BMW’s Q223 results were very robust on the back of stronger volume momentum than the company had expected. Like its peers, the group raised its FY23 outlook, but unlike them it slashed its FCF expectations as the trading environment is heading back to a structure more aligned with its historical format. Overall, this print sounds like an honest picture of what “normalisation” really means for OEM these days. Note that BMW continues to lead the EV transition amongst its peer group.
