BMW recovered from the “massive impact” of the COVID-19 pandemic as net profit rose by 17.4 percent year-on-year to 1.82 billion euros (2.12 billion U.S. dollars) in the third quarter (Q3), the German carmaker announced on Wednesday.

Total revenues of BMW fell by 1.4 percent to 26.3 billion euros in Q3 and a “strong performance by the BMW Brilliance Automotive Ltd. joint venture in China contributed to the improved financial result,” the German carmaker noted.

“The third-quarter performance underlines the BMW Group’s operational strength and ability to perform well within a challenging environment,” said Oliver Zipse, chairman of the board of management of BMW AG, in a statement on Wednesday.

With an 8.6-percent increase year-on-year, the German carmaker delivered 675,592 BMW, MINI and Rolls-Royce premium brand vehicles to customers worldwide in Q3, “a new quarterly all-time high.”

During the first nine months of the year, 648,494 BMW, MINI and Rolls-Royce vehicles were delivered to customers in Europe, a drop by 19.7 percent, according to the carmaker. Sales volume recorded in Germany fell by 14.6 percent.

China “saw a continuation of the recovery that had already begun during the second quarter” as BMW increased sales by 6.4 percent in its largest market to a record level of 560,367 units through September.

Sales in the United States dropped by 24.6 percent to a total of 200,286 units in the first nine months of the year, according to the German carmaker.

The number of electrified vehicles delivered to customers increased by 20 percent to a new record level of 116,381 units for the nine-month period, according to BMW.

For 2020, BMW is expecting that “demand in all key markets will be significantly reduced” due to the spread of COVID-19 and the necessary containment measures. Group profit before tax was “likely to be significantly lower” than in 2019. Enditem

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