By Kim Richters
BMW AG on Wednesday backed its guidance for the full year after reporting a jump in third-quarter profit driven by positive effects from pricing and product mix.
The German luxury car maker’s quarterly net profit rose to 2.56 billion euros ($2.96 billion) from EUR1.79 billion for the same period a year earlier.
Earnings before interest and taxes rose to EUR2.88 billion from EUR1.92 billion and revenue increased to EUR27.47 billion from EUR26.28 billion, despite vehicle sales in the third quarter falling amid the semiconductor shortage.
Its performance “was driven in particular by favourable product mix factors and positive pricing effects for new vehicles as well as stable selling prices of pre-owned vehicles,” BMW said.
The auto maker backed its guidance for the full year, which includes an EBIT margin for its automotive segment of between 9.5% and 10.5% and profit before taxes for the group significantly higher than in 2020.
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