BMW expects higher profits and more electric cars

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A BMW 530e iPerformance car is pictured during the earnings press conference in Munich, Germany, Tuesday, March 21, 2017. (AP Photo/Matthias Schrader)

FRANKFURT, Germany (AP) - German automaker BMW is forecasting increased sales and profits this year as it begins the rollout of some 40 new models and aims to sell 100,000 electric-powered cars.

The company said Tuesday it expects "a slight increase" from last year, when it had 94.2 billion euros ($101.7 billion) in revenues and net profit of 6.9 billion euros. It sold 62,000 electrics.

Munich-based BMW AG has invested heavily in electric vehicles even though they remain less than 1 percent of the global market, saying they're the key to future sales. The company predicts electric vehicles will be 15-25 percent of the market by 2025.

CEO Harald Krueger said at the company's annual news conference that that "our goal is sustainable mobility. There's no turning back."

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