Emmanuel Thomas I Tuesday, August 01, 2023
BAVARIA – German automobile giant BMW on Tuesday lifted its full-year forecasts for car sales and operating profit margin, following a strong first half of 2023.
Management now expects the margin on earnings before interest and taxes in the automotive segment to be between 9% and 10.5%. BMW had previously promised 8% to 10% for the closely watched figure.
The total deliveries in the segment came in at 1.2 million in the first half of year, representing 4.7% growth over the same period last year.
The financial services segment reported €759 million ($831 million) in earnings before tax in the second quarter and €1.7 million in the first half.
The financial services segment’s return on equity is now expected to be between 16% and 19% for 2023. Earlier, BMW’s projection was in the range of 14% to 17%.
