BMW roars ahead with forecast-beating profits as China kicks into gear – Telegraph.co.uk
BMW’s profits in the first quarter of the year have raced ahead of expectations, rising by more than quarter to €3bn.
The German automotive group said the increase was driven by a combination of a revaluation of its stake in the digital mapping service Here, which delivered a €183m boost, financial adjustments worth €122m, and a bigger input from BMW Brilliance, its joint venture in China.
China is a vital region for car makers, having overtaken the US as the world’s largest market. BMW has been in the vanguard of Western companies moving into the territory, with its vehicles sought out by buyers there who are keen to show off their wealth with prestige cars.