...May 9, 2024 This report does not constitute a rating action. MILAN (S&P Global Ratings) May 9, 2024--BMW's first-quarter performance is well in line with our base case for 2024. We expect flat revenues, a slight decrease in S&P Global Ratings- adjusted EBITDA margins from 2023 that reflects the increasing share of electric cars and a normalization in pricing, and an adjusted free operating cash flow (FOCF) of about 6 billion, similar to the company's FOCF in 2023. We view BMW's first-quarter results as solid against a market backdrop that is increasingly characterized by demand and pricing softness. Deliveries slightly underperformed global light- vehicle sales, which increased by 5% in the first quarter, and our forecast 2% global sales growth for 2024. Volumes suffered from the model changeover at Mini and updates to the 5 series but could recover in the next quarters. As we anticipated, the Chinese market put a dent in BMW's global deliveries in the first quarter as the Chinese market's...
