
- Higher sales target and automotive EBIT margin for 2023
- Group EBT margin comes in at 12.6% for HY1
- Automotive EBIT margin at 10.6% after six months
- Free cash flow of € 3.1 billion in Automotive Segment in YTD June
- Deliveries of fully-electric BMW vehicles up 133%
- Zipse: “Economic success during the transformation”
Munich. The BMW Group delivered a strong financial
and operating performance in a difficult environment in the first half
of 2023. In the first six months, the premium automotive manufacturer
achieved a Group EBT margin of 12.6% and an
EBIT margin of 10.6% in the Automotive Segment. In
the second quarter, the Group EBT margin came in at
11.3% (Q2 2022: 11.3%). In the Automotive Segment,
the EBIT margin increased to 9.2%
(Q2 2022: 8.2%).
As previously reported in an ad hoc announcement, the company is now
planning for solid growth in deliveries for the full
year 2023 (previously slight growth). Growth drivers should be highly
priced models as well as fully electric vehicles. BEV models are set
to account for 15% of total vehicle sales. The EBIT margin in
the Automotive Segment is now projected to be within the
range of 9-10.5% (previously 8-10%).
“Strong products generate strong demand – across all drive
technologies. The second quarter underlined how the broad range of
technologies we offer is winning over customers: Sales of vehicles
with highly efficient combustion engines provide us with a solid
foundation – the strong growth comes from the significant increase in
demand for our fully-electric vehicles,” said Oliver Zipse,
Chairman of the Board of Management of BMW AG, on Thursday.
“We are combining both: systematic transformation and economic
success. At the same time, we are aligning the company, with focus and
determination, for the future – while maintaining our high level of profitability.”
With its popular premium vehicles, the BMW Group benefited in the
first half of the year from the positive development in many
automotive markets. The company delivered a total of 1,214,864
vehicles to customers (2022: 1,160,094 units; +4.7%). The
volume of electrified models sold during this period
increased significantly to 245,468 units (2022:
184,468 units; +33.1%), while deliveries of fully-electric
vehicles doubled to 152,936 units (2022:
75,890 units; +101.5%). BEVs therefore accounted for 12.6% of
sales in the first half-year (2022: 6.5%; +93.8%) and
14.1% in the second quarter.
With the launch of the new i5* from October this year, the BMW Group
will have at least one fully-electric variant on the roads across its
main model ranges and all three premium brands. By 2024, at least one
in five of the company’s new vehicles should be a BEV; by 2025, one in four.
BMW brand once again takes top spot in global premium segment
With a total of 1,071,326 vehicles delivered to
customers in the first six months, the BMW Group reported
solid year-on-year sales growth of +5.4% – and also
increased its second-quarter deliveries significantly. (HY1 2022:
1,016,228 units; Q2 2023: 553,369 units; Q2 2022: 496,432 units;
+11.5%). Thanks to its strong brand and young and attractive product
line-up, BMW once again topped the global premium segment in the first half-year.
The BMW brand’s sales growth was, to a large extent, thanks to its
fully-electric vehicles. With a total of
133,927 electric vehicles delivered to customers,
it once again more than doubled BEV sales from the same period of last
year (+133.1%). The most in-demand BEV models were
the BMW i4*, BMW iX3*, BMW iX* and the fully-electric 3 Series sedan:
the BMW i3*. The newly introduced BMW iX1* achieved a steep demand
curve within just a few months on the market.
The high-end models of the 7 series, the updated BMW X7, and the BMW
X5 and X6 SUVs also drove sales growth.
The company expects further momentum in the second half of the year
from the market launch of the new BMW 5 Series and the fully-electric
BMW i5, in particular, from October 2023. For the first time and as
the first automotive manufacturer in Germany, the BMW Group is
offering a system for partially automated driving at speeds up to 130
km/h that has been approved for German motorways in its new BMW 5
Series. This Highway Assistant allows the driver to take their hands
off the steering wheel while driving.
MINI posts significant second-quarter sales growth
The MINI brand delivered 71,816 vehicles to
customers in the second quarter of 2023 – an increase of
+10.2%, compared to the previous year (HY1 2023:
140,357 units; (HY1 2022: 140,675 units; -0.2%). During the same
period, the brand reported sales growth of +8.8% for its
fully-electric vehicles. Since last year, the brand’s most popular
model has been the fully-electric MINI Cooper SE*. The MINI product
line-up now also includes the first fully-electric MINI Cooper SE Convertible.
