BMW profit of $2.7B is down as automaker invests to keep luxury lead
Filed under: BMW, Earnings/Financials
Despite selling 6.6-percent more vehicles - a record by volume - and posting higher revenues in the second quarter of 2013, BMW Group's profit of 2.07 billion euros ($2.75 billion) is down 8.8 percent from last year. Investments in new technology (e.g. the new i3) and personnel, in addition to a competitive market, are to blame, BMW states. But the automaker remains committed to its fiscal targets for 2013, which, Chairman of the Board of Management of BMW AG, Norbert Reithofer, says will be "on a similar scale to 2012."
The BMW brand's sales performance in the first half of the year, which increased by 7.7 percent to 804,258 vehicles delivered, was good enough for it to maintain its lead in the luxury market, narrowly beating Audi, which delivered 780,510 vehicles, Automotive News reports. Mercedes-Benz delivered 694,433 vehicles to cement third place.
The company's other brands are doing about as well in the second quarter as they did last year, with Mini sales volume falling 1.2 percent to 82,644 units and Rolls-Royce sales up by three to 833 deliveries. BMW Group expects that the 10 new models it's introducing in 2013 and 2014 - including the Rolls-Royce Wraith in the fourth quarter, the BMW 4 Series coupe, the next-generation X5 and, of course, the i3 - will help keep sales up.
Check out the official press release below, where many more details of the company's performance can be found.
Continue reading BMW profit of $2.7B is down as automaker invests to keep luxury lead
BMW profit of $2.7B is down as automaker invests to keep luxury lead originally appeared on Autoblog on Fri, 02 Aug 2013 13:30:00 EST. Please see our terms for use of feeds.
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