25/Apr/2014 - Last News Update: 04:53

BMW doubles profit in the second quarter

Category: Business

Published: 2nd Aug 2011 09:37:13

German carmaker BMW has said that its second-quarter profit more than doubled after it sold a record number of cars.

Net profit rose to 1.8bn euros ($2.6bn; £1.6bn), from 834m euros in the same period last year, with revenue up 17% to 17.9bn euros.

BMW - which also owns Mini and Rolls-Royce - sold a record 450,608 vehicles, a year-on-year gain of 18.5%.

The results were boosted by growth in the lucrative Chinese market, where its sales rose 52% from last year.

BMW sold 63,300 cars in China during the quarter, compared with 80,300 in its home market, Germany.

New Minis

"We expect the business environment to remain favourable during the second half of 2011," the company said.

For the first six months of the year, sales jumped 20% to 833,366.

BMW recently said its new Mini coupe would be launched later this year and the Mini Roadster in 2012.

Both are to be produced in Oxford, where more than 2 million Minis have been built since 2001 - about 75% of them for export.

In June, BMW issued a new full-year sales target of more than 1.6 million for 2011.

Source:
BBC News External Link Show Citation

Latest News

Harvard Citation

BBC News, 2011. BMW doubles profit in the second quarter [Online] (Updated 2nd Aug 2011)
Available at: http://www.ukwirednews.com/news/174614/BMW-doubles-profit-in-the-second-quarter [Accessed 25th Apr 2014]

News In Other Categories

  • European election candidates in Northern Ireland revealed

    Ten candidates will be vying for three European parliament seats in Northern Ireland, it has been confirmed.
  • Tech giants settle no-poaching lawsuit

    Four of the biggest technology firms - Apple, Google, Intel and Adobe - have settled a class action lawsuit alleging they conspired to hold down salaries.
  • Anfield stadium plans welcomed by fans but cast a shadow

    As Liverpool fans dare to dream of a first league title in 24 years the club has revealed its own lofty plans for their ground.
  • Bernie Ecclestone: Q&A on Formula 1 supremo's bribery trial

    Formula 1 boss Bernie Ecclestone made his first appearance in a Munich court on Thursday, accused of giving a £27.5m ($45m, 33m euros) bribe to a German banker.
  • Ditchling Museum and Tate Britain vie for Art Fund Prize

    A village museum in East Sussex will go up against Tate Britain and the new £35m Mary Rose Museum in a contest to be named the UK's museum of the year.
  • Bristol Academy extends reach overseas with first foreign students

    With the doors to its brand new £1million training centre officially open, one of the UK's leading apprentice training providers, Bristol based S&B Automotive Academy, is showcasing its world-class facilities by launching a series of foreign student exchanges for the first time in its 41-year history. To get a flavour of what life is like as an apprentice in the UK, the Academy hosted 16 apprentice engineers and bus drivers from the G9 Automotive College in Hamburg, Germany, as part of a Europe-wide vocational training initiative called the ‘Leonardo Programme’ with support from the European Social Fund. In a reciprocal arrangement, S&B will be sending nine apprentices to Germany during February 2012 so that they can get an appreciation of life in the automotive industry on the Continent. A further three German exchange groups are being planned for next year. Designed to assist the development of vocational skills and training across Europe, including work placements for trainees, the Leonardo Programme has a budget of €1.75bn, which is helping to encourage UK organisations to work with their counterparts abroad. In what is expected to be another challenging year for employers in the UK automotive sector, S&B’s Chief Executive, Jon Winter, claims that the exchange initiative will bring many benefits to the Academy and its apprentices: “In a world of global automotive brands, it’s important for our learners to understand the international context of the industry they have chosen to make their career. This new exchange programme will enable apprentices and Academy staff alike to achieve a better understanding of the challenges and opportunities within the automotive arena in Europe. With the Academy’s influence also extending to the USA and Asia, there’s every possibility that this initiative could move further afield in the future.” Continued Winter: “The need for skilled technicians across the world is on the increase and we actively encourage our apprentices to look at broader horizons during their training. Many of them have already learned the phrase ‘Vorsprung durch Gelehrtheit’, quite simply, ‘Advancement through learning.” In the 2010/11 academic year, S&B doubled the number of successful Apprenticeships over the previous year with some 350 apprentices graduating from the Academy. At the same time, achievement levels reached an all-time high with an overall success rate of 85%. For those learners on the Advanced Apprenticeship three-year programme, success rates were even higher, at over 98%. PHOTO CAPTION: As part of their exchange visit, S&B Automotive Academy arranged for the German apprentices to visit Hampshire bus operator, Bluestar, at its Barton Park depot. The students are pictured with S&B’s Andy West (3rd right) and Steve Prewett, Bluestar’s Area Engineering Manager (2nd right). Ends http://www.sandbaa.com