AGL 6.67 Decreased By ▼ -0.23 (-3.33%)
ANL 9.85 Increased By ▲ 0.08 (0.82%)
AVN 76.00 Decreased By ▼ -0.82 (-1.07%)
BOP 5.37 Decreased By ▼ -0.12 (-2.19%)
CNERGY 4.99 Decreased By ▼ -0.06 (-1.19%)
EFERT 78.03 Decreased By ▼ -1.80 (-2.25%)
EPCL 55.70 Decreased By ▼ -1.78 (-3.1%)
FCCL 15.38 Increased By ▲ 0.08 (0.52%)
FFL 6.54 Increased By ▲ 0.06 (0.93%)
FLYNG 7.28 Decreased By ▼ -0.06 (-0.82%)
GGGL 10.55 Decreased By ▼ -0.20 (-1.86%)
GGL 16.75 Decreased By ▼ -0.19 (-1.12%)
GTECH 8.50 Increased By ▲ 0.20 (2.41%)
HUMNL 6.50 Increased By ▲ 0.05 (0.78%)
KEL 3.05 Increased By ▲ 0.03 (0.99%)
LOTCHEM 29.01 Decreased By ▼ -0.14 (-0.48%)
MLCF 28.40 Increased By ▲ 0.10 (0.35%)
OGDC 76.05 Decreased By ▼ -0.48 (-0.63%)
PAEL 15.68 Decreased By ▼ -0.19 (-1.2%)
PIBTL 5.30 Decreased By ▼ -0.13 (-2.39%)
PRL 17.62 Decreased By ▼ -0.07 (-0.4%)
SILK 1.06 Decreased By ▼ -0.02 (-1.85%)
TELE 10.70 Decreased By ▼ -0.12 (-1.11%)
TPL 8.26 Decreased By ▼ -0.34 (-3.95%)
TPLP 21.37 Increased By ▲ 0.18 (0.85%)
TREET 23.61 Decreased By ▼ -0.19 (-0.8%)
TRG 125.25 Decreased By ▼ -2.25 (-1.76%)
UNITY 22.60 Decreased By ▼ -0.50 (-2.16%)
WAVES 11.57 Decreased By ▼ -0.06 (-0.52%)
WTL 1.15 Increased By ▲ 0.01 (0.88%)
BR100 4,155 Decreased By -18.8 (-0.45%)
BR30 15,610 Decreased By -196.3 (-1.24%)
KSE100 41,435 Decreased By -83.1 (-0.2%)
KSE30 15,504 Decreased By -57.7 (-0.37%)
Follow us

BERLIN: 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.

"A better product mix and good price setting of new vehicles alongside a stable pricing trend of used vehicles strengthened the financial performance of the business," a company statement said, reporting an operating profit (EBIT) margin in its automotive division of 7.8%.

Automakers from Volkswagen to Stellantis to Renault reported dampened third quarter sales due to scarce chip supply. Companies able to offset losses through higher prices - such as BMW rival Daimler - fared better than others.

BMW had warned in August that supply chain bottlenecks would hit the second half of the year, after it reaped net profits of 4.8 billion euros in the second quarter in a post-lockdown rebound.

Across Germany, passenger car output was 35% below 2019 levels in the three months to September, according to auto industry association data.

Still, BMW maintained its full-year EBIT margin forecast of 9.5% to 10.5% for its automotive division, adding this goal would be achieved through slightly reducing the number of employees.

"We are on track for our full-year forecast and are looking forward," CFO Nicolas Peter said. "We expect that semiconductor supply will be in an issue for us beyond 2021."

BMW

Comments

Comments are closed.