BMW has raised its 2023 outlook for operating profit margin in its automotive segment to 9-10.5% (from previous 8-10%) on the back of expected higher sales due to improved availability, high order books and an upward volume trend.

However, it also said one-time special factors associated with it taking majority control of its Chinese BMW Brilliance operation mean that group profit for the year will be down. BMW paid EUR3.7 billion to take control of BMW Brilliance last year, pushing up earnings before tax by almost EUR8 billion.

BMW Group revenues for the first half of the year were up 12.4% to EUR74 million; the second quarter was up 7% to EUR37.2 million.

Automotive segment deliveries in the second quarter of the year were up 11.3% on last year to 626,726 units.