BMW & Bavarian Group is planning to increase its volume of investments in Egypt seeking to reach US$10 million within 2013, CEO said on Wednesday. This comes within BMW’s expansion plan for the region for the year of 2013.
In an exclusive statement on Tuesday to Amwal Al Ghad, CEO Farid El Tobgy said BMW’s investments in Egypt amount up to US$ 250 million, noting that the firm is planning to increase its volume of investments in the country which obviously contradicts the withdrawal news.
He negated the news about withdrawing BMW’s investments from the Egyptian market by the end of 2014, when Egypt starts to apply a full exemption of customs duties on European cars.
The leading German carmaker has posted net profits during the year of 2012 worth €5.1 million, representing a growth of 4.4%.
Also in 2012, BMW has hit a record after reporting the selling of more than 1.8 million autos across the globe. BMW has sold to China 326.000 cars in 2012, leading to boosting the German firm’s sales to €76.8 billion, representing an increase of 11.7%.