FRANKFURT, GERMANY (AP) — BMW reported EUR4.8 billion (USD5.7 billion) in net profit in the second quarter, rounding out a strong earnings season for Germany’s three big automakers as global auto markets continue to recover from the pandemic — particularly when it comes to luxury cars.
The company warned, however, that shortages of electronic parts could make production and sales for the rest of the year “volatile”.
The Munich-based automaker said yesterday it benefitted from strong pricing during the quarter and a predominance of more-profitable vehicles in its sales mix. It reaped operating profit margins of 15.8 per cent for its luxury cars and SUVs.
The BMW result follows strong profits at competitor Mercedes-Benz, a division of Daimler, and at Volkswagen’s premium Audi and Porsche divisions, all of which also turned in double-digit operating profit margins.
The company more than doubled its sales of cars with electric motors and said it had made over the air software updates for 2.5 million vehicles this year through improved vehicle connectivity.
