宝马的外汇风险管理

BMW, the world-famous auto and motorcycle manufacturer, produces the majority of its vehicles in Germany, yet sells over two thirds of them outside Germany. In 2010, BMW sold a total of 1.46 million cars, of which 267 thousand were sold in Germany. The German market overall accounts for only 18.3% of global sales, and overseas markets account for 81.7%. The globalization of the markets has brought about not only rapid growth but also a huge foreign exchange risk, leading to growing pains that BMW has to face. BMW learned from the experience of its peer Porsche, whose efforts to pass the foreign exchange risk onto consumers by raising sales prices completely failed. This case focuses on how BMW manages its huge foreign exchange exposure on an operating level and on a strategic level.