Posted In: Bayerische Motoren Werke AG’s dominant shareholder Posted In: The Quandt family Posted In: vowed to carry on its commitment to the carmaker as Volkswagen AG’s Audi challenges BMW’s lead in luxury vehicles.
The Quandt family, Bayerische Motoren Werke AG’s dominant shareholder, vowed to carry on its commitment to the carmaker as Volkswagen AG’s Audi challenges BMW’s lead in luxury vehicles.
“We as a family are looking forward” to shaping the future with BMW, Stefan Quandt said at a Munich event today to mark the 50th anniversary of the shareholders’ vote approving the German family’s rescue of the luxury-car maker. “Lead, don’t follow - that’s the entrepreneurial calling of BMW.”
Investor Herbert Quandt fended off a takeover attempt five decades ago by Stuttgart, Germany-based Daimler AG, then called Daimler-Benz, by bankrolling development of the 1500-model midsize sedan. His family still owns 46 percent of BMW, and Stefan Quandt and Susanne Klatten, two of his children, sit on the supervisory board.
BMW surpassed Daimler’s Mercedes-Benz division as the world’s largest luxury-car maker five years ago and aims to almost double annual sales by 2020 to 2 million vehicles. That may not be enough to fend off Audi, which aims to leapfrog BMW and Daimler to become the largest maker of luxury cars by 2015.
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