BMW CFO on Apple Car: 'Competition is a Wonderful Thing'

Amid rumors that Apple is working on an Apple-branded car that will come out in the next decade, BMW Chief Financial Officer Nicolas Peter today told Bloomberg that he's not concerned about the threat of an Apple vehicle.

"I sleep very peacefully," said Peter when Bloomberg asked for his opinion on Apple entering the car market. "Competition is a wonderful thing - it helps motivate the others."

He went on to explain that BMW is in a "very strong position" and wants to "remain in a leading position of the industry."

BMW executives have been similarly calm about Tesla's growing dominance in the car market. Chief Executive Officer Oliver Zipse in February said that "it won't be easy" for Tesla to continue growing at a rapid pace as traditional car makers come out with electric vehicles. "The rest of the industry is moving ahead big time," said Zipse.

Apple is said to be working on an Apple-designed and branded vehicle that will be fully autonomous and electric. Apple is rumored to be looking for manufacturing partners and at one point, was considering Hyundai/Kia. We're still many years away from an Apple vehicle, however, with rumors suggesting that work on the car is in the early stages with Apple planning for a launch in 2025 at the earliest.