May 11, 2017 / 9:44 AM / 2 years ago

BMW to launch 8-series in upmarket strategy push

Harald Krueger, Chief Executive of German luxury carmaker BMW addresses the company's annual news conference in Munich, southern Germany, March 21, 2017. REUTERS/Michael Dalder

FRANKFURT (Reuters) - BMW (BMWG.DE) said it will launch an 8-series model in 2018, reviving its upmarket coupe line as part of a broader strategic shift to focus on higher-margin sportscars rather than compact vehicles.

“The 8-series Coupe will debut next year,” Chief Executive Harald Krueger told shareholders at the company’s annual general meeting in Munich on Thursday.

“We are refreshing our entire product portfolio and strengthening the performance side. Our strategy will focus on the luxury segment, where there are margins to be earned,” Krueger said, adding that he aimed to increase revenues in the luxury segment “significantly” by 2020.

Reporting by Edward Taylor; Editing by Maria Sheahan

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