BMW Chairman: Still Sees 1 Million Vehicle Sales, Higher Pfts In 02

MUNICH -Dow Jones is reportiung that BMW said Tuesday that, despite the sputtering global economy, it is still confident it can boost 2002 vehicle sales, revenues and earnings.

This was thanks, largely, to the rising popularity of premium cars, it said.

New models are helping the carmaker cash in on that trend, outgoing chairman Joachim Milberg told reporters at the last annual press conference he will preside over before stepping down May 16 .

He pointed to new versions of the small 3-Series car, the new high-end 7- Series and the new Mini, and the sales of the wildly popular X5 sports utility vehicle. X5 sales more than doubled in 2001, Milberg said.

Growth for premium carmakers, unlike volume carmakers, also benefits from the higher prices the cars can command, Milberg said.

"Thanks to their higher margins, premium manufacturers in particular are in a position to step up their research and development activities and introduce more innovations," Milberg said.