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BMW announced that its third-quarter net profit was 2.9 billion euros, down 7.7% year-on-year, mainly due to the fair value assessment of interest rate hedging transactions that hurt earnings. Despite the decline in net profit, third-quarter revenue increased 3.4% from the same period last year to 38.46 billion euros. BMW Chairman Oliver Zipzer said the results put them on track to achieve the higher targets they set in August.
BMW, the German automaker that makes BMW, Mini and Rolls-Royce cars, saw vehicle deliveries increase by 5.8%, with sales in Europe rising by 12.9%, while sales in China fell by 1.8%. BMW has come under pressure in the Chinese market from local manufacturers to increase production, especially of low-priced electric vehicles.
Despite market challenges, BMW said it will continue to stick to its targets for this year and forecast strong growth in European and American markets in 2023.
(Source: AFP Image source: freepik)
