Live
- Kiran Abbavaram's Hard Work Pays Off: Bunny Vasu Lauds Ka Team at Success Meet
- PM Modi’s welfare schemes transform rural lives in Bokaro, residents share gratitude
- We will ensure Bangladeshi infiltrators are removed from Jharkhand: BJP's Gourav Vallabh
- Hezbollah fires five rockets at central, northern Israel: sources
- HM Amit Shah, Rajnath Singh to address several rallies in Jharkhand tomorrow
- Will not waste single day in getting back what we lost, Omar Abdullah tells Assembly
- PM Modi visits Advani's residence to wish him on birthday, shares special moment
- Sun-Dried Cotton to Be Taken to CCI Purchase Centers, Avoid Middlemen - Collector
- Survey Process Requires Public Cooperation - Collector Badavath Santosh
- Distribution of Maize Seeds to Farmers at Agricultural Research Center
BMW earnings hit by model change, lower profits on e-auto sales
BMW Group India sold 19,263 vehicles in 2022
German car manufacturer BMW made less profit in the first quarter despite a good run with expensive models and an increase in sales, the company reported on Wednesday.
Munich: German car manufacturer BMW made less profit in the first quarter despite a good run with expensive models and an increase in sales, the company reported on Wednesday.
BMW earnings before interest and taxes dropped by around a quarter year-on-year to 4.05 billion euros ($4.35 billion), the company announced.
The model changeover of BMW's important 5 Series vehicle had a negative impact on the figures, as did the higher proportion of fully electric cars, which are less profitable to sell for the company.
"The past nine quarters underline BMW's continuity and reliability. As planned, we are dynamically expanding the share of electric vehicles while maintaining our high level of profitability. Some call this transformation -- for us, it is continuous progress," Oliver Zipse, Chairman of the Board of Management of BMW AG, said in a statement.
The company's profit margin before interest and taxes in the car business, perhaps the most important key figure for investors, BMW lost 3.3 percentage points to 8.8 per cent of sales.
Total sales for BMW and its brands remained roughly stable at 36.6 billion euros ($39.3 billion).
BWM sold 594,533 cars in the first three months, an increase of 1.1 per cent. On balance, the car manufacturer made a group profit of 2.95 billion euros ($3.17 billion), nearly a fifth less than a year earlier.
BMW chief executive Oliver Zipse confirmed the company's previous annual forecasts.
