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BMW undaunted by Apple's entry into cars, says 'competition motivates'

While BMW's cash flows have improved during the pandemic, other companies like Tesla, by selling stock, have tapped into the markets' interest for all-electric car companies.

March 09, 2021 / 06:07 PM IST

BMW is not afraid of Apple entering into the car business.

In an interview, the German luxury carmaker's Chief Financial Officer (CFO), Nicholas Peter remained undaunted by reports that suggested Apple's entry.

“I sleep very peacefully,” Peter said when asked about Apple. “Competition is a wonderful thing -- it helps motivate others. We’re in a very strong position and we want to remain in a leading position in the industry.”

According to Peter, BMW is well-placed as electrification and alternatives to private vehicle ownership transform the auto industry, Bloomberg reported.

These comments are the luxury car maker's latest show of confidence during a year where new-gen companies like Tesla have garnered traction over traditional car companies, the report said.

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Also Read: The Indo-Danish couple challenging Tesla

While BMW's cash flows have improved during the pandemic, other companies like Tesla, by selling stock, have tapped into the markets' interest for all-electric car companies.

According to the report, BMW will continue to produce combustion-engine cars along with electric versions for the foreseeable future, Peter said.

This is despite the fact that competitors like Ford Motor Corp saying its car lineup in Europe will be all-electric by 2030.
Moneycontrol News
first published: Mar 9, 2021 06:07 pm

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