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      08-03-2021, 04:13 AM   #1
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BMW Group boosts profitability and earnings in second quarter despite chip shortage

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BMW Group boosts profitability and earnings in second quarter despite semiconductor shortage

The BMW Group continued performing dynamically in the second quarter, setting new record figures for sales, earnings and net profit. Demand for the Group’s premium vehicles has remained strong, with continued good pricing.

Munich. The BMW Group continued performing dynamically in the second quarter, setting new record figures for sales, earnings and net profit. Demand for the Group’s premium vehicles has remained strong, with continued good pricing.

Reported figures for the second quarter improved significantly compared to one year earlier, when the BMW Group posted a loss due to the coronavirus pandemic. However, sales and earnings have also grown solidly compared with the financial year 2019.The BMW Group is pushing ahead with its comprehensive strategy of achieving sustainable, emission-free mobility. In line with the goals of the Paris Climate Agreement, the BMW Group’s corporate strategy is fully committed to ramping up e-mobility as swiftly as possible. After the successful market launch of the BMW iX3*, the all-electric BMW i4 and iX models are set to follow in the autumn, equipped with the first powerful variants of the new e-motor range. The BMW Group's all-electric vehicles are synonymous with pure electric driving pleasure and outstanding customer convenience. For example, the BMW iX3* achieves a range of 100 km (WLTP) after just 10 minutes of charging at an HPC charging station. The new all-electric models have generated a highly positive response in recent vehicle tests.

Further models will be presented in the near future. Over the next two years, electrification will cover nearly the entire breadth of the BMW Group’s product portfolio. In the period up to 2025, the Group is set to grow its sales of all-electric vehicles by an average of more than 50% p.a., delivering around two million all-electric vehicles to customers by the middle of the decade.

The Neue Klasse is set to play a key role in this move towards low-emission, sustainable mobility. From the middle of the decade onwards, all future BMW Group models will share the core features of the new vehicle architecture, uncompromisingly designed for electric drive systems. The Neue Klasse will feature a completely redefined IT and software architecture, a powerful, newly developed generation of electric drive and battery systems and a higher level of sustainability across the entire life cycle.

Over-the-air software upgrades for 2.5 million vehicles this year

The BMW Group has been improving the connectivity of its vehicles for many years, continuously providing customers with the latest software and functionality enhancements via remote software upgrades. At the present time, more than two million BMW Group vehicles are capable of being upgraded 'over-the-air'. With its new BMW Operating System 8, now installed for the first time in the BMW iX, the premium manufacturer is incorporating the most powerful data processing system available to date in its products, enabling customers to order functions on demand at any time and on a flexible basis.

The BMW Group is also making progress in establishing a sustainable circular economy. In collaboration with suppliers, the Group is developing new production technologies as well as suitable sustainable substitutes and far-reaching recycling concepts. This not only applies to raw materials that are in limited supply, such as the lithium required to manufacture batteries, but also to plastics and aluminium. In the case of aluminium, one of the key materials used for vehicle production, procedures are already in place at some sites to separate this reusable resource.

The BMW Group has placed sustainability and resource conservation at the centre of its corporate strategy going forward, thereby embarking on a path significantly more ambitious than the two-degree target set for limiting global warming. In this context, the measurable and verifiable targets the BMW Group has set for the entire life cycle of its vehicles across all the three emissions categories (‘Scopes 1-3’) have meanwhile been validated by the Science Based Targets Initiative. By 2030, the target is to reduce the BMW Group’s total global carbon footprint per vehicle by at least one third compared to 2019, which will lead to more than 200 million tonnes of carbon emissions being avoided via technological measures.

"The progress we are making towards climate neutrality is being documented in a way that is verifiable and transparent for everyone. In line with the Paris Climate Agreement, our clearly defined aims put us on a path significantly more ambitious than the two-degree target. Moreover, we are fully committed to achieving these goals without reservation or exception. It is our vision to create a value chain with increasingly lower levels of emissions, culminating in a circular economy," stated Oliver Zipse.

With this approach, the BMW Group is preparing for the European Green Deal. However, the EU Commission's recent call for a further tightening of the 2030 decarbonisation targets for automobiles (by 55% compared to 2021) can only be achieved with the appropriate framework conditions and the joint efforts of industry and policymakers. The expansion of charging infrastructure by the member states envisaged in the EU is not ambitious enough and needs to be implemented far more swiftly in order to be successful. The BMW Group is stepping up its efforts to improve the charging infrastructure – both at its own locations and in close cooperation with its business partners. In line with this approach, the Group has installed over 15,000 charging points worldwide, including over 4,350 charging points at its own locations, all of which are powered solely by green electricity.

