MUNICH -- BMW said it expects 2015 sales volume and profit will slow this year because of aging models and higher investment costs for new technologies.
The company expects its car sales and profit to rise by a medium to high single-digit percentage this year after 2014 group earnings before tax rose 10.3 percent to 8.71 billion euros ($9.23 billion).
"As always, our forecasts assume the economic conditions worldwide remain stable and won't deteriorate. However many uncertainties remain: Important markets like China are losing momentum," CEO Norbert Reithofer said at the company's annual results press conference today.
At his final annual results conference after 8-1/2 years as chief, Reithofer, who received 7.49 million euros in total pay for 2014 according to the group's annual report, said there were challenges ahead for his successor Harald Krueger, who takes over on May 13.
"The team I'm leaving knows very well just how much there is to do in the years to come," Reithofer said. "The future belongs to the next generation. It is for them to shape the company's further development according to their vision."
The company's 2014 results were the fifth record year in a row for the automaker since the global economic crisis, Reithofer said in a statement.
Sales of BMW, Mini and Rolls-Royce vehicles increased 7.9 percent to 2.12 million last year. U.S. sales for BMW Group rose 5.3 percent to 396,750 vehicles last year.
Group revenues increase 5.7 percent to an all-time high of more than 80 billion euros. Revenues were primarily sales-driven and increased by 6.8 percent adjusted for currency translation effects, BMW said.