BMW eyes record profit in 2012 The global automobile market is booming, and an uptick in sales has emboldened executives at Germany-based BMW, as the carmaker recently projected record earnings for its latest fiscal year.

BMW, which is currently the world's largest luxury automaker, said it is poised to surpass its 2011-year profit, which served as the company's highest ever. The carmaker said that burgeoning demand for its new vehicle models, particularly in emerging economies such as Brazil, Russia, India and China (BRIC), would help fuel sales in its current fiscal year.

Unlike other European automakers have that have had to implement cost reduction initiatives and overhaul supply chain management in an effort to bolster profitability, BMW has benefited from a worldwide jump in sales of luxury goods. Citing a favorable global environment, BMW chief executive Norbert Reithofer said that the carmaker is aggressively courting record profits this year, Bloomberg reports.

"We are targeting new highs in sales volume and pretax earnings for 2012," he said, adding the automaker is "off to a promising start."

BMW delivered more than 1.67 million vehicles in 2011, but the carmaker is hoping to increase that figure to more than 2 million by 2016, according to Reithofer.

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