One doesn't have to be a large corporation to benefit from the advantages of volume. This can also be achieved through joint ventures.

Premium will increasingly be defined in terms of sustainability and environmental compatibility

We will continue to offer the most dynamic vehicles in the future. However, we have also made it our mission to be sustainable as a company.

Naturally, we will continue to offer very powerful vehicles in the future. Nevertheless, no other manufacturer has reduced the CO2 emissions of its fleet as substantially as the BMW Group.

In the European Union, a fleet average of 95 grams of CO2 per kilometer will be permitted in 2020. This corresponds to fuel consumption of about four liters (per 100 kilometers about 59 mpg). We have to continue reducing the fuel consumption of our vehicles and offer hybrid and electric vehicles, or else we will be unable to achieve these values.

Prestige and premium will also play an important role in the future. But some people define these values differently today.

The manufacturers of mechanical typewriters believed that they had developed sufficiently when they introduced electric typewriters. Then came the PC, and the deeply traditional makers of typewriters disappeared from the market.

As far as I'm concerned, it is clear that the concept of premium will be increasingly defined through sustainability in the future. BMW, like no other brand, will still stand for vitality and driving pleasure in the future. But it will also represent efficiency and environmental friendliness.

I have told our senior executives that I will slaughter holy cows if it benefits the company's long-term success. When we asked ourselves whether Formula 1 still matched the concept of a sustainable company, the clear answer was no.

As far as I'm concerned, however, it is clear that the concept of premium will be increasingly defined through sustainability in the future.

Size alone is not a key to success, as we have seen recently.

We will introduce an electric car by 2015. It will be a completely new vehicle concept for mega-cities. We would also have it developed if, contrary to expectations, it did not turn a profit in its first life cycle.

European carmakers pledged to reduce CO2 emissions by 25 percent from 1995 to 2008. We kept our word and reduced the value even more. This is not the result of short-term gimmickry. We decided years ago to develop the relevant models and engines, otherwise we wouldn't be able to offer them today.