BMW’s full-year release saw the group beating market expectations on the back of a very strong H2. Having pre-released most of the FY20 figures though, the key takeaway is a more upbeat guidance for the current year compared to the very cautious outlook sustained through 2020. The margin objectives will quickly position BMW back on the path to attain its 2025 targets, while stepping up its electrification strategy to answer the industry’s mounting EV push.