BMW reported a huge bound in third-quarter net profit on Wednesday as recovering global markets snapped up its saloons and SUVs. BMW said its net profit surge 11-fold from the equivalent figure last year, to 874 million Euros, and stood by its sales target for this year and profitability targets for 2012.
“Strong demand for our models, a high-value model mix and the group’s strong sales position on international automobile markets resulted in above-average earnings,” a statement said.
BMW said the group still planned to sell more than 1.4 million vehicles this year, and was aiming for a profit margin of between eight and ten per cent for its core auto activities in 2012.
It also forecast “a significant increase in group pre-tax earnings for the full year 2010,” but did not provide a detailed figure.
Photo Gallery: 2011 BMW 5 Series sedan