimics the V8 engine. 

In its design, the automotive stays broadly the identical as the usual SL 63 AMG however beneficial properties a charging flap on the rear bumper and crimson ‘E Performance’ badging on the boot and entrance fenders.

The PHEV additionally will get bespoke, aerodynamically optimised alloy wheels of 20in or 21in in diameter.

More aerodynamic touches will be discovered within the type of a carbonfibre entrance splitter, which extends downwards by 40mm at speeds above 50mph, and a ducktail rear spoiler that deploys on the similar velocity.

Car review

Porsche 911 GT3 RS

The GT3 RS offers similar straight-line performance and character to the GT3, with power delivery that is exceptionally smooth and linear. The engine delivers sharp throttle response and produces a distinctive sound as it revs, peaking at 9000rpm.

The engine produces peak torque of 343lb ft at 6300rpm and 518bhp at 8500rpm. This requires the driver to push the engine to higher revs, making it necessary to exercise the engine’s capabilities. The car is well-suited for the track, where it feels right at home.

The Porsche’s GT model-specific PDK gearbox shifts with impressive speed, maintaining uninterrupted torque to the rear wheels. It offers precise rev matching and is operated via magnesium shift paddles, providing a “motorsport” feel. The car’s weight of 1476kg contributes to its explosive acceleration, reaching 60mph in 3.2sec and achieving a top speed of 184mph.

The GT3 RS excels in braking performance, able to come to a standstill from 70mph in just 38.8m, thanks to its downforce. Its track performance is particularly impressive, with stability during high-speed cornering and powerful braking capabilities.

On the track, acclimatizing to the car’s downforce and suspension configurability is necessary to fully enjoy its capabilities. The GT3 RS allows aggressive mid-corner throttle and impressive braking from high speeds, making it a potent track machine.

Track Notes (Anglesey Circuit, International)

The RS is designed for track driving, with a focus on downforce and suspension configurability. It requires acclimatization to the downforce’s impact in fast corners and the substantial mid-corner throttle it allows. Similarly, its braking capabilities from high speeds are remarkable.

Car review

Porsche 911 GT3 RS 2022

The performance and driving experience of the GT3 RS closely resemble that of the GT3, with a smooth and linear power delivery. The engine produces a distinctive intake-generated sound as it reaches high rpms, creating a memorable driving experience.

The engine requires high rpms to fully unleash its power, with peak torque at 343lb ft at 6300rpm and 518bhp at 8500rpm. This high-revving engine is best enjoyed on the track, where it feels at home and delivers exceptional performance.

The GT model-specific PDK gearbox shifts seamlessly, allowing the flow of torque to the rear wheels, especially in Weissach trim with magnesium shift paddles. The gearbox contributes to the car’s overall precise and motorsport feel.

Weighing 1476kg with a full tank, the GT3 RS performs impressively, reaching 60mph in 3.2sec and achieving a top speed of 184mph. Its braking performance is exceptional, requiring just 38.8m to come to a standstill from 70mph, making it a formidable competitor on the track.

On the track, the GT3 RS demands acclimatization due to its downforce capabilities and configurable suspension and driveline. Its ability to maintain stability while cornering and braking at high speeds can be a breathtaking experience.

Track Notes (Anglesey Circuit, International)

The RS is designed for track driving and offers deep configurability in its suspension and driveline, requiring acclimatization to fully enjoy its capabilities in fast corners and braking from high speeds.

Electric Vehicles, News

Tesla’s Cybertruck Is Way More Expensive Than Elon Musk First Promised

Elon Musk did not reveal the pricing at the Cybertruck Delivery Event, instead discussing the performance numbers and emphasizing the “bulletproof” stainless-steel bodywork, and posing for photos with the first owners. This could be to avoid direct comparison with the numbers he mentioned four years ago, where the Cybertruck Single Motor RWD was supposed to start at $39,900.

