BMW flag in front of the company headquarters in Munich
In the current year, 15 percent of the cars sold will be fully electric.
(Photo: dpa)
In the past quarter, BMW benefited from persistently high vehicle prices and the full consolidation of the China business. Revenues increased by seven percent to 37.2 billion euros, the pre-tax profit improved by 7.5 percent to 4.2 billion euros, as the Munich carmaker announced on Thursday.
The bottom line, according to company information, was higher taxes: the Munich residents earned just under three billion euros, 2.9 percent less than a year ago. Analysts surveyed by Refinitiv had expected sales of EUR 37 billion and net profit of EUR 2.9 billion for the past quarter.
At the same time, BMW increased its investments. In the first six months, the company spent a good ten percent more on research and development, at EUR 3.2 billion.
“We are investing more than planned in the global ramp-up of e-mobility,” said Chief Financial Officer Walter Mertl. BMW is aiming for “solid growth” in deliveries for the current year, with 15 percent of the cars sold being fully electric. “The sale of vehicles with highly efficient combustion engines forms the solid foundation – and the strong growth comes from the significantly increasing demand for our all-electric vehicles,” said BMW CEO Oliver Zipse.
BMW had already raised its forecast on Tuesday and now expects a profit margin in the car business of between nine and 10.5 percent.
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