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BMW powers ahead in sales and profit

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BMW powers ahead in sales and profit
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BMW has said it is on track to hit record vehicle sales and pretax profit this year.

Big demand in China helped the German luxury car maker post a 2.6 percent rise in first quarter operating profit.

Money spent to expand its production capacity and model range did though dent earnings. Before interest and tax, they were 2.09 billion euros.

Group sales of BMW, Mini and Rolls-Royce cars were up 8.7 percent, a new record, with a 25 percent jump in China from the same period a year ago.

In Europe sales climbed by 3.4 percent, despite a 1.4 percent fall in Germany.

BMW-branded car sales were up 12.1 percent driven by demand for the X1, X3 and X5 offroaders and its 3-series sedan.

That helped to offset a 12.5 percent fall in sales at Mini as the company prepared to launch a new version of the brand’s core model.

Munich-based BMW reiterated its aim to achieve a significant rise in sales volume in 2014 to two million cars or more – after it delivered a record 1.96 million Mini, Rolls Royce and BMW cars in 2013 – but cautioned that political and economic uncertainty may impact sales in Europe.

with Reuters