on Thursday confirmed the full-year margin target for its auto business and said earnings came in higher in the third quarter, helped in part by car pricing.
The German luxury car maker said quarterly aftertax profit rose to 3.18 billion euros ($3.12 billion) from EUR2.58 billion the same period a year earlier.
Group earnings before interest and taxes increased to EUR3.68 billion from EUR2.88 billion the year prior and the EBIT margin at its automotive segment rose to 8.9% from 7.8%. Quarterly revenue rose 35% to EUR37.18 billion.
Results benefited from solid pricing, a favorable product mix and revenues from consolidated Chinese joint venture BMW Brilliance Automotive Ltd., the company said.
For 2022, BMW backed the EBIT margin target for its automotive segment of between 7% and 9%. It expects deliveries to come in slightly below the previous year.
“Overall, we expect the positive momentum for our company to continue in 2023,” BMW’s finance chief Nicolas Peter said.
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