BMW AG said its pretax profit in 2008 will rise thanks to an increase in sales and more hedging against foreign-exchange rates.
Chief Executive Norbert Reithofer, speaking at the luxury-car maker's annual press conference, said BMW would continue to strive for improved performance despite what he called major challenges: the strong euro, a U.S. economic slowdown and rising prices for raw materials such as steel and oil.
Chief Financial Officer Michael Ganal said higher interest rates and international credit-market woes, especially in the U.S., have a tangible impact on the company's earnings amid high raw-material prices and unfavorable currency effects.
