Prices have gone up in the U.S. but for us at least we have not seen a change in buyer behavior,

If each of us would have done it on our own we would never have reached the volume needed to make it economical,

The current exchange rate is an improvement, but it's still a challenge for us.

We expect the BMW Group to remain on growth course in the financial year 2006. Our aim is to increase sales volume yet again and once again set a new record.

The adverse external factors -- unfavorable exchange rates, high raw-material prices and intense competition -- which we reported from the very beginning of the year have been largely offset by increased sales volume and internal efficiency improvement measures.

We will proceed under our own power. We are not thinking of link-ups, stakes, takeovers. I can clearly rule out all of these alternatives.