Net Profit of BMW Rose 4% in First Quarter
Strong demand for expensive SUVs and higher sales in the US and Britain helped BMW, the German luxury carmaker, increase its profits in the first quarter.
Net profit of the company rose 4% matching with the same period in the previous year, to 1.515 billion euros ($1.70 billion), the company said Wednesday.
Sales of the world’s top-selling high-priced car maker’s vehicles rose across almost all major markets.
The company saw a big increase of 15% in Britain and 13% in the United States during the quarter.
Its sales grew almost 10% in Europe; the auto market there continues to recover as the countries that use the euro currency slowly heal from their crisis over too much government and bank debt.
The X-series of SUVs and SUV-like crossovers, pricey vehicles that generate strong profit margins, continued to boost earnings.
The X-5 sport-utility made in Spartanburg, South Carolina, saw sales rise of 30% as compared with the a period a year-ago.
The Munich-based BMW said on Wednesday that it maintained its high profit margin of 9.5%, near the upper end of its target range of 8-10 %.
BMW outperformed Volkswagen AG's Audi division and Daimler AG's Mercedes-Benz brand in the sales race among high-priced car makers.
Revenues rose 15 percent to 20.917 billion euros.
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