Rolls-Royce Motor Cars handed over 3,181
vehicles to customers (-0.3%) in the first half of 2023.
During this period, production of both its Wraith and Dawn models was
phased out, and sales remained on a par with the previous year.
Initial deliveries of the highly sought-after fully-electric coupé,
Rolls-Royce Spectre, will get underway in the fourth quarter of 2023.
BMW Group sales increase in three main world regions
In the three key regions of the world, Europe, the Americas and Asia,
BMW Group sales were up
slightly after the first six months. Compared to the
weaker prior-year quarter, the premium brands made significant
second-quarter gains in some cases. The Americas
region and the US reported double-digit
growth rates (HY1 2023: Americas: 225,645 units/+10.2%, USA: 186,122
units/+12.5%; Q2 2023: Americas: 117,790 units/+11.5%; USA: 95,948 units/+13.6%).
In Europe, sales increased slightly to
449,264 vehicles in the first six months (HY1 2022:
434,235 units/+3.5%). The second quarter ended with
solid gains, at 232,994 units (Q2 2022: 213,842 units/+9.0%).
In Asia, the BMW Group recorded slight sales growth
in the first half-year, delivering a total of 513,169 premium
vehicles to customers (HY1 2022: 495,559 units/+3.6%). In
China, sales were also slightly higher, at
393,261 units (HY1 2022: 379,524 units/+3.6%), with
the aftereffects of the coronavirus pandemic still being felt in the
first quarter. In the second quarter, deliveries to
customers in China rose significantly to 198,161
vehicles (Q2 2022: 170,571 units/+16.2%).
The Asia region also posted significant sales growth
to reach 261,242 units (Q2 2022: 230,494 units/+13.3%).
Full consolidation of BBA in prior year affects comparison basis
By the first half of 2023, BBA’s operating result had been fully and
uniformly included; in the prior-year period, this was only the case
from 11 February 2022. This must be factored into the year-on-year comparison.
Group revenues significantly higher year-on-year following BBA
full consolidation
Group revenues saw significant growth in the first
half-year to € 74,072
million (HY1 2022: € 65,912
million/+12.4%)and a solid increase in the second
quarter to €
37,219 million (Q2 2022: € 34,770
million/+7.0%). In addition to full integration of
the operating business of BMW Brilliance Automotive Ltd. (BBA) into
the Automotive Segment, higher sales volumes and favourable product
mix effects also bolstered revenues. The BMW Group continued to
benefit from robust pricing in the new and used car markets. Headwinds
from currency translation effects, higher manufacturing costs and
increased material costs all raised the cost of sales.
Group research and development spending for the first
half-year totalled € 3,396 million (HY1 2022: € 2,942
million/+15.4%; Q2 2023: € 1,842 million; Q2 2022:
€ 1,551 million/+18.8%) and was therefore
significantly higher than the previous year. Spending was mainly
focused on further electrification and digitalisation of the vehicle
fleet, as well as automated driving.
The R&D ratio (according to the German Commercial
Code) was at 4.6% for the half-year (HY1
2022: 4.5%) and 4.9% for the second quarter (Q2 2022: 4.5%).
The BMW Group’s capital expenditure increased
significantly to € 3,231 million (HY1 2022: € 2,929
million/+10.3%). In the second quarter, the capital expenditure of €
1,903 million was focused on accelerating the ramp-up
of electrification and topics relating to digitalisation. (2022: €
1,098 million/+20.9%).
The capex ratio came in at 4.4% for
the half-year (HY1 2022: 4.4%) and 5.1% for the
second quarter (Q2 2022: 5.3%). The company expects the ratio for the
full year to be around 6%.
Lower financial result and Group earnings reflect one-time
effects in prior year
Owing to one-time effects from the full consolidation of BBA – mainly
due to the one-off profit from revaluation of previously held shares
in the amount of € 7.7 billion– the BMW Group’s financial result,
Group earnings and Group net profit had all increased substantially in
the first half-year of 2022. Because of this base effect, these key
figures were significantly lower in the first six months of 2023. The
financial result for the reporting period therefore
amounted to € -367 million (2022: € 9,339 million).
