Boss: BMW will beat savings goal

Carmaker BMW will beat its $8.7bn (£5.23bn) savings goal for 2012, its chief executive Norbert Reithofer said yesterday. He added that new models at the luxury car maker will give a “major boost” to sales. The group, which is based in Munich, is anticipating a gradual improvement in deliveries as demand recovers from the financial crisis. In the interview at the Frankfurt Motor Show, he said that BMW is “100 per cent on track” to save €500m (£427m) in 2009, after a round of job cuts. “We will even exceed our original plans” to cut annual spending by €6bn by 2012. The five-year target was announced in 2007. The carmaker, which also makes the British compact car, the Mini, plans to introduce new versions of the 1 series in 2011 and the 3 series in 2012.