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BMW profit drops 18.4% to €2.791 billion in Q1
German carmaker BMW said on Wednesday it swung to a 2.791 billion euro ($2.95 billion) net profit in the first quarter of 2024, down 18.4% year-on-year, as revenue fell despite higher vehicle deliveries.
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Auto BMW
The company also indicated in a statement that revenue fell 0.6% through March, to 36,614 million euros.
Earnings before interest and taxes (EBIT) fell 24.6% to 4,054 million euros, affected by interest rates and exchange rates, while the cost of sales increased 3.3% to 30,050 million euros, due to increased manufacturing and research and development (R&D) expenses.
In the first quarter, the company delivered 594,533 units, 1.1% more than in the same period last year, of which 82,689 were electric, 27.9% more year-over-year.
By brand, BMW delivered 530,933 units (+2.5% year-over-year), while Mini delivered 62,075 vehicles (-9.4%) and Rolls-Royce delivered 1,525 cars (-7%), it concludes.
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