Tesla 2019 Cybertruck pricingTesla/Screenshot SlashGear

According to the product page launched after today’s event, that truck will actually be priced from an estimated $60,990 (before any incentives, rebates, or other savings). This is a difference of more than $21,000, although the estimated 250-mile range and 6.5 second 0-60 mph time remain the same. However, you’ll need to be patient, as this most affordable Cybertruck version is not expected until sometime in 2025.

As for the all-wheel drive Cybertruck Dual Motor, it will cost $79,990 when it arrives in 2024, according to Tesla. This is more than $30,000 higher than the price for the AWD model announced in 2019. However, range and performance have improved: Tesla now claims an estimated 340 miles of driving on a full charge and a 4.1 second 0-60 mph time. Four years ago, the automaker was saying “300+ miles” and 4.5 seconds, respectively.

BMW

Statement by Oliver Zipse, Chairman of the Board of Management of BMW AG, Conference Call Quarterly Statement to 30 September 2023

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Good day, everyone.

Before I discuss current developments, I want to address the recent change in the Board of Management of BMW AG.

As you all know, Jochen Goller was appointed to the Board of Management, effective November 1st. Jochen Goller has had various roles in China and the UK and has successfully managed our activities in China since 2018 as head of the MINI brand.

Meanwhile, Sean Green, previously Senior Vice President of Sales and Marketing at our BBA joint venture, will now be responsible for our business in China.

Jochen Goller takes over for Pieter Nota, who led our Customer, Brands and Sales Board division since 2018.

Under Pieter Nota’s leadership, the BMW Group significantly increased its global market share. During this time, the BMW brand also regained its position at the top of the premium segment and expanded it further.

I would like to express my sincere thanks to Pieter Nota and wish Jochen Goller the best as he begins his new role.

I recently returned from a trip to Asia, where I visited Beijing and attended the Japan Mobility Show in Tokyo. This trip reaffirmed that there is no one-size-fits-all solution for today’s and tomorrow’s mobility. Our world is diverse, and we need different technological solutions to meet customer needs and comply with various regulatory requirements worldwide.

In China, electric vehicles dominate, although plug-in hybrids and hydrogen fuel cell vehicles also play a role in decarbonizing mobility. For example, a significant number of taxis in Beijing already run on hydrogen.

In the third quarter of this year, we experienced business growth worldwide, thanks to our wide range of premium vehicles across all drive technologies.

In China, pure electric vehicles performed exceptionally well, with sales more than tripling in the first nine months compared to the same period last year.

In Japan, the demand for all-electric cars is still relatively low, with more focus on plug-in hybrids and combustion engine cars. However, Japanese manufacturers, especially, are stepping up their efforts in the electric vehicle market, as seen at the Japan Mobility Show with their concept cars and fully-electric options.

Japan has recognized the importance of hydrogen early on, and our BMW iX5 Hydrogen pilot vehicle has been well received there.

As a global premium manufacturer, the BMW Group remains committed to technology-driven decarbonization of mobility. Our strong sales and financial figures are evidence of this, and we will continue on this path in the future. We recently presented the all-electric iX2 as the latest example of our commitment, alongside the BMW X2.

The iX2 is a digital champion, featuring the new BMW Operating System 9, which provides a comprehensive range of digital features and functions, including gaming and streaming capabilities. These features, such as optimized touch controls and integrated voice control, provide our customers with a unique digital experience in their cars.

In early next year, we will continue our rollout of new all-electric products with the world premiere of the new BMW 5 Series Touring. This model will offer the same drivetrain options as the sedan, including the all-electric i5 Touring, giving us a distinct advantage in a popular segment, especially in Europe.

Our goal remains to have more than half of our global sales from all-electric cars well before 2030.

To achieve this, we are further expanding our leading role in battery cell technology. Our competence center in Parsdorf near Munich is laying the technological foundations for efficient and resource-saving battery cell production, and we are sharing this knowledge with our suppliers to set benchmarks in production, quality, performance, cost, and ecological impact.

Recently, we inaugurated the competence center in Parsdorf, where sample production of the sixth-generation round cells has begun. These cells have up to 20% higher energy density and up to 60% reduced CO2 footprint in cell production. This translates to benefits for our customers, such as up to 30% faster charging speed and up to 30% higher range according to WLTP.

