German automaker, BMW reported strong profits in its third-quarter trading statement released on Wednesday.
The carmaker posted a net profit of €2.6bn ($3.01bn), which represents an increase of 42.4% versus the same period last year. Revenue for the group was also up 4.5% for the quarter compared to the same period last year.
Electric vehicle sales up
The report also trumpeted the increase in EV vehicle sales, saying that “Deliveries of fully electric vehicles [were] up by 121.4% for [the] nine-month period.”
As a result of its positive third-quarter result, BMW Group confirmed earlier reports that it was raising its outlook for the full year.
“The BMW Group raised its outlook for the full year on 30 September. With its attractive product portfolio, it expects to continue benefiting from a sustained favourable product mix and positive pricing effects for new and pre-owned vehicles,” the statement said.
Innovation is key
“The BMW Group shows how profitability and transformation go hand in glove. We see technological change as a great opportunity to strengthen our business model on a sustainable basis. With our focus on climate-neutral mobility, we are consistently driving the company forward to make it future-proof,” said BMW’s chair Oliver Zipse.
He added: “When it comes to climate protection, the relevant question is: how big is the carbon footprint of a vehicle over its entire life cycle, including the impact of raw materials, industrial production, the active use of the vehicle and recycling? That is the currency that ultimately counts and the one by which our performance will be measured.”
BMW's share price was up 0.93% in morning trading in London today.
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The main difference between CFD trading and stock trading is that you don’t own the underlying
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