BMW saw a sharp increase in profits in the first quarter. The German automaker announced this on Friday.
Net profit increased from 554 million euros last year to 2.8 billion euros last quarter, thanks to higher deliveries and better pricing. Revenue rose from 23.3 to 26.8 billion euros.
BMW confirmed the previously announced EBIT of 2.2 billion euros in the automotive sector, with a corresponding margin of 9.8 percent. A year earlier, this was 229 million and 1.3 percent.
For the whole of 2021, the automaker said that the negative effects of the coronavirus pandemic could not be ruled out and that rising commodity prices could weigh on profits.
However, BMW maintained the outlook for the entire fiscal year. The automaker anticipates an increase in gross profit compared to 2020 and that more cars will be delivered.
In the car segment, the group expects EBIT margin to be at the top of the bandwidth from 6 to 8 percent.