(Reuters) - BMW sees its 2024 automotive margin in line with last year as the German premium carmaker expects research and development (R&D) costs and capital expenditures to peak this year, it said in the annual report on Thursday.

The company expects the earnings before interest and taxes (EBIT) margin in its core automotive division to fall in a range of 8-10% this year, versus the 9.8% reported in 2023.

This comes after the Munich-based group's 2023 margins fell short of expectations on higher costs and it had to slash dividends as consolidation of its Chinese joint venture weighed on the bottom line.