BMW Group profits rise despite fall in sales
German firm has already warned that it won’t hit predicted production targets.
BMW Group has posted significant profits for the first half of 2022, despite a fall in sales.
The group more than doubled its profits in the first six months of the year, posting €16.1 billion (£13.5bn). In total, the group delivered 1,160,094 vehicles during the first half of the year, compared with 1,339,047 cars over the same period in 2021 – a fall of 13.4 per cent.
BMW accounted for 1,016,228 units, with Mini and Rolls-Royce posting sales of 140,675 and 3,191 respectively. It was only Rolls-Royce which posted a rise in sales, in fact, increasing by 6.8 per cent compared with 2021. Mini’s sales fell by 10.9 per cent over the same period.
BMW Group did see an uplift in the sale of electric models, however, In fact, the sales of BMW and Mini fully electric vehicles rose by 110.3 per cent to 75,890 units in the first half of 2022, more than doubling the figure posted in 2021.
BMW says that ‘significant slowdown in economic activity’ has affected its first six months of 2021 and that international automotive markets are unable to avoid the ‘ongoing tight supply situation for semiconductor components’.
These ongoing issues have caused BMW to revise its outlook for the remainder of the year, stating that there will be a ‘slight decrease’ in the number of cars delivered. It remains true to its initial forecast that the share of electrified vehicles in deliveries will reveal a ‘significant increase’, however.
