BMW sees profit in the first quarter

BMW published an increase in first-quarter profit on Thursday.

This was due to a reevaluation of the German automaker’s stake in its Chinese joint venture and strong pricing, that kept its 2022 outlook.

Despite the global chip shortage, BMW said demand for its vehicles remained “very robust”.

“Never before in the history of our company have our pre-orders been higher than they are today,” CEO Oliver Zipse said.

“The markets signal that this high demand will continue,” he added.

The re-evaluation of its stake in its joint venture with Brilliance Auto had resulted in a preliminary one-off profit of 7.7 billion euros ($8.2 billion), according to BMW.