BMW german luxury automaker has give reports a $424 million first-quarter profit on Wednesday, reflecting a recovery in demand for premium cars from last year’s deep slump.
Reports say that BMW’s performance, including sales of MINI and Rolls-Royce, beat analyst predictions by 30 percent.The profit report BMW that can be compared to a $212 million loss for Q1 2009.
To help it gain further momentum on second quater BMW manufacture said it expected the launch of its key 5 Series BMW Sedan.Chief Executive Norbert Reithofer said “We expect that earnings will grow dynamically over the course of the year,”.
The company sold 315,614 vehicles for the quarter, 55,141 of which were sold in the U.S. Sales in China hit 36,607, more than double in Q1 2009. Meanwhile, European sales were only up four percent.
Still, the company predicts sales of 1.3 million vehicles for all 2010, while Rolls-Royce posted its best first quarter sales figures in history. The luxe brand saw sales rise by 60 percent on the release of the Rolls-Royce Ghost. The company sold 158 Ghost units of 279 total vehicles.
“We intend to remain the world’s leading provider of premium cars in 2010,” Reithofer said.