BMW has pledged to halt price rises for its luxury vehicles, after years of rising price tags.

BMW forecasts an 8 percent to 10 percent margin for its autos segment for the year, up from last year’s 7 percent to 9 percent target. The company will keep pricing for its vehicles steady, after increases over the past few years, despite inflation and rising interest rates.

BMW suggested the overall new and used car market will settle in 2023.

It expects sales growth in the “mid-double digits” percentages for its 7-Series and Rolls-Royce cars.

“Our order books are very high still after high demand last year, which will will carry us through the next couple of months,” CEO Oliver Zipse told Bloomberg Television.

“We currently have one of the youngest product portfolios in the industry. That gives us a lot of pricing power.”

The luxury car maker has also issued a bullish forecast for its move to electric vehicles, predicting that full-EV models will make up over 50 per cent of its sales “well ahead of 2030.

By 2025, a quarter of sales will be all-electric, BMW forecast, jumping to a third by 2026.

Last year, just one in eleven vehicles sold by BMW were fully electric – however these doubled from the previous year, suggesting these ambitious target may be within reach.