Michael Murray: The road ahead may be uncertain, but demand for luxury cars in emerging markets mean that BMW's share price is one to build on

Michael Murray: The road ahead may be uncertain, but demand for luxury cars in emerging markets mean that BMW's share price is one to build on
Michael Murray.

The motor industry is highly cyclical, but the scars of recession on BMW's back from the downturn of the past five years have been modest.

Listening to the chief executive of BMW addressing financial analysts gives you a sense of the company’s long-term ambition and strategy, the extent of its investment in research, training and innovation, and its other strategic initiatives intended to drive future growth. Typically, the company invests over €250 million per annum in vocational training and development and between €3 to €4 billion per annum in R&D, about a third of which is capitalised and the remainder...

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