At the BMW annual general meeting last week, the chairman Harald Krueger announced the arrival of a new concept car – one he hopes will catapult the German luxury car maker back to the top of the high-end sportscar market.
BMW will present a design study at this year’s Concorso d’Eleganza Villa d’Este on May 26, which provides an exclusive look ahead to the BMW 8 Series Coupe, slated for 2018.
“The BMW 8 Series Coupe will build on our tradition of luxurious sports coupes and add a genuine dream car to our line-up – a slice of pure automotive fascination,” said Mr Krueger, looking ahead to the new model. “The 8 Series Coupe will underpin our claim to leadership in the luxury segment. I can tell you today that this will be a true luxury sports coupe.”
By reviving the 8 Series, the chief executive is hoping that wealthier customers will warm to a model that BMW shelved in the 1990s as sales fell. He says the new version will help the company to achieve his goal of “significantly” increasing sales and revenue in the top-end of the luxury segment by 2020.
The 8 Series arrived in 1989 as a grand tourer with a V12 engine that ranked as the brand’s top-of-the-range at the time. The 850, as it was known, reflected the style of the age: a wedge body shape, drop front lights and muscular rear lights.
But the new 8 Series will face stiff competition. Mercedes already offers drivers coupe and cabriolet versions of the S-Class saloon and the ultra-high end Maybach models. Volkswagen, meanwhile, recently revamped the four-door Porsche Panamera and Fiat Chrysler Automobiles has the Maserati Quattroporte.
If the 8 Series is a hit it would boost Mr Krueger’s standing among his critics. In addition to a lukewarm reception to the relaunch of the 5 Series, he has been taken to task over his approach to electric cars. Unlike its rivals, BMW is adding electric drive to existing models rather than bringing all-new battery-powered cars to market. This goes against moves by rivals such as Mercedes, which has launched the EQ brand to challenge the US firm Tesla’s growing power in the segment.
With its four brands BMW, MINI, Rolls-Royce and BMW Motorrad, the BMW Group is among the world’s leading premium manufacturer of cars and motorcycles. It operates 31 production and assembly facilities in 14 countries and has a global sales network in more than 140 countries. In 2016, the BMW Group sold approximately 2.367 million cars and 145,000 motorcycles worldwide. The profit before tax was approximately €9.67 billion (Dh39.33bn) on revenues amounting to €94.16bn. As of 31 December 2016, the BMW Group had a workforce of 124,729 employees.
chnelson@thenational.ae
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