Higher sales boost BMW’s earnings in 2023
FRANKFURT: German luxury carmaker BMW said today that it had met its 2023 targets after pre-tax profits were boosted by improved sales, with electric vehicles “a key growth driver”.
The group said it delivered more than 2.5 million cars last year, 6.4% more than a year ago.
Group revenues rose by 9% to €155.5 billion.
The BMW group, which also includes the Rolls-Royce and Mini brands, “achieved its business objectives” for 2023 “despite strong competition and volatile conditions”, the company said in a statement.
Earnings before interest and tax (EBIT) soared by 32% to €18.5 billion.
Net profit, however, plunged by more than 34% to just over €12 billion due to a one-off accounting effect linked to the full consolidation of BMW’s Chinese joint venture BBA.
Without that one-time impact, net profit “would have…
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