Norbert Reithofer forecast sales of 1.5 million vehicles worldwide in 2008 and said pre-tax profits would be higher than 2007.

Each of the group's three brands, which include Rolls-Royce and Mini, would achieve record years in 2008, he said.

Reithofer warned, however, that the BMW Group still faced major challenges as a result of the strong Euro, a weaker US economy and higher raw material costs. “We are making sure that the BMW Group is fit for the future,” said Reithofer. “Profitability is 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.” By 2012, the BMW Group's Automobiles segment is aiming to achieve a return on capital employed in excess of 26 per cent and a return on sales of between 8 -10 per cent. BMW also expects to achieve worldwide sale of 1.8 million vehicles by 2012.