German high-end carmaker BMW said Friday it booked a strong first three months with record first-quarter shipments and profits, confirming its targets for the full year. Net profit at the Munich-based group added 1.2 percent year-on-year to reach 2.3 billion euros ($2.8 billion). But operating, or underlying profits fell 3.1 percent to 2.8 billion euros, as revenues slipped 5.1 percent to 22.7 billion.
BMW said its turnover and operating profit were both braked by currency effects, arguing sales would otherwise have remained around the same level as last year.
Away from the figures, chief executive Harald Krueger highlighted "crucial strategic decisions" the firm had taken in the first quarter to lay the foundations for more connected, electric-powered future cars.
It has agreed with Mercedes-Benz maker Daimler, its historic rival, to merge the two firms' apps for car-sharing, ride-hailing and locating parking spaces and electric car charging points, and opened an autonomous driving research centre outside Munich.
Meanwhile BMW struck a deal with local firm Great Wall to build all-electric Mini cars in China and previewed a battery-powered version of its X3 SUV.
BMW said the unusual exhaust behaviour was due to a mistakenly installed software programme on certain models.
Other worries for the group include a threatened US import tax on cars and suspicion BMW was involved in a cartel with other German carmakers.
Comments
Comments are closed for this article.