BMW offsets low deliveries with increased prices for higher Q3 profits By Reuters

news7h 11/03/2021

2 1 minute read

BMW offsets low deliveries with increased prices for higher Q3 profits

BERLIN (Reuters) – German automaker BMW reported third-quarter earnings earlier than curiosity and taxes of two.88 billion euros ($3.33 billion) on Wednesday, beating analysts’ expectations of two.34 billion euros, because it offset decreased deliveries with increased costs.

The corporate’s internet revenue was 2.58 billion euros, with an EBIT margin in its automotive division of seven.8%.

“A greater product combine and good worth setting of latest autos alongside a steady pricing development of used autos strengthened the monetary efficiency of the enterprise,” an organization assertion mentioned.

The premium automaker noticed a major increase to its electrical automobile gross sales, together with each totally electrical and hybrid autos, within the first 9 months of the 12 months to just about 232,000 autos, nearly double as many as have been offered in the identical interval final 12 months.

Chip provide will stay a problem into 2022, CFO Nicolas Peter mentioned, echoing a earlier assertion from CEO Oliver Zipse in September that the disaster may last as long as 12 months.

($1 = 0.8636 euros)

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