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BMW good, Audi better - in profit terms

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BMW good, Audi better - in profit terms
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BMW set new records in sales, revenues and profits last year. Net profit was just shy of five billion euros, a more than fifty percent increase year-on-year.

The bad news was that the results came in behind its close rival Audi which enjoyed a stronger boost in pre-tax earnings.

BMW and its competitors have seen exports rise due to strong demand from the US, China and other emerging markets.

But with Audi and Daimler both forecasting flat profits and sinking margins for this year, the market is concerned about whether the sales bonanza driven by a growing Chinese upper class is starting to peter out.

BMW said it sold 1.67 million vehicles last year and plans to increase sales this year.

Earnings before interest and tax (EBIT) as a percentage of revenue rose to 11.8 percent versus 8.0 percent a year before, but missed the 12.1 percent achieved by VW’s premium brand.

It will publish its full accounts and is expected to give a forecast for earnings this year during its annual news conference on March 13.