With luxury automakers taking a beating from the global recession and the geared-down “new” economy left in its wake, some are writing the epitaph for premium cars. But in a meeting with the media this week, BMW North America LLC officials said that although the economic meltdown indeed has caused shifts in consumer thinking and “America has been changed by this recession,” premium brands will continue to be a force in the U.S. market. BMWNA president Jim O'Donnell said yesterday at the company's headquarters that “premium automakers will help shape the future of mobility” because high-end brands historically have been the first to develop and introduce new innovations. And given the pressure for new solutions to the automobile's environmental impact, O'Donnell said, “It is our belief that the premium market – and the BMW Group as the leader of this segment – will continue to fill an important and necessary role of bringing innovation and technology to market to meet customer, social and regulatory needs and providing direction for the entire industry.”
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BMW: Consumer Values Evolving – But Luxury Brands Will Survive
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