A recent statement from BMW CFO Nicolas Peters shows that he does not feel threatened by rumors of Apple introducing its Apple Car and joining the automobile industry. According to Peter, the German luxury-car is well placed as electrification and alternatives to private vehicle ownership transform the auto industry.
The 30-year old veteran, Peter, believes that premium manufacturers’ higher returns will provide them with the billions of dollars of cash required to explore new technologies. Additionally, Peter said, “BMW will continue to produce combustion-engine cars along with electric versions for the foreseeable future.
BMW CFO Nicolas Peter advice Apple to ‘bring it’
BMW CFO Nicolas Peter talked to Bloomberg regarding his state of mind on Apple entering the automobile industry, he said “I sleep very peacefully. Competition is a wonderful thing – it helps motivate others. BMW is in a very strong position and wants to remain in a leading position of the industry.”
While German carmakers’ cash flows have markedly improved since the start of the pandemic, Tesla and others have tapped into the market’s enthusiasm for all-electric car companies by selling stock. Manufacturers are reacting to the message capital markets have sent them with unprecedented moves: Daimler AG is spinning off its truck unit and Volkswagen AG is considering a separate listing of Porsche.
BMW CFO Peter is not one to make rash decisions. Peter said that the auto-mobile giant should maintain a presence in services that offer alternatives to vehicle ownership.
We will not exit digital mobility services. Especially in inner-urban areas, we have changed our driving behaviors. We are preparing for the access that private vehicles have to these citites to be reduced – that is why we need these mobility services.
We need to be in a position to move with the market. There are announcements coming left, right, and center, and I think the important thing is being able to react to customer demand.
BMW and Daimler merged their “car-sharing and ride-hailing units” back in 2019, intending to inflow more than 1 billion euros into the operation named as Your Now. Even though the German manufacturer could sell parts of different businesses, Peter said mobility apps will play a major role in keeping the carmaker connected with “tech-savvy young customers.
The BMW CFO Nicolas Peter says that the company will continue manufacturing combustion-engine cars with electric versions for the foreseeable future.