BMW: Revenue jumps despite sales dip amid ‘persistently volatile conditions’
BMW Group’s reported a healthy increase in quarterly revenue today as past price hikes helped the firm weather a dip in sales amid “persistently volatile conditions.”
The car manufacturer said that revenues climbed €31.3bn (£27.5bn), up 18.3 per cent on the same period last year.
But total sales dipped 1.5 per cent as it sold 588,138 vehicles in the first quarter.
European deliveries declined 1.9 per cent.
Sales in China also dropped, falling 6.6 per cent, in a sign that the huge surge in demand companies had hoped for after its re-opening is yet to materialise.
“We achieved these margins in the face of persistently volatile conditions,” Nicolas Peter, BMW board member said today. “The geopolitical and macroeconomic situation remains unpredictable and tense.”
Total deliveries for electric vehicles, however, shot up, rising by 84.6 per cent on the same quarter last year. The group now forecasts that at least one in five of its new vehicles will be an EV by 2024.
“The first quarter underlines that compelling products are the best answer to a persistently challenging environment,” Oliver Zipse, BMW’s chief executive officer, said.