Following our “local-for-local” principle, we are also ensuring that high-voltage battery assembly takes place near our vehicle plants to secure our production and reduce the carbon footprint. Production facilities for the sixth generation of BMW high-voltage batteries are being built in Debrecen, Hungary; Woodruff, South Carolina, in the US; San Luis Potosí, Mexico; and Shenyang, China. We are also planning a high-voltage battery assembly site in Irlbach-Straßkirchen to supply our vehicle production in Bavaria, which received majority support in a recent referendum to continue the planning process.

In terms of future products, we provided a preview of the NEUE KLASSE at the IAA MOBILITY in September. The BMW VISION Neue Klasse represents a new approach to individual mobility that is more human, intelligent, and responsible. For example, the materials used in the NEUE KLASSE will help reduce its carbon footprint, and it features the Panoramic Vision Display, providing a unique experience for all passengers.

The NEUE KLASSE is not just another BMW car; it is a new generation of products. Within 24 months, we will release six models, from SAVs to sedans, all powered by electric drivetrains.

MINI is also undergoing a complete electrification transformation, with plans to be fully electric by 2030. At the IAA MOBILITY, we showcased two key members of the new MINI family: the MINI Cooper 3-Door and the MINI Countryman. The next fully-electric MINI, the MINI Aceman, is set to make its world premiere in April 2024 in the premium-compact car segment. The new MINI family is produced by our Chinese joint-venture partner, Spotlight, as well as in our plants in Leipzig and Oxford.

Rolls-Royce, our second British brand, is also transitioning to exclusive electric models by the early 2030s. Preparations for the sales launch of the first electric Rolls-Royce are underway, with the Spectre scheduled for release by the end of the year. Torsten Müller-Ötvös, who has led Rolls-Royce since 2010, will retire, and Chris Brownridge will take over as the new leader.

In the realm of BMW Motorrad, we recently celebrated the brand’s centenary with German Chancellor Olaf Scholz. Under Markus Schramm’s leadership, BMW Motorrad expanded its product range, entered new markets, and achieved record-breaking years. Markus Flasch has taken over as the new leader, bringing his experience from BMW M GmbH and the mid-size and luxury class and Rolls-Royce product line.

While we continue to expand and refine our product range, digitalizing the customer interface is a top priority. Our new direct sales model for MINI will soon launch in Europe, following a successful rollout in China. This model offers full price transparency and seamless integration of online and offline consulting options for customers. It also provides an attractive business model for our retailers, and our European retailers have already signed contracts. This direct sales model gives the BMW Group direct access to customers, allowing us to curate an entirely new customer experience, exemplified by our “Proactive Care” service, which uses data analytics and AI to detect potential vehicle problems proactively.

In conclusion, the BMW Group’s strategic approach is continuing to yield success in 2023. Our diversified position, with a broad product portfolio and global production sites, is reinforced by recent recognition from TIME magazine and Statista, where we ranked in the top ten of the world’s top 750 companies and were the highest-rated automotive manufacturer worldwide. Internally, our Employee Survey reaffirmed the positive mood within the company, with our employees expressing pride in working for the BMW Group and supporting our goals.

Thank you.

BMW

Statement by Walter Mertl, Member of the Board of Management of BMW AG, Finance, on the Quarterly Statement up to September 30, 2023

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Slide 2: BMW Group Quarterly Statement up to September 30, 2023

Good morning, ladies and gentlemen!

Slide 3: Highlights of BMW Group Performance in Q3 and YTD September

The BMW Group had a strong performance in the third quarter with solid sales growth and positive financial key figures.

In the third quarter, the Group’s EBT margin was 10.6%, and for the nine-month period from January to September, it was 11.9% – surpassing the strategic target of 10%.

The Automotive Segment’s EBIT margin was 9.8% for the third quarter and 10.3% for the year up to September. Without depreciation of BBA assets, the margins were 10.8% for Q3 and 11.4% for nine months.

