BMW profit surge
Surprising profit figure announced by BMW for Q1Bavarian premium car maker BMW has declared a first-quarter earnings report significantly higher than it expected on the back of growth in China.
Also helped by an updated valuation of the HERE digital mapping company it co-owns with Daimler and Audi, BMW's pre-tax profit surged 27 percent to €3 billion.
Its earnings before interest and tax grew to €2.65 billion, rising by 7.7 percent over the first quarter of 2016.
Analysts had predicted a profit of between €1.4 and 1.5 billion, which BMW blew past before February had even ended.
BMW-badged sales grew 5.2 percent, peaking at 503,455 cars for the first three months of the year. While that's a record, it still leaves BMW trailing Mercedes-Benz (560,625 sales), though it headed Audi (422,600), which has been troubled in China.
It wasn't all good news, though.
Margins on its car business shrank from 9.4 percent to 9.0 percent, however that is still a figure most car makers would covet.
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