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BMW offsets low deliveries with increased prices for higher Q3 profits -Breaking

by Mike Robinson

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© Reuters.

BERLIN (Reuters). German carmaker BMW has reported earnings before interest, taxes and third quarter results of 2.88 billion euro ($3.33billion) for the Wednesday period. This beat analysts’ estimates of 2.34 billion Euros. It offset lower deliveries by higher prices.

With an EBIT margin for its automotive business of 7.8%, the net profit of 2.58 billion Euro was made by the company.

A company statement stated that “a better product mix, good pricing of new vehicles and a steady trend in used vehicle prices strengthened the financial performance”

In the first nine months, the premium automaker witnessed a dramatic increase in electric vehicle sales. This includes fully electric hybrid and fully electric models. The number of vehicles sold was almost twice that last year.

Nicolas Peter, the CFO, stated that chip supply will continue to be a problem into 2022. This echos a statement by Oliver Zipse, CEO, in September, which said that the crisis could go on for up to twelve months.

($1 = 0.8636 euros)

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