Despite headwinds, strong pricing kept BMW revenue and operating profit ahead of last year.
Although BMW is being impacted by global and sector-wide headwinds such as the semiconductors shortage, BMW has posted revenue and operating profit up in the first quarter.
The chips shortage has focused automakers, including BMW, on the need to sell higher margin vehicles where possible and reduced supply of new vehicles is keeping transaction prices high, helping to compensate for lost unit sales.
BMW posted Q1 EBIT for automotive at EUR2.37bn, versus EUR2.24bn in the same quarter of last year. Automotive revenues in Q1 were up a hefty 17.4% to EUR31.1bn. However, BMW Group (all brands) automotive deliveries in the first quarter were down 6.2% on last year at 596,907 vehicles.
BMW’s net income was further boosted by a revaluation of its upped 75% stake in its Chinese JV with Brilliance which added EUR7.6bn, recognised in the BMW Group’s Q1 figures.