BMW reports sharp increase in profits, its highest in two and a half years

by Alex

BMW has tasted sweet success, something that the German luxury carmaker has attributed to the new 5-Series sedan which has gone on to become an instant hit and has boosted sales in the US and Chinese market. Profits soared and touched the highest point in two and a half years time for the company.

BMW sold over 25,000 new 5-Series since it went on sale in Europe in March. The extremely positive response that the new 5-Series is generating has prompted the Bavarian manufacturer to raise its 2010 forecast to about 10 percent, which accounts for more than 1.4 million cars and sport-utility vehicles. Also, the second quarter brought a net income attributable to shareholders gained more than sixfold to 831 million euros ($1.09 billion) while revenues rose 18 percent to 15.3 billion euros. “Sharp sales volume growth on major markets and a high- value model mix are the main reasons for the strong second- quarter performance,” CEO Norbert Reithofer said in today’s statement. “We have made good progress towards achieving our profitability targets.”

Source: 4wheelsnews

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