BMW Group highly profitable in first half-year

The BMW Group continued to perform well during the first six months of 2021. Despite the challenges posed by the global pandemic restrictions and the limited availability of semiconductor components, which necessitated adjustments to the production schedule, sales figures increased significantly. A total of 1,339,047 BMW, MINI and Rolls-Royce brand vehicles were delivered to customers in the first six months of 2021, up by nearly 40% on the previous year (2020: 962,575 units/ +39.1%) and setting a new Group record for a first half-year period. All major sales regions contributed to the overall growth in sales volume worldwide. The picture was similar in the second quarter, with deliveries to customers up by 44.7% year-on-year to 702,441 units (2020: 485,464 units).

Sustained high demand for the BMW Group’s electrified vehicles also provided strong momentum for growth. Between January and June 2021, 153,243 all-electric vehicles and plug-in hybrids were delivered to customers (2020: 61,652 units), an increase of 148.6% compared to one year earlier. The high rate of growth in the sale of electrified vehicles gathered even greater momentum in the second quarter, rising by as much as 167.0%.

Significant growth in Group revenues and earnings

Revenues were significantly higher year on year, both in the first six-month period at € 55,360 million (2020: € 43,225 million/ +28.1%, currency-adjusted: +31.1%) and in the second quarter 2021 at € 28,582 million (2020: € 19,973 million/ +43.1%, currency-adjusted: +45.2%), driven by higher sales volumes and better selling prices achieved across both new and pre-owned automobile markets.

The favourable market environment also led to a lower risk provisioning for expected residual value and credit risks compared to one year earlier, as well as partial releases of credit risks. Earnings also benefited from the partial release of the provision in conjunction with EU antitrust proceedings, which were concluded in July with the payment of a fine amounting to € 372.8 million.

Group research and development expenditure totalled € 2,574 million (2020: € 2,852 million/ -9.7%, Q2/2021: € 1,287 million/ -15.8%, Q2/2020: € 1,528 million). The BMW Group has striven forward substantial future technologies in the first half-year with focus on the further development of electric drive systems, automated driving and the digitisation of the Group’s model portfolio. The R&D figures reported for 2021 also include initial upfront expenditure for the Neue Klasse.

The R&D ratio was 4.6% for the half-year under report and 4.5% for the second quarter (R&D ratio HY1/2020: 6.6%; Q2/2020: 7.7%).The lower ratios year on year were also partly due to the higher revenues generated in the corresponding periods.

The financial result for the six-month period was a positive amount of € 1,706 million (HY1/2020: negative € 211 million; Q2/2021: positive € 974 million, Q2/2020: positive € 366 million). The main reason for the improvement was the Group’s share of the profit generated by the Chinese joint venture BMW Brilliance Automotive Ltd., Shenyang, amounting to € 1 billion (2020: € 529 million/ +89.0%). Positive valuation effects on interest rate hedges, on investments in the BMW i Ventures fund as well as the favourable development of the SGL Carbon share also contributed to the higher reported figure.

Due to the various factors described above, Group profit before tax for the six-month period amounted to € 9,736 million (HY1/2020: € 498 million; Q2/2021: € 5,979 million, Q2/2020: loss of € 300 million).

The Group's EBT margin for the first half of 2021 came in at 17.6% (HY1/2020: 1.2%; Q2/2021: 20.9%, Q2/2020: -1.5%). Group net profit amounted to € 7,623 million (HY1/2020: € 362 million; Q2/2021: € 4,790 million, Q2/2020: net loss of € 212 million).

"Sustainable profitability is the foundation that enables us to invest in the electrification and digitisation of our models as well as in automated driving. In a strong first half-year, we continued to work rigorously on driving our operating performance. Efficiency improvement measures are also bearing fruit. For example, we have made good progress in reducing complexity, as new package solutions are boosting efficiency across the entire range of our products and services while at the same time improving and simplifying the customer experience. We are also focusing on our sales structures, using digital analysis tools to manage our sales and marketing activities. As previously announced, by 2025 we aim to reduce production costs per vehicle by one quarter compared to 2019. Here, too, we are making good use of virtual planning processes and constantly striving to optimise logistics and plant capacity utilisation," said Dr Nicolas Peter, member of the Board of Management, Finance in Munich on Tuesday.