After a successful third quarter, the BMW Group expects a positive business development in the fourth quarter. All segments are on track to meet their goals for the year.

Now, let’s take a closer look at the business figures for the third quarter and the first nine months.

Slide 4: BMW Group in Q3

Starting with the Group figures, the earnings before tax for the third quarter were consistent with last year, at just under 4.1 billion euros. The year-to-date pre-tax earnings decreased by about 6.8 billion euros, but this includes a one-time income from the revaluation of equity interests in BBA last year. Looking at the underlying operating result, Group earnings were 900 million euros higher year-on-year in the first nine months.

Slide 5: Automotive Retail units, BEV units, Auto revenue and Auto EBIT

Now, let’s focus on the Automotive Segment. In the third quarter of 2023, the BMW Group delivered just under 622,000 vehicles to customers, a 5.8% increase compared to the previous year. Year to date September, deliveries rose 5.1% to around 1.84 million vehicles.

The order books are filled, and new models like the BMW 5 Series will contribute to future sales growth. The BMW Group sold around 94,000 all-electric vehicles in Q3 and just under 247,000 for the nine-month period. The share of battery-electric vehicles in total sales continues to grow, reaching 15.1% in Q3. The sales of all-electric vehicles are expected to receive a further boost from the launch of the new BMW i5 in the fourth quarter.

The Automotive Segment’s operating result for the third quarter was just over 3.1 billion euros, with an EBIT margin of 9.8%. Year to date September, the EBIT margin was 10.3%.

Slide 6: Automotive Segment EBIT in Q3

Looking at the Automotive Segment’s operating result in more detail, the year-on-year comparison shows that Q3 2023 was impacted by currency and raw material positions, mainly due to currency translation effects from the Chinese renminbi. Higher vehicle sales, favorable model mix, and pricing effects contributed to a tailwind. Research and development expenses increased, reflecting investments in electrification, digitalization, and new models. Sales and administrative costs also increased, partly due to digitalization projects. Other cost changes included material and logistics costs.

Slide 7: Automotive Segment Free Cash Flow in Q3

Free cash flow in the Automotive Segment was 2.6 billion euros in the third quarter. The strong quarterly result and change in working capital contributed to this figure. Capital expenditure and depreciation had a negative impact, while changes in provisions and other items boosted free cash flow. At the end of September, free cash flow stood at around 5.8 billion euros. In the fourth quarter, there will be a significant increase in capital expenditure, and costs and higher tax payments will weigh on free cash flow.

Slide 8: Financial Services Segment YTD September

In the Financial Services Segment, new financing and leasing contracts with retail customers decreased by 5.6% year to date September, mainly due to higher interest rates. However, new business in financial services showed a positive trend in Q3, with contracts with end customers rising by 5.7% compared to Q3 2022. Segment earnings before tax decreased by 8.3%, reflecting higher refinancing costs and a smaller total portfolio size.

Slide 9: Motorcycles Segment in Q3

In the Motorcycles Segment, sales in the third quarter were on par with the high level of Q3 2022. The EBIT margin for the quarter was -0.6%, and for the first nine months, it was 12.0%.

Slide 10: Outlook 2023

The BMW Group expects stable business development for the rest of the year and confirms its guidance for the financial year 2023 for all segments, assuming geopolitical and macroeconomic conditions do not significantly deteriorate. In the Automotive Segment, a solid increase in deliveries is planned, with an EBIT margin between 9 and 10.5% and a Return on Capital Employed (RoCE) between 18 and 22%. The Motorcycles Segment is projected to report higher sales, with an EBIT margin between 8 and 10% and a RoCE between 21 and 26%. The Financial Services Segment aims for a Return on Equity (RoE) between 16 and 19% for the full year.

Slide 11: BMW Group performs as it transforms

The BMW Group’s third-quarter results showcase its performance capabilities. With an attractive product portfolio and a long-term strategy, the Group remains cautiously optimistic about the future. Continuous profitable growth and disciplined cost management support the BMW Group’s business success and investments in emission-free mobility. The Group’s financial strength allows it to shape its own future and create value.