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.

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

Currency factors, high raw material prices and intense competition are all having an adverse impact.

Despite the big public debate right now, it will just be a niche technology,