Group earnings before tax (EBT) for the first
half-year totalled € 9,351 million (HY1 2022: €
16,156 million/-42.1%), while the second quarter showed a solid
increase to € 4,222 million (Q2 2022: € 3,929
million/+7.5%). The Group EBT margin for the first
half of 2023 was 12.6% (HY1 2022: 24.5%) and for the
second quarter 11.3% (Q2 2022: 11.3%). Group net
profit stood at €
6,620 million (2022: €
13,232 million; -50.0%; Q2 2023: € 2,958
million; Q2 2022: € 3,047 million; -2.9%).
The main influencing factor was the higher tax rate compared to the
previous year. Following the full consolidation of BMW Brilliance in
the previous year, tax-neutral income on the revaluation of BBA equity
shares held to date had a mitigating impact on the tax rate.
Higher financial key figures for Automotive Segment
The Automotive Segment reported significantly higher revenues of
€ 62,898 million after the first six months (HY1
2022: € 56,741 million/+10.9%; Q2 2023: € 31,630
million; Q2 2022: € 30,015 million/+5.4%). In addition to the full
consolidation of BBA, higher deliveries and positive product mix
effects also boosted revenues. Currency translation headwinds, higher
material costs and increased warranty expenses all had a dampening
effect in the second quarter.
Earnings before financial result (EBIT) for the first
half-year reached €
6,675 million (HY1 2022: € 4,830
million/+38.2%; Q2 2023: € 2,898
million; Q2 2022: € 2,463 million/+17.7%). The strong
performance of the Automotive Segment was confirmed by the
year-on-year increase in its EBIT margin, which came
in at 10.6% (2022: 8.5%). The figure for the second
quarter was 9.2% (Q2 2022: 8.2%).
“Continuing demand for our products and the strong performance of our
core segment confirm that we have a viable strategy. On the basis of a
solid financial position we are ramping up electrification of our
company in a targeted manner. Given the strong demand for our BEVs, we
are investing more than originally planned in the global ramp-up of
e-mobility. Our sustainable profitability and operational excellence
lay the foundation for systematic investment in our future projects –
which strengthens the BMW Group for the long term,” according to
Walter Mertl, member of the Board of Management responsible
for Finance.
Segment earnings before
tax totalled € 6,568 million for the
first six months (HY1 2022: € 12,946 million/-49.3%)
and €
2,740 million for the second quarter (Q2 2022: €
2,526 million/+8.5%).
The solid profitability provided the basis for a free cash
flow in the Automotive Segment of € 3,141
million at the half-year mark (HY1 2022: € 7,770
million/-59.6%). The previous year included the positive one-off
effect of around €5 billion from the full consolidation of BMW
Brilliance. The second quarter contributed € 1,160 million (Q2 2022: €
2,954 million/-60.7%).
The solid profitability provided the basis for free cash flow of €
3,141 million in the Automotive segment (HJ1/2022: € 7,770 million;
-59.6%). The previous year included the positive one-off effect of
around €5 billion from the full consolidation of BMW Brilliance.
The second quarter contributed € 1,160 million (Q2/2022: € 2,954
million/ -60.7%). The high demand worldwide led to increased
inventories to ensure the necessary supply of vehicles to the markets.
In addition, higher investments in the transformation to electric
mobility impacted free cash flow. Taking into account these two
effects, free cash flow for the full year 2023 is expected to be above
€6 billion.
Share repurchase: BMW AG cancels shares valued at 3.63% of
share capital
Following the conclusion of the first share repurchase
programme, with a value of up to € 2.0
billion, the BMW Group has purchased and cancelled 24,001,001
treasury shares ‒ 22,199,529 shares of common stock and 1,923,871
shares of preferred stock. The shares held represent 3.63%
of the share capital at the time the resolution was
passed. A further share repurchase programme worth up to € 2.0 billion
was launched on 3 July 2023 and should be concluded no later than 31
December 2025. The BMW Group’s strong operating performance, resulting
in a robust balance sheet and healthy free cash flow, lays the
foundation for its share repurchase activities to be continued.
Financial Services Segment delivers strong operating performance
BMW Group Financial Services’ financing and leasing
business continued to face strong competition in the first half of
2023. The business was particularly impacted by macroeconomic factors,
such as persistently high interest rates and inflation-related price
increases in many markets.
