BMW CFO Undaunted By Reports of Apple Entering Automotive Business

In a recent interview with Bloomberg, BMW’s Chief Financial Officer Nicolas Peter has that he is not bothered by reports that Apple is looking to enter the automotive industry with its own self-driving electric vehicle.

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“I sleep very peacefully,” Peter said when asked about the world’s most valuable company’s car plans. “Competition is a wonderful thing — it helps motivate the others. We’re in a very strong position and we want to remain in a leading position of the industry.”

The German carmaker will continue to produce combustion-engine cars along with electric versions for the foreseeable future, Peter added, even as rivals like Ford and Volvo set end dates for selling vehicles that run on gasoline or diesel.

“We need to be in a position to move with the market,” Peter said. “There are announcements coming left, right and center, and I think the important thing is being able to react to customer demand.”

Nonetheless, growing reports of Apple working on an autonomous electric vehicle have certainly added to concerns that carmakers may face a formidable threat in the future.