Driven largely by booming sales in China, BMW saw its first-quarter profits jump nearly fourfold, the maker announced today.
Net earnings of 1.21 billion Euros, or $1.79 billion, compared favorably to the 324 million profit the Bavarian maker reported a year ago. Sales, meanwhile, jumped 29%, to 16.04 billion Euros.
The news followed Tuesday’s report that BMW had scored another big jump in sales in the U.S. market during April, strongly driven by its Mini brand.
But the German manufacturer has also become a potent powerhouse in Asia, where volumes soared 53% during the first quarter, with Chinese sales rising a full 72%, well ahead of that booming market’s overall increase.