BMW Getting Closer To Its EV Goal, But It's ‘Too Soon' To Declare The End Of Combustion Engines

BMW said it was increasing electrification investment faster than expected, but that it was too early to set an end date for combustion engine car production because sales in major growth markets such as China and the United States were still strong.
The carmaker, according to Reuters, is on track to meet its target of 15% battery-electric sales this year, beating Mercedes-Benz and Porsche, which have so far sold around 11% battery-electric vehicles.
Nonetheless, CEO Oliver Zipse, a long-time supporter of investing in carbon-cutting technologies, stated that there was "no indication that the world is renouncing combustion engine vehicles".

He refused to set a production end date for them, as Volkswagen and Mercedes-Benz have. "It's still too soon," he said during a press conference following the half-year results.

On Thursday, BMW reported a 2.9% drop in second-quarter net profit, in line with analyst expectations, after last year's figures were boosted by the company's decision to take majority control of its Chinese joint venture BMW Brilliance Automotive (BBA).

However, it stated that second-quarter earnings were boosted by higher pricing and sales, which increased 11.3%.

The slight price increases were caused by higher raw material costs, according to chief financial officer Walter Mertl.