Pedal to the metal at BMW as earnings rise 14pc to £6.5bn

Joseph Millis
BMW’s X-series sports utility vehicles have helped to propel the car maker forward
German car maker BMW yesterday announced that last year’s profit accelerated 14 per cent as its X5 SUV and 2-series Active Tourer compact minivan propelled record sales.

Earnings rose to €9.12bn (£6.5bn) from €7.98bn. This beat the €8.89bn average of 25 analyst estimates compiled by Bloomberg. Profit widened to 9.6 per cent of revenue from 9.4 per cent in 2013.

Full-year net income increased 9.2 per cent to €5.82bn.

“Tailwinds caused by high customer demand for our vehicles worldwide are driving up sales volumes,” said chief executive Norbert Reithofer. BMW is battling its main German rivals Audi and Mercedes-Benz, which intend to take the top spot in global premium-auto sales from it by the end of the decade.

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