German carmaker BMW is not expecting the car market in Western Europe to pick up before the middle of 2014, chief executive Norbert Reithofer told Boersen-Zeitung in an interview. He told the newspaper that the situation in the western European market “is still difficult."
Reithofer remarked that he expected the western European market to decline by around 5 percent in 2013, adding that “little will change” until the middle of 2014. He said he expects a slight pickup in the market in the second half of 2014. The carmaker disclosed in May 2013 that it expected its group sales to surge in 2014, following a 4-percent decline in revenues in the first quarter to EUR17.6 billion ($23 billion).
According to Reithofer, BMW was trying to avoid price cuts if possible and keep its market share stable despite stiff competition in the region. BMW’s CEO reiterated the carmaker’s goal of topping 2 million vehicle sales in 2016. BMW Group posted a 3-percent drop in sales in EU and EFTA countries in the first half of 2013 to 407,275 vehicles, according to industry association ACEA.