FRANKFURT, Nov 3 — German luxury carmaker BMW said today that it was able to book a significant increase in profits in the third quarter, despite a global shortage in computer chips plaguing much of the industry.
BMW said its net profit rose by 42 per cent to €2.6 billion in the period from July to September, even as unit sales declined by 12 per cent to 593,200 vehicles. And the chip shortage is expected to “remain an issue beyond 2021”, said chief financial officer Nicolas Peter. After already lifting its full-year targets at the end of September, BMW reaffirmed that group profits would be “significantly higher” in 2021 than in 2020, while car sales would see a “solid year-on-year increase”.
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