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As part of BMW’s strategy to fend off Volkswagen AG and Daimler AG, it will expand its BMW and Mini model ranges.

BMW, the world's largest maker of luxury vehicles, also aims to boost annual sales 55% in the next decade.

CEO Norbert Reithofer said that to reinforce long-term growth, the company may require a new factory and expansion of existing facilities. From 1.29 million last year, BMW has set a target to sell over 2 million vehicles by 2020. At BMW’s Munich headquarters, Reithofer said that the “big push” in new models to enter new segments comes after 2012. Reithofer said that in planning for 2020, it will have to consider additional capacity.

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Report: BMW expanding model ranges to boost annual sales

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