BMW surpassed pre-Covid earnings in 2021

BMW more than doubled pre-covid-19 earnings in 2021 to 16 billion euros ($17.67 billion), the automaker said on Thursday, as higher prices and strong sales of the cars increased revenue despite supply chain constraints.

The premium carmaker, which sold a record 2.52 million vehicles in 2021 even after semiconductor shortages, reported a 10.3% earnings margin for the year, its highest since 2017.

Still, earnings before interest and taxes (EBIT) in its automobile segment took a 4.2% hit in the fourth quarter due to the worldwide chip shortage, which the automaker has so far weathered better than competitors, causing a decline in deliveries of 14.2%.

Quarterly net profit for the group came in at 2.25 billion euros ($2.46 billion), a third higher than last year but well below 2019 levels of 5.02 billion euros ($5.48 billion).

BMW’s revenues increased 12.4% from last year to 111 billion euros ($121.15), with net profit reaching a record high of 12.46 billion.