Significant growth for BMW, MINI, Rolls-Royce brands in second quarter

In the period from April to June 2021, the BMW Group delivered a new record total of 702,441 units to customers worldwide (Q2/2020: 485,464 units/ +44.7%), comprising 617,667 BMW brand vehicles (Q2/2020: 430,344 units/ +43.5%), 83,165 MINI brand vehicles (Q2/2020: 54,413 units/ +52.8%) and 1,609 Rolls-Royce brand vehicles (Q2/2020: 707 units/ +127.6%).

Sales volume growth worldwide

The BMW Group recorded significant growth across all regions of the world, both for the six-month period and the second quarter.

In Europe, deliveries to customers in the first half of the year rose by more than one third (+35.4%) to 504,834 units (HY1/2020: 372,754 units; Q2/2021: 265,816 units, Q2/2020: 151,730 units/ +75.2%). Sales of BMW, MINI and Rolls-Royce brand vehicles in Germany were also significantly up, with 136,058 units delivered to customers in the first half of the year (HY1/2020: 116,362 units/ +16.9%; Q2/2021: 73,362 units, Q2/2020: 50,358 units/ +45.7%).

Business also gathered pace in the Americas during the period under report, with 225,144 BMW, MINI and Rolls-Royce brand vehicles delivered between January and June (HY1/2020: 152,580 units/ +47.6%, Q2/2021: 128,792 units, Q2/2020: 70,502 units/ +82.7%). The upward trend also continued in the USA, with deliveries up by more than one half to 184,436 units (HY1/2020: 121,318 units/ +52.0%; Q2/2021: 106,369 units, Q2/2020: 56,425 units/ +88.5%).

In Asia, the number of vehicles sold at the half-way stage of the year totalled 580,351 units (HY1/2020: 416,882 units/ +39.2%; Q2/2021: 292,654 units, Q2/2020: 253,942 units/ +15.2%). Growth continues unabated in China, where the BMW Group recorded a 42.0% increase to 467,956 units for the six-month period (HY1/2020: 329,447 units; Q2/2021: 237,763 units, Q2/2020: 212,870 units/ +11.7%).

Significant rise in Automotive segment revenues

Revenues generated by the Automotive segment rose to € 47,745 million for the six-month period (HY1/2020: € 32,867 million/ +45.3%; Q2/2021: € 24,983 million, Q2/2020: € 14,878 million/ +67.9%), driven primarily by higher sales volume, revenue growth for spare parts and accessories, a more favourable model mix and good pricing.

The segment profit before financial result (EBIT) amounted to € 6,189 million (HY1/2020: loss of € 1,325 million; Q2/2021: € 3,953 million, Q2/2020: loss of € 1,554 million).

Segment profit before tax (EBT) for the six-month period improved to € 7,526 million (HY1/2020: loss of € 1,093 million; Q2/2021: € 4,750 million, Q2/2020: loss of € 1,173 million), driven by the combined impact of higher sales volume, better residual values and income recognised on the release of the provision for EU antitrust proceedings. The segment EBIT margin for the six-month period came in at 13.0% (HY1/2020: negative 4.0%; Q2/2021: 15.8%, Q2/2020: negative 10.4%).

Free cash flow generated by the Automotive segment for the period from January to June 2021 totalled € 4,902 million (2020: negative € 2,513 million). The increase in cash flows from operating activities mainly reflected higher earnings before tax and the favourable development of working capital. The combined effect of systematic working capital management and production restrictions due to semiconductor supply bottlenecks resulted in a low level of inventories. For the full year, the BMW Group aims to achieve a free cash flow above the previous year's best-to-date figure of € 5.8 billion. This target, however, is subject to the semiconductor supply situation not worsening significantly.

Financial Services segment on course for success

The excellent performance of the Financial Services segment in the first half of 2021 is reflected in the significant increase of its reported figures. After the negative impact on business during the corona pandemic year 2020, growth in new business with leasing and financing products brought about a significant improvement in segment earnings. Expressed in balance sheet terms, segment business volume increased slightly compared to 31 December 2020.

In total, 1,029,345 new credit financing and leasing contracts were signed with retail customers between January and June 2021, a significant increase of 28.0% over the previous year’s corresponding period, when business was held down by the heavy impact of the coronavirus pandemic (2020: 804,452 contracts). Over the six-month period, 50.2% of new BMW Group vehicles were either leased or financed by the Financial Services segment (2020: 51.3%/ -1.1 percentage points).

