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BMW Sees More Lockdowns in China In 2023

  • Bayerische Motoren Werke AG (OTC: BMWYY) sees more Covid-related lockdowns in China as a risk for next year, despite healthy demand for the carmaker's fully-electric models and expectations of stable global sales, Bloomberg reports.

  • CEO Oliver Zipse said, "I am worried about how we get out of the lockdown situation in future quarters. There is no visibility that China has a solution."

  • Demand for BMW's fully-electric models in China is still strong, Zipse said, and next year's introduction of battery-only Mini models and the i5 should also help boost sales.

  • Also Read: Jaguar Land Rover Braced To Recruit Twitter And Facebook's Ousted Workers

  • Western vehicle manufacturers, including Tesla, Inc (NASDAQ: TSLA) and Mercedes-Benz Group AG ADR (OTC: DMLRY), saw stricter competition from local competitors in China, the world's largest car market.

  • Next year's global sales for BMW should be at the same level as this year, Zipse indicated. "I would give a stable outlook," he said when asked for guidance.

  • BMW forecasts deliveries to be slightly below last year's 2.5 million vehicles.

  • At the beginning of November, the company saw demand normalizing from pent-up levels, especially in Europe.

  • Tata Motors Ltd (NYSE: TTM) Jaguar Land Rover cut vehicle output in the U.K. through March on semiconductor shortages, and Volkswagen AG (OTC: VWAGY) cut its sales projection for this year on supply chain constraints.

  • Price Action: BMWYY shares traded at $29.24 in the premarket on the last check Monday.

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