Bayerische Motoren Werke AG (NASDAQ:BAMXF) Q3 2019 Earnings Conference Call - Final Transcript

Nov 06, 2019 • 05:00 am ET


Bayerische Motoren Werke AG (NASDAQ:BAMXF) Q3 2019 Earnings Conference Call - Final Transcript


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Good afternoon ladies and gentleman, I would like to welcome you all to our telephone conference for the third quarter results. With us today is Oliver Zipse, Chairman of the Board of Management; and Nicolas Peter, our CFO. First, Oliver Zipse will give you an update on the business performance during the third quarter. Nicolas Peter will then take you through our financial results. Afterwards, we will have time for our Q&A session.

Please. Oliver, go ahead.

Oliver Zipse

Good afternoon ladies and gentlemen. In recent years, much has been written about how car manufacturers need to change their business model. But what isn't talked about enough, is the fact that the real transformation is taking place in the vehicle itself, and that is where the real challenge lies. The car is a highly complex product. Therefore, our mission at the BMW Group is to make it fit for the future for our growing customer base worldwide, and this is where we can make full use of our strengths.

On the one hand, our business environment remains volatile, dominated by political changes in direction and emotional discussions. On the other hand, there are a number of very stable trends that support our business model. Especially in this environment, we ask ourselves and we operate with a clear focus, what are our capabilities, how can we make the most of them to benefit the business? What are the real important decisions when it comes to mobility? And, what do our customers want and what do they really need? These factors form the basis for our strategic actions. We do not see our strategy as a one-off all encompassing task, but rather as an ongoing process that we need to constantly fine tune and adapt; swift, decisive and agile.

Our strategic work is based on a clear competence profile of the BMW Group, Our core expertise lies in premium vehicles, optimised for the desires of our target group and their connectivity needs. Our further development of the vehicle represents a viable, profitable business model now and in the future. Everything we do starts with the customer. This is key to staying ahead of tough competition in the long run and is equally important, if you want to succeed in the shift towards climate neutrality, called for by politics and society. It is also what we want to achieve.

As a company, we are an integral part of society that has been and always will be a large part of who we are. The same applies to sustainable applies to sustainable mobility, as to all our products, technologies and innovations. The solution that wins through the end, will be the one accepted by customers. Today, we sell our premium vehicles in around 160 countries. This already makes it clear how diverse our customers needs are. This applies to customers as individuals, with their specific everyday mobility needs. It applies more than ever on a regional level in the main regions in the world, Europe, Asia and