BMW has announced that it is heading towards a successful 2008.

BMW Group has announced it is expecting “all-time high” sales and pre-tax earnings for 2008 – despite major economic challenges such as a weaker US economy and continuing high raw material prices.

This follows a successful 2007 in which the Group achieved all of its targets that it had set itself for the financial year. BMW sold 1,276,793 cars during the year – a rise of 7.7% compared with the previous year.

By 2012, the automobile segment of BMW aims to achieve a return on capital employed in excess of 26% and a return on sales in a range of 8-10%, while the Group as a whole aims to sell 1.8 million vehicles.

Norbert Reithofer, Chairman of the Board of Management of BMW AG, commented: “We are aiming towards a current year profit before tax – adjusted for the exceptional gain on the settlement of exchangeable bond on shares in the British aero engine manufacturer, Rolls-Royce, in 2007 – that is higher than in the previous year.

“Profitability is an essential factor in our endeavours to safeguard the future of the BMW Group. It ensures that the necessary financial resources are available and also safeguards our independence.”

The Group made the announcement at the BMW Group Annual Accounts Press Conference in Munich on 17 March.