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BMW profits rise to €3.4bn as focus turns to more expensive cars
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BMW earned bigger profits than expected in the third quarter of 2021 as a focus on more expensive cars and electric vehicles helped the German premium carmaker to ride out a global shortage of computer chips.
Profits before tax rose to €3.4bn (£2.9bn) between July and September, a 38% increase compared with 2020 and a 52% increase on 2019, before the coronavirus pandemic hit, BMW said on Wednesday.
BMW achieved the profit rise in spite of a 12% year-on-year decline in overall vehicle sales to 593,000, as it switched production to higher-margin cars such as the x7 sport utility vehicle. Revenues rose by 4.5% to €27bn.
Carmakers have been caught out during the global shortages of computer chips, which are made from semiconductors, as demand for
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