Despite the worsening economic crisis in Europe there was good news for two of the Continent’s most exclusive automotive manufacturers – BMW, in particular posting all-time record earnings for the first quarter.
Porsche, meanwhile, saw its own operating profit for the January to March quarter surge “only” 18% — that driven by strong demand for the Cayenne SUV despite near-record fuel prices in the key U.S. market and other parts of the world.
It was difficult to find anything that didn’t work out well for BMW during the first quarter – after the maker captured the luxury sales crown both in the U.S. and on the worldwide market in 2011. The first-quarter net profit was up 18% compared to year-earlier figures, to 1.34 billion euros, while pre-tax earnings were up 22%, to 2.08 billion euros. The maker’s EBIT, or Earnings Before Interest and Taxes, rose 19%, to 2.13 billion. And revenues jumped 14%, to 18.29 billion euros.
“We have recorded the best first-quarter figures ever — for sales volume, revenues and earnings — in the BMW Group’s corporate history,” said Norbert Reithofer, chairman of BMW’s management board, in a statement from the maker’s Munich headquarters.