BMW beats profit forecasts

German luxury car maker BMW said yesterday that it is on track to hit record vehicle sales and pre-tax profit in 2014 after strong sales in China helped it to post a 2.6 per cent rise in first quarter operating profit as forecast. Spending on production capacity dented profits, which nevertheless came in above forecasts at €2.09bn (£1.71bn). Revenues rose four per cent to €18.2bn in the period.