FRANKFURT: BMW's new chief executive delivered a 33 per cent third-quarter operating profit rise as stronger sports utility vehicle sales and the absence of the one-off factors which depressed earnings a year earlier lifted its earnings.
Sales of BMW's passenger cars rose 3.6 per cent in the quarter including a 5.8 per cent rise in China sales in September, thanks to a newly launched X3 sports utility vehicle, even as overall car sales in China fell for the past 15 months in a row. The operating margin at its automotive division rose to 6.6 per cent from 4.4 per cent in the year-earlier period, when new emissions rules led to heavy stockpiling and discounting by competitors and hit BMW's profit margin on luxury cars."A decent set of third-quarter numbers with revenues 4 per cent ahead of consensus driven by better mix and solid pricing," Barclays analyst Dorothee Cresswell said in a note.
It sees demand for electrified vehicles, which includes hybrid engines, doubling by 2021, and sales of electrified cars growing by 30 per cent annually between 2021 and 2025.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Air France-KLM plans sales and efficiency drive to lift profitAir France-KLM will combine a sales drive with efficiencies including better fleet management to lift profit margins to 7-8 per cent over the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Singapore Youth Awards: Overcoming tough start, she now helps lift others upComing from an underprivileged background, Ms Francesca Phoebe Wah found it tough in school. Sometimes, she did not even have the money to buy the stationery needed to complete her homework. Now, the 27-year-old is not only a master's degree holder in social work and a...
Source: thenewpaper - 🏆 7. / 63 Read more »
US CEOs who win trade barriers for their firms see big compensation boost: studyThe compensation of U.S. CEOs rises sharply when their companies gain import restrictions against foreign competitors, according to a new research ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
New scheme to help some freelancers with their MediSave contributions amid changes to CPF lawSINGAPORE: Freelancers who provide their services to the Government and public sector agencies will have a portion of their fees paid to their ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Basketball: Suns scorch Sixers to topple NBA's last unbeaten clubNEW YORK: Phoenix's Devin Booker scored 40 points to lead the Suns over visiting Philadelphia 114-109 on Monday (Nov 4), delivering the first loss ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Microsoft rolls out new cloud tool for analysing business dataMicrosoft Corp announced on Monday a new service aimed at helping large businesses put to use the huge amounts of data stored in corporate systems.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »