BMW offsets lower deliveries with higher prices, strong EV sales
Higher prices and strong electric vehicle sales helped German automaker BMW beat analysts’ forecasts on Wednesday with a 42.4% year-on-year increase in third quarter net profit to 2.58 billion euros ($2.99 billion).
The premium automaker, which said earlier this year it expected to deliver up to 90,000 fewer cars in 2021 because of a global shortage of semiconductor chips, saw deliveries fall 12.2% in the third quarter but still boosted revenues by 4.5%.
Electric vehicles in particular saw a significant boost, with sales in the nine months to September almost double last year’s levels at just under 232,000 vehicles.