New business with credit financing and leasing contracts concluded with retail customers during the period from January to June grew by 29.5% to € 32,445 million (2020: € 25,057 million). All regions recorded considerable year-on-year growth.

Significant improvement in Financial Services segment earnings

The Financial Services segment generated revenues totalling € 16,106 million in the first half of the year (HY1/2020: € 14,256 million/ +13.0%; Q2/2021: € 8,200 million/ +23.2%, Q2/2020: € 6,658 million).

Profit before tax for the six-month period amounted to € 1,936 million, setting a new record for the segment (HY1/2020: € 581 million; Q2/2021: € 1,149 million, Q2/2020: € 97 million). The main contributing factors for earnings growth were the improved overall risk situation and higher marketing revenues from the sale of returned lease vehicles, especially on the US market. The Financial Services segment makes provision to take account of significant business risks on an ongoing and comprehensive basis. Based on current assessments, appropriate levels of provisions have been recognised to cover residual value and credit risks.

Motorcycles segment posts best deliveries and earnings figures to date

The Motorcycles segment demonstrated its operating strength during the period under report, launching eight new models in the first six months of the year and setting a new record with 107,610 units delivered to customers (HY1/2020: 76,707 units/ +40.3%; Q2/2021: 65,018 units/ +55.1%, Q2/2020: 41,933 units).

The segment profit before financial result (EBIT) amounted to € 284 million (HY1/2020: € 65 million; Q2/2021: € 149 million, Q2/2020: loss of € 7 million).

The EBIT margin for the six-month period came in at 17.5% (HY1/2020: 6.0%; Q2/2021: 17.2%, Q2/2020: negative 1.3%).

Semiconductor shortage and higher raw materials prices likely to impact second half-year

For the full year 2021, the BMW Group expects business to develop positively overall.

"The forecast is based on the assumption that neither the coronavirus pandemic nor the semiconductor supply situation will worsen significantly and that prices on international raw materials markets remain stable. We were largely able to compensate for the challenging semiconductor supply problems arising in the first six months through the sheer hard work of our purchasing, production and sales staff. However, the longer the supply bottlenecks last, the more tense the situation is likely to become. We expect production restrictions to continue in the second half of the year and hence a corresponding impact on sales volumes," Dr Peter stated.

In view of the generally positive growth forecasts for the global economy, the BMW Group is raising its full-year outlook for the Financial Services and Motorcycles segments.

The Automotive segment is expected to record a solid year-on-year increase in the number of BMW, MINI and Rolls-Royce brand vehicles delivered to customers. Due to the EU antitrust proceedings, the segment EBIT margin for the full year was adjusted in May and is likely to come in at the upper end of a range of 7 to 9% (previous forecast: 6 to 8%). Segment RoCE is forecast to increase significantly.

The BMW Group expects the risk provisioning of the Financial Services segment for credit and residual value risks will also be lower in the second half of 2021 than previously assumed in the Quarterly Statement for the period ended 31 March 2021. Accordingly, the BMW Group now expects the Return on Equity (RoE) for the Financial Services segment within a range of 17 to 20% (previous forecast: 12 to 15%).

The Motorcycles segment is now predicted to record a significant increase in deliveries due to the positive market trend (previous forecast: solid increase). The EBIT margin is likely to finish within a target range of 8 to 10%, enabling the segment to record a significantly higher level of RoCE than one year earlier.

The BMW Group also reaffirms its forecast for non-financial performance indicators. Accordingly, the proportion of women in management functions is expected to increase slightly. At the same time, the BMW Group is targeting a further significant reduction in the carbon emissions generated by its EU new vehicle fleet. According to current expectations, carbon emissions per vehicle produced are likely to decrease moderately.

The Group's targets for the year are to be met with a slightly smaller workforce. Macroeconomic and political developments as well as international trade and customs policies could also have a negative impact on the BMW Group's business performance.

“Our performance has benefited from strong customer demand during the first half of the year, enabling us to achieve significant growth. However, in light of a number of prevailing risks, including raw materials prices and a shortage of semiconductors, the second six-month period is likely to be more volatile for the BMW Group," said Oliver Zipse, Chairman of the Board of Management of BMW AG, in Munich on Tuesday: "Despite short-term challenges, we remain focused on the Group’s long-term strategy of leveraging our great innovative strength and sustainable profitability as the basis for successfully shaping the transformation of our industry. In doing so, we are committed to finding the best technological solutions to drive forward the progress of digital connectivity and sustainable mobility."
Link to press release: https://www.press.bmwgroup.com/globa...uctor-shortage
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      08-03-2021, 09:06 AM   #2
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      08-03-2021, 09:17 AM   #3
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      08-03-2021, 09:19 AM   #4
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If you've witnessed first hand the upgrade from the F chassis to G chassis cars, this shouldn't be a surprise.

