Q2 2022 Bayerische Motoren Werke AG Earnings Press Conference Transcript
Colleagues, ladies and gentlemen, good morning, and welcome to our conference call of BMW Group for the second quarter 2022. We have with us here, as always, Oliver Zipse, Chairman of the Board of Management of BMW AG; and Dr. Nicolas Peter, member of the Board of Management of BMW AG, Finance. The gentlemen will begin by giving an overview of business development. And after that, as always, you'll be given the opportunity to ask your questions. Today, we'll begin with Mr. Peter, you have the floor.
Thank you. Good morning, ladies and gentlemen. BMW Group successfully managed the second quarter of 2022 and delivered good results despite difficult business conditions. Overall, the first half of the year was characterized by continuing semiconductor bottlenecks and supply chain disruptions. This meant the BMW Group was not fully able to meet demand. And as a result, vehicle sales were down 30.4% from the previous year's all-time high. Despite this, we
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