BMW races into 2018 with sales, profits record

May 4, 2018
BMW expects to book new records this year for sales and revenue

German high-end carmaker BMW said Friday it booked a strong first three months with record first-quarter shipments and profits, confirming its targets for the full year.

Net at the Munich-based group added 1.2 percent year-on-year to reach 2.3 billion euros ($2.8 billion).

But operating, or underlying profits fell 3.1 percent to 2.8 billion euros, on the back of revenues down 5.1 percent at 22.7 billion.

BMW said its turnover and operating profit were both braked by currency effects, arguing sales would otherwise have remained around the same level as last year.

Away from the figures, chief executive Harald Krueger highlighted "crucial strategic decisions" the firm had taken in the first quarter to lay the foundations for more connected, electric-powered future cars.

It has agreed with Mercedes-Benz maker Daimler, its historic rival, to merge the two firms' apps for car-sharing, ride-hailing and locating parking spaces and electric car charging points, and opened an autonomous driving research centre outside Munich.

Meanwhile BMW struck a deal with local firm Great Wall to build all-electric Mini cars in China and previewed a battery-powered version of its X3 SUV.

Unit sales added 3.0 percent worldwide, at 604,629 vehicles between flagship BMW, compact Mini and luxury Rolls-Royce.

The figures offered little sign that revelations early in the year that the group had cooperated with Daimler and Volkswagen to fund tests of diesel exhaust gases on live monkeys put off buyers, with sales adding 1.0 percent in Europe, 4.0 percent in the Americas and 6.3 percent in China.

Looking ahead to the full year, BMW expects to book new records for and revenue, with pre-tax profits of "at least the previous financial year's level" of 10.7 billion euros.

Explore further: SAP more ambitious after soaring Q1 profits

Related Stories

SAP more ambitious after soaring Q1 profits

April 24, 2018

German business software maker SAP lifted its full-year forecasts Tuesday, as it hailed a lift-off in profits in the first quarter and saw new opportunities after buying a US software firm.

Currency headwinds sap Bayer in Q1

May 3, 2018

German chemicals firm Bayer said Thursday exchange rate headwinds had undermined revenues and profits in the first quarter, but kept its eyes on a planned takeover of US seeds and pesticides maker Monsanto.

Profitable Daimler expects heavy spending on new tech

February 1, 2018

German automaker Daimler made lots of money last year. That's a good thing, because the company says it will need to spend heavily this year to keep up with the technological change expected to disrupt the car industry.

Fiat Chrysler drives profits higher

April 26, 2018

Fiat Chrysler (FCA) said Thursday that its net profit jumped 59 percent in the first quarter of the year, but unfavourable exchange rate changes ate away at an increase in sales of vehicles.

BMW posts record net profit of 8.7 bn euros for 2017

March 8, 2018

German luxury carmaker BMW said Thursday its 2017 net profit soared 26 percent to a record 8.7 billion euros ($10.7 billion), driven by strong demand for electrified vehicles and a tax bump from the United States.

Recommended for you

Coffee-based colloids for direct solar absorption

March 22, 2019

Solar energy is one of the most promising resources to help reduce fossil fuel consumption and mitigate greenhouse gas emissions to power a sustainable future. Devices presently in use to convert solar energy into thermal ...

EPA adviser is promoting harmful ideas, scientists say

March 22, 2019

The Trump administration's reliance on industry-funded environmental specialists is again coming under fire, this time by researchers who say that Louis Anthony "Tony" Cox Jr., who leads a key Environmental Protection Agency ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.