Business

Chinese demand, higher prices boost BMW’s Q1 earnings

BMW’s first-quarter earnings bounced back more strongly than expected from a pandemic-ravaged first three months of last year, the German carmaker said on Monday, helped by higher prices and strong Chinese demand.

In an unscheduled release, the company said its earnings before tax leapt by 370% to 3.76 billion euros ($4.53 billion), according to preliminary figures, with sales growing in all major regions and across brands.

It noted particular strength in China, as well as positive price developments and high demand for used cars, and added earnings had exceeded market expectations.

German rival Daimler (DAIGn.DE) said last week soaring Chinese demand for luxury Mercedes-Benz cars and higher prices drove a better-than-expected profit in its first quarter.

BMW is scheduled to announce full earnings figures on May 7.