BMW expects higher profits and more electric cars

By The Associated Press

German automaker BMW is forecasting increased sales and profits this year as it begins the rollout of some 40 new models and aims to sell 100,000 electric-powered cars.

The logo of German car manufacturer BMW is photographed at a BMW M6 Coupe car during the earnings press conference in Munich, Germany, Tuesday, March 21, 2017. (AP Photo/Matthias Schrader)

FRANKFURT, Germany (AP) — German automaker BMW is forecasting increased sales and profits this year as it begins the rollout of some 40 new models and aims to sell 100,000 electric-powered cars.

The company said Tuesday it expects "a slight increase" from last year, when it had 94.2 billion euros ($101.7 billion) in revenues and net profit of 6.9 billion euros. It sold 62,000 electrics.

Munich-based BMW AG has invested heavily in electric vehicles even though they remain less than 1 percent of the global market, saying they're the key to future sales. The company predicts electric vehicles will be 15-25 percent of the market by 2025.

CEO Harald Krueger said at the company's annual news conference that that "our goal is sustainable mobility. There's no turning back."

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