December 1, 2022

Taylor Daily Press

Complete News World

BMW net profit rises 260 percent despite war and Chinese shutdowns |  cars companies

BMW net profit rises 260 percent despite war and Chinese shutdowns | cars companies

BMW’s net profit rose 260 percent in the first quarter despite further disruption to the manufacturer’s supply chain. This was due to the war in Ukraine and the lockdowns against Corona in China. BMW and other automakers have long focused on the more luxurious segment of the market due to a shortage of chips around the world.

Partly because of that, the German automaker delivered 6 percent fewer cars in the first quarter than in the same period last year. In total, this included nearly 600,000 vehicles. The share of electric vehicles has risen to 15 percent, which is more than a third more than a year ago. BMW’s order book is well stocked and the company is unable to meet the demand. In addition to chips, other parts are also difficult to obtain due to disruptions in the supply chain, according to the group.

BMW sales rose 16 percent to 31.1 billion euros. Profit before taxes, among other things, rose 12 percent to 3.4 billion euros. BMW made more money by selling used cars whose lease contract had expired.

Rolls-Royce, part of BMW, has done remarkably well. The luxury brand has sold 1,624 cars. In the same period the previous year, that number was still at 1,380. Mini sales rose slightly.