22/Jul/2014 - Last News Update: 21:47

BMW profit up 21% in quarter on Chinese growth

Category: Business

Published: 3rd Nov 2011 12:13:26

German carmaker BMW has said its pretax profit jumped in the third quarter.

Third-quarter profits rose 21% from last year to 1.6bn euros ($2.3bn, £1.4bn), higher than analysts had expected.

BMW sold 9% more automobiles in the third quarter than a year ago, driven by Chinese sales. Shares jumped 2.8%.

The company said it sold 1.23 million cars from the BMW, Mini and Rolls-Royce in the first nine months of the year, a new record.

The company's car sales were driven by a 21% jump in China, the world's biggest car market.

"If China slows down, we can still expect BMW to make good money in the US and hopefully Germany," Bernstein analyst Max Warburton said.

Fellow German carmakers Daimler and Volkswagen last week gave downbeat forecasts for demand in Western Europe, which has been ravaged by slowing growth and the eurozone debt crisis.

All carmakers have seen strong demand from Asia.

Source:
BBC News External Link Show Citation

Latest News

Harvard Citation

BBC News, 2011. BMW profit up 21% in quarter on Chinese growth [Online] (Updated 3rd Nov 2011)
Available at: http://www.ukwirednews.com/news/199255/BMW-profit-up-21-in-quarter-on-Chinese-growth [Accessed 22nd Jul 2014]

News In Other Categories

  • Apple earnings boosted by strong iPhone sales

    Apple has reported quarterly profits of $7.75bn (£4.5bn) - up 12% on the same period last year.
  • Toronto Film Festival: British films receive world premieres

    A trio of major British films are to receive their world premieres at this year's Toronto Film Festival (TIFF).
  • Ravenhill Road to remain closed as more holes found

    More "voids" have been found beneath an east Belfast road that was closed after a large hole was discovered under one of its traffic lanes.
  • Apple earnings boosted by strong iPhone sales

    Apple has reported quarterly profits of $7.75bn (£4.5bn) - up 12% on the same period last 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
  • Browser 'fingerprints' help track users

    Web users are being warned about a novel tracking system that watches what they do online and frustrates tools designed to prevent them being tracked.