BMW Group has reported first quarter sales up 28.9% year on year to EUR16bn on the back of record vehicle deliveries and said it was targeting a record 1.5m units this year.
Last month, rival Daimler reported that first quarter sales rose 17% to EUR24.7bn while Volkswagen last week said first-quarter earnings before interest and tax (EBIT) more than tripled because of demand for Audis in China.
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BMW first quarter EBIT climbed to EUR1.8bn, up from EUR508m last year. Group net profit improved to EUR1.2bn, up from EUR324m. Cars sold increased 21.3% to 382,758 units, the best Q1 volume in history. Sales in Q1 2010 were 315,614.
Full-year targets remain unchanged: “The group is well on its way towards achieving new sales volume and earnings records for the full year. We are aiming for a record sales volume of well over 1.5m vehicles as well as new full-year sales volume records for each of our premium brands”, said chairman Norbert Reithofer. The group is targeting an EBIT margin of over 8% for the automotive segment.
BMW brand sales grew 20.8% to 321,175 vehicles with the 5 series more than doubling sales to 85,423 units.
Mini sales were up almost 23% to 60,860 units.
First-quarter sales by Rolls-Royce more than doubled to 723 units.
