I have told our senior executives that I will slaughter holy cows if it benefits the company's long-term success. When we asked ourselves whether Formula 1 still matched the concept of a sustainable company, the clear answer was no.

Size alone is not a key to success, as we have seen recently.

We will continue to offer the most dynamic vehicles in the future. However, we have also made it our mission to be sustainable as a company.

In the European Union, a fleet average of 95 grams of CO2 per kilometer will be permitted in 2020. This corresponds to fuel consumption of about four liters (per 100 kilometers; about 59 mpg). We have to continue reducing the fuel consumption of our vehicles and offer hybrid and electric vehicles, or else we will be unable to achieve these values.

One doesn't have to be a large corporation to benefit from the advantages of volume. This can also be achieved through joint ventures.

As far as I'm concerned, it is clear that the concept of premium will be increasingly defined through sustainability in the future. BMW, like no other brand, will still stand for vitality and driving pleasure in the future. But it will also represent efficiency and environmental friendliness.

The manufacturers of mechanical typewriters believed that they had developed sufficiently when they introduced electric typewriters. Then came the PC, and the deeply traditional makers of typewriters disappeared from the market.