While styling can be questionable, whether or not they're making better cars is not. Good job BMW.
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      08-03-2021, 09:44 AM   #5
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Quote:
Originally Posted by Game View Post
If you've witnessed first hand the upgrade from the F chassis to G chassis cars, this shouldn't be a surprise.

While styling can be questionable, whether or not they're making better cars is not. Good job BMW.
I doubt it's just the G Series as I've seen very few new M3/4's in my local area

I am not personally buying one because of the wacky looks and the majority on my local M Facebook page aren't buying them either

Go figure
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      08-03-2021, 10:23 AM   #6
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Quote:
Originally Posted by Game View Post
If you've witnessed first hand the upgrade from the F chassis to G chassis cars, this shouldn't be a surprise.

While styling can be questionable, whether or not they're making better cars is not. Good job BMW.
Well said. Styling has always and will always be subjective (I find myself questioning some of the design decisions) but the quality of the cars, NVH, ride/handling, etc shows how much BMW has progressed in the right direction.
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      08-03-2021, 10:32 AM   #7
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Keep it up Munich!
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      08-03-2021, 10:52 AM   #8
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Quote:
Originally Posted by Luminor513 View Post
Well said. Styling has always and will always be subjective (I find myself questioning some of the design decisions) but the quality of the cars, NVH, ride/handling, etc shows how much BMW has progressed in the right direction.
Completely agree. That is why the new designs are so annoying to me; taking a great car and making it ordinary by design.
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      08-03-2021, 10:55 AM   #9
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Quote:
Originally Posted by ///M TOWN View Post
I doubt it's just the G Series as I've seen very few in my local area

I am not personally buying one because of the wacky looks and the majority on my local M Facebook page aren't buying them either

Go figure
Haven't seen many 18+ X3's or 19+ X5's?

They're everywhere in my neck of the woods. Even the 3 series has gotten pretty common.

I'd say the only "wacky" looking cars are the M3/M4, which are a very low volume niche car (and still sold out at my store). Everything else is pretty great.
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      08-03-2021, 11:00 AM   #10
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Quote:
Originally Posted by ///M TOWN View Post
I doubt it's just the G Series as I've seen very few in my local area

I am not personally buying one because of the wacky looks and the majority on my local M Facebook page aren't buying them either

Go figure
Hmm it must just be where you live then. In any major metropolitan area these cars are very popular, notably the X3 X5 and 3-series. BMW's G models are far better than the lowly F models they replaced. I agree that G have quirky styling which is bearable in most models but some models completely miss the mark.
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      08-03-2021, 11:02 AM   #11
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Well dont expect this to keep going. In normal times we would have around 90 new cars on our lot and currently we have 5. We have managed to do a very good job with builds but now allocations are getting lower so we are kinda screwed in the coming months.
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      08-03-2021, 11:03 AM   #12
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Quote:
Originally Posted by Game View Post

They're everywhere in my neck of the woods. Even the 3 series has gotten pretty common.
Unfortunately the 3er got very common with the F30 since it became a watered down version of its former self. White 320 economy cars were everywhere. G20 is a significantly better car and thankfully they are leaving the entry-level nonsense up to the FWD 2 sedan.

I will say, the non-M sport G20's styling is too understated. In my opinion the G20 is worth it in 330 M Sport or M340 guise. Otherwise it just looks
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      08-03-2021, 11:46 AM   #13
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Because they are selling cars at msrp compare to 5-10% discount before the shortage
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      08-03-2021, 12:06 PM   #14
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Quote:
Originally Posted by Germanauto View Post
Quote:
Originally Posted by ///M TOWN View Post
I doubt it's just the G Series as I've seen very few in my local area

I am not personally buying one because of the wacky looks and the majority on my local M Facebook page aren't buying them either

Go figure
Hmm it must just be where you live then. In any major metropolitan area these cars are very popular, notably the X3 X5 and 3-series. BMW's G models are far better than the lowly F models they replaced. I agree that G have quirky styling which is bearable in most models but some models completely miss the mark.
I should have clarified M3/4's
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Originally Posted by CRtoE92 View Post
Because they are selling cars at msrp compare to 5-10% discount before the shortage
I got my car in June at 10% off msrp before incentives. They at least honored previous sales orders.
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