On the other hand, higher prices in the automotive sector and an
improved product mix raised the average financing volume per vehicle
during the reporting period. The volume of new business with
retail customers stood at €
26,797 million at the six-month mark (HY1 2022: €
28,442 million/-5.8%).
The percentage of BMW Group new vehicles leased or
financed by the Financial Services Segment was 37.5%
at the end of the first half-year (HY1 2022:
44.4%/-6.9 percentage points).
The Financial Services Segment generated earnings before
tax of € 1,704 million in the first six
months of 2023 (HY1 2022: € 1,981 million/-14.0%;
Q2 2023: € 759 million; Q2 2022: € 974 million/-22.1%).
Positive development in the used car markets guaranteed continued
high income from the sale of end-of-lease vehicles. This, combined
with a persistently low credit loss ratio of 0.15%, had a
corresponding positive effect on the segment’s financial performance.
Motorcycles Segment posts new highs for deliveries and margins
in centenary year
The Motorcycles Segment posted a new all-time high
in the first half of its centenary year: BMW Motorrad
delivered a total of 112,871 BMW motorcycles and
scooters (HY1 2022: 107,555 units/+4.9%;
Q2 2023: 64,936 units; Q2 2022: 60,152
units/+8.0%). An attractive product line-up, with new models like the
Power Roadster M 1000 R, provides confirmation of the segment’s
successful growth strategy.
The segment’s strong operating performance was reflected in
significantly higher financial key figures. Revenues
climbed to € 1,921 million (HY1 2022: € 1,663
million/+15.5%; Q2 2023: €
988 million; Q2 2022: € 864
million/+14.4%), with segment EBIT
up 32.8% to € 312 million (HY1 2022:
€ 235 million; Q2 2023: € 158 million; Q2 2022: € 127
million/+24.4%). The EBIT margin
improved to 16.2% (HY1 2022: 14.1%/+2.1
percentage points; Q2 2023: 16.0%;
Q2 2022: 14.7%; +1.3 percentage points).
BMW Group upgrades guidance
Building on the recovery in relevant automotive markets for the BMW
Group in the first half of the year, positive development is also
forecast for the full year 2023.
In Europe, the total market is currently projected to grow this year.
In the US, the robust sales situation should continue, while the
Chinese automotive market is also expected to post slight growth over
the course of the year.
As reported in the recent ad hoc announcement, the BMW Group is
upgrading its guidance for the year. Due to expected
improved vehicle availability, the ongoing strength of the orderbank
and positive volume development overall, the company is now planning
for solid growth in deliveries to customers worldwide
in 2023.
Taking the above volume adjustments and the positive price situation
into account, the BMW Group now expects the EBIT margin in the
Automotive Segment to be within the range of 9 to 10.5% for the full
year (previously: 8-10%).
The BMW Group expects higher expenses for suppliers due to inflation
and the supply chain to continue to be a headwind in the second half
of the year.
The forecast still calls for a slight increase in deliveries in the
Motorcycles Segment, with an EBIT
margin within the target range of
8 to 10%. Return on equity (RoE) in
the Financial Services Segment is now projected to be
between 16 and 19% (previously 14 to 17%).
Group earnings before tax will decrease significantly.
These targets will be achieved with slightly higher employee numbers.
The underlying assumption is that geopolitical and macroeconomic
conditions will not deteriorate substantially. This guidance does not
factor in the possibility of a deep recession in key BMW Group sales
markets or further escalation of the conflict between Russia and
Ukraine, with potential spread of the war.
The BMW Group is maintaining its strategic course. With its capacity
for innovation and operational excellence, the company is
consolidating its leading position in the global premium segment and
driving sustainable, profitable growth.
