London, 03 November 2023, (Oilandgaspress) – BMW Group is maintaining its course for profitable growth in a volatile business environment. The company once again reaffirmed its leading position in the global premium segment, with a solid increase in sales to 621,699 premium automobiles in the third quarter and 1,836,563 units over the nine-month-period (Q3 2022: 587,744 units/+5.8%; 2022: 1,747,838 units/+5.1%).
The BMW Group combined this growth with a strong financial performance: The EBT margin for the first nine months came in at 11.9% (2022: 19.6%; Q3: 10.6%; Q3 2022: 11.0%), with an EBIT margin in the Automotive Segment of 10.3% (2022: 8.7%; Q3: 9.8%; Q3 2022: 8.9%). Excluding depreciation for BBA assets from the purchase price allocation, the EBIT margin was 10.8% in the third quarter(Q3/2022: 10.1%) and 11.4% (Sept YTD/2022: 11.7%) after nine months.
The company is still on track to deliver an EBIT margin in the Automotive Segment of between 9-10.5% for the full year and solid growth in customer deliveries. These gains are mostly expected to come from higher-priced models and fully-electric vehicles. By the third quarter, battery-electric vehicles accounted for 15.1% of total sales, already meeting the 15% target planned for the full year (2022: 8.9%/+69.7%). Over the nine-month period, the percentage of BEVs climbed to 13.4% (2022: 7.3%/+83.6%).
The growth trend for BMW continued in many of the world’s automotive markets in the third quarter: Compared to the previous year, the supply situation improved – making it easier to meet demand for vehicles. BMW Group deliveries trended higher in the main regions of the Americas and Europe, while Asia was on a par with last year. Germany and Europe made significant gains (Europe: 221,735 units/+12.9%; Germany: 68,569 units/+12.4%) and the US market posted solid growth of 7.7%, with a total of 92,218 vehicles delivered to customers (2022: 85,631 units). In China, the BMW Group delivered 210,659 units in China (2022: 214,565/-1.8%). From January to September, the BMW brand saw a slight increase in the market (+3.4%), thus exceeding the overall Chinese market development (+2.4%). Total BMW Group deliveries in China rose to 603,920 vehicles (594,089 units/+1.7%) in the year to the end of September. The slightly reduced increase year on year was mainly due to MINI model change.
The biggest increase was in deliveries of battery-electric models.Between July and September, the BMW Groupsold a total of 93,931 fully-electric vehicles (2022: 52,305 vehicles/+79.6%). In the year to the end of September, BEV deliveries almost doubled, climbing 92.6% to 246,867 units (2022: 128,195 units). This sales growth derived largely from the BMW brand, with BEV deliveries up 119.3% in the first nine months.
The company is pushing forward with electrification of its product range: With the launch of the new BMW i5* and the upcoming Rolls-Royce Spectre*, all three premium brands will have at least one fully-electric variant across the relevant segments. By 2024, one in five of the company’s new vehicles will be a BEV; by 2025, one in four.
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