Net profit of German carmaker BMW up 17.4% in Q3

BERLIN - BMW recovered from the "massive impact" of the COVID-19 pandemic as net profit rose by 17.4 percent year-on-year to 1.82 billion euros ($2.12 billion) in the third quarter (Q3), the German carmaker announced on Wednesday.

Total revenues of BMW fell by 1.4 percent to 26.3 billion euros in Q3 and a "strong performance by the BMW Brilliance Automotive Ltd joint venture in China contributed to the improved financial result," the German carmaker noted.

"The third-quarter performance underlines the BMW Group's operational strength and ability to perform well within a challenging environment," said Oliver Zipse, chairman of the board of management of BMW AG, in a statement on Wednesday.

With an 8.6-percent increase year-on-year, the German carmaker delivered 675,592 BMW, MINI and Rolls-Royce premium brand vehicles to customers worldwide in Q3, "a new quarterly all-time high."

During the first nine months of the year, 648,494 BMW, MINI and Rolls-Royce vehicles were delivered to customers in Europe, a drop by 19.7 percent, according to the carmaker. Sales volume recorded in Germany fell by 14.6 percent.

China "saw a continuation of the recovery that had already begun during the second quarter" as BMW increased sales by 6.4 percent in its largest market to a record level of 560,367 units through September.

Sales in the United States dropped by 24.6 percent to a total of 200,286 units in the first nine months of the year, according to the German carmaker.

The number of electrified vehicles delivered to customers increased by 20 percent to a new record level of 116,381 units for the nine-month period, according to BMW.

For 2020, BMW is expecting that "demand in all key markets will be significantly reduced" due to the spread of COVID-19 and the necessary containment measures. Group profit before tax was "likely to be significantly lower" than in 2019.