The BMW Group – an overview: HY1 |
HY1 2023 |
HY1 2022 |
Change in % |
||
Deliveries to customers |
|||||
Automotive |
units |
1,214,864 |
1,160,094 |
4.7 |
|
thereof: |
units |
1,071,326 |
1,016228 |
5.4 |
|
MINI |
units |
140,357 |
140,675 |
-0.2 |
|
Rolls-Royce |
units |
3,181 |
3,191 |
-0.3 |
|
Motorcycles |
units |
112,871 |
107,555 |
4.9 |
|
|
|||||
Employees |
149,475 |
||||
|
|
|
|
||
Automotive Segment EBIT |
percent |
10.6 |
8.5 |
24.7 |
|
Motorcycles Segment EBIT |
percent |
16.2 |
14.1 |
14.9 |
|
EBT margin BMW Group |
percent |
12.6 |
24.5 |
-48.6 |
|
|
|||||
Revenues |
€ million |
74,072 |
65,912 |
12.4 |
|
thereof: Automotive |
€ million |
62,898 |
56,741 |
10.9 |
|
Motorcycles |
€ million |
1,921 |
1,663 |
15.5 |
|
Financial Services |
€ million |
17,621 |
17,251 |
2.1 |
|
Other |
€ |
6 |
3 |
– |
|
Eliminations |
€ million |
-8,374 |
-9,746 |
-14.1 |
|
|
|||||
Profit before financial result |
€ million |
9,718 |
6,817 |
42.6 |
|
thereof: Automotive |
€ million |
6,675 |
4,830 |
38.2 |
|
Motorcycles |
€ million |
312 |
235 |
32.8 |
|
Financial Services |
€ million |
1,709 |
1,948 |
-12.3 |
|
Other |
€ |
-5 |
-174 |
-97.1 |
|
Eliminations |
€ million |
1,027 |
-22 |
– |
|
|
|||||
Profit before tax (EBT) |
€ million |
9,351 |
16,156 |
-42.1 |
|
thereof: Automotive |
€ million |
6,568 |
12,946 |
-49.3 |
|
Motorcycles |
€ million |
313 |
237 |
32.1 |
|
Financial Services |
€ million |
1,704 |
1,981 |
-14.0 |
|
Other |
€ |
117 |
962 |
-87.8 |
|
Eliminations |
€ million |
649 |
30 |
– |
|
|
|||||
Group income taxes |
€ million |
-2,731 |
-2,924 |
-6.6 |
|
Net profit |
€ million |
6,620 |
13,232 |
-50.0 |
|
Earnings per share |
€ |
9.70/9.71 |
19.63/19.64 |
-50.6 |
|
1 Deliveries include the joint venture BMW Brilliance
Automotive Ltd., Shenyang.
2 Ratio of Group earnings before taxes to Group revenues.
3 Common/preferred shares. Earnings per share of preferred
stock are calculated by distributing the earnings required to cover
the additional dividend of € 0.02 per preferred share proportionally
over the quarters of the corresponding financial year.
The BMW Group – an overview: Q2 |
2nd Quarter 2023 |
2nd Quarter 2022 |
Change in % |
||
Deliveries to customers |
|||||
Automotive |
units |
626,726 |
563,187 |
11.3 |
|
thereof: |
units |
553,369 |
496,432 |
11.5 |
|
MINI1 |
units |
71,816 |
65,188 |
10.2 |
|
Rolls-Royce1 |
units |
1,541 |
1,567 |
-1.7 |
|
Motorcycles |
units |
64,936 |
60,152 |
8.0 |
|
|
|
|
|||
Employees |
149,475 |
|
|||
Automotive Segment EBIT |
percent |
9.2 |
8.2 |
12.2 |
|
Motorcycles Segment EBIT |
percent |
16.0 |
14.7 |
8.8 |
|
EBT margin |
percent |
11.3 |
11.3 |
0.0 |
|
|
|
|
|||
Revenues |
€ million |
37,219 |
34,770 |
7.0 |
|
thereof: Automotive |
€ million |
31,630 |
30,015 |
5.4 |
|
Motorcycles |
€ million |
988 |
864 |
14.4 |
|
Financial Services |
€ million |
8,795 |
8,765 |
0.3 |
|
Other |
€ |
3 |
2 |
50.0 |
|
Eliminations |
€ million |
-4,156 |
-4,876 |
-14.8 |
|
|
|
|
|||
Profit before financial result |
€ million |
4,376 |
3,426 |
27.7 |
|
thereof: Automotive |
€ million |
2,898 |
2,463 |
17.7 |
|
Motorcycles |
€ million |
158 |
127 |
24.4 |
|
Financial Services |
€ million |
751 |
982 |
-23.5 |
|
Other |
€ |
-1 |
-142 |
-99.3 |
|
Eliminations |
€ million |
577 |
-4 |
– |
|
|
|
|
|||
Profit before tax (EBT) |
€ million |
4,222 |
3,929 |
7.5 |
|
thereof: Automotive |
€ million |
2,740 |
2,526 |
8.5 |
|
Motorcycles |
€ million |
159 |
128 |
24.2 |
|
Financial Services |
€ million |
759 |
974 |
-22.1 |
|
Other |
€ |
245 |
277 |
-11.6 |
|
Eliminations |
€ million |
319 |
24 |
– |
|
|
|
|
|||
Group income taxes |
€ million |
-1,264 |
-882 |
43.3 |
|
Net profit |
€ million |
2,958 |
3,047 |
-2.9 |
|
Earnings per share |
€ |
4.39/4.40 |
4.30/4.31 |
1.9 |
|
1 Deliveries include the joint venture BMW Brilliance
Automotive Ltd., Shenyang.
2 Ratio of Group earnings before taxes to Group revenues.
3 Common/preferred shares. Earnings per share of preferred
stock are calculated by distributing the earnings required to cover
the additional dividend of € 0.02 per preferred share proportionally
over the quarters of the corresponding financial year.
GLOSSARY – explanatory comments on key performance indicators
BEV
Battery Electric Vehicle.
Deliveries to customers
A new or used vehicle is recorded as a delivery once its handed over
to the end user (which also includes leaseholders under lease
contracts with BMW Financial Services). In the US and Canada, end
users also include (1) dealers when they designate a vehicle as a
service loaner or demonstrator vehicle and (2) dealers and other third
parties when they purchase a company vehicle at auction and dealers
when they purchase company vehicles directly from the BMW Group.
Deliveries may be made by BMW AG, one of its international
subsidiaries, a BMW Group retail outlet, or independent third-party
dealers. The vast majority of deliveries – and hence the reporting of
deliveries to the BMW Group – is made by independent third-party
dealers. Retail vehicle deliveries during a given reporting period do
not correlate directly to the revenues that the BMW Group recognises
in respect of that particular reporting period.
EBIT
Profit before financial result. Profit before financial result
comprises revenues less cost of sales, less selling and administrative
expenses and plus/minus net other operating income and expenses.
EBIT margin
Profit/loss before financial result as a percentage of revenues.
EBT
EBIT plus financial result.
PHEV
Plug-in-hybrid electric vehicle.
RoCE
Return on capital employed (RoCE). RoCE in the Automotive and
Motorcycles segments is measured on the basis of relevant segment
profit before financial result and the average amount of capital
employed – at the end of the last five quarters – in the segment
concerned. Capital employed corresponds to the sum of all current and
non-current operational assets, less liabilities that generally do not
incur interest.
RoE
Return on equity (RoE). RoE in the Financial Services segment is
calculated as segment profit before taxes, divided by the average
amount of equity capital – at the end of the last five quarters –
attributable to the Financial Services segment.
If you have any questions, please contact:
BMW Group Corporate Communications
Dr Britta Ullrich, Finance Communications
Telephone: +49 89 382-18364
Email: britta.ullrich@bmwgroup.com
Eckhard Wannieck, head of Communications BMW Group, Finance, Sales
Telephone: +49 89 382-24544
Email: eckhard.wannieck@bmwgroup.com
Media website: www.press.bmwgroup.com/deutschland
Email: presse@bmwgroup.com
The BMW Group
With its four brands BMW, MINI, Rolls-Royce and BMW Motorrad, the BMW
Group is the world’s leading premium manufacturer of automobiles and
motorcycles and also provides premium financial and mobility services.
The BMW Group production network comprises over 30 production sites
worldwide; the company has a global sales network in more than 140 countries.
In 2022, the BMW Group sold nearly 2.4 million passenger vehicles and
more than 202,000 motorcycles worldwide. The profit before tax in the
financial year 2022 was € 23.5 billion on revenues amounting to €
142.6 billion. As of 31 December 2022, the BMW Group had a workforce
of 149,475 employees.
The success of the BMW Group has always been based on long-term
thinking and responsible action. The company set the course for the
future at an early stage and consistently makes sustainability and
efficient resource management central to its strategic direction, from
the supply chain through production to the end of the use phase of all products.
www.bmwgroup.com
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LinkedIn: https://www.linkedin.com/company/bmw-group/