BMW Unveils New 7-Series Sedan, Expects Profit Boost (Update1)

BMW's flagship model ``will contribute a great deal'' to achieving the automaker's 2012 profit targets, Chief Executive Officer Norbert Reithofer said at an event in Munich to introduce the car. The fifth generation of the 7-Series will go on sale this fall, with a range of new technology, including four-wheel steering, in-car Internet access, and a night-vision feature that warns drivers of people near the roadway.

The company has a program in place to cut spending by 6 billion euros ($9.4 billion), including the elimination of 8,100 jobs, to help increase its return on sales in automaking to 8 percent and 10 percent by 2012 from 6 percent in 2007. Since Munich-based BMW announced the target in September, oil futures have jumped 87 percent and steel prices have climbed 63 percent.



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