German carmaker BMW on Wednesday said it expects a significant year-on-year increase in group pretax profit in 2021 as it forecast a strong performance in all of its segments.

BMW, which also owns the MINI and Rolls-Royce brands, said it expects the automotive segment to record a solid year-on-year increase in deliveries, with the segment’s EBIT margin expected to rise to between 6% and 8%.

Around 90% of market segments will have fully electric models by 2023 and the BMW i4 model will be launched three months ahead of schedule, the carmaker said in a statement.

“The BMW Group has ambitious plans for 2021,” Chief Executive Oliver Zipse said. “We have started the new year with strong momentum and are aiming to return to pre-crisis levels as swiftly as possible – and go even further.”

BMW shares gained 2.2% in pre-market trading at Lang & Schwarz.

-Reuters