BMW said that its sales in China nearly doubled in the quarter to 230,120 vehicles, partly reflecting the shutdowns in early 2020 as China was hit first by the pandemic.
The earnings underscored the German auto industry’s strong connections with China; competitor Volkswagen said Wednesday that it recorded a 61% increase in first-quarter unit sales there, helping it sharply increase profits.
The company said higher sales volume across key global markets as they rebound from the pandemic recession was accompanied by improved prices.
BMW CEO Oliver Zipse said that the quarter showed “our business model is a successful one, even in times of crisis.” He said the company’s focus is on developing digitally connected, electric cars.
Per-vehicle profitability, defined as operating result on sales, reached 9.8%, a big increase from 1.3% in the year-earlier quarter and within the company’s long-term target range.
Chief Financial Officer Nicolas Peter said that the company had not lost any production due to the shortage of semiconductors — the silicon chips that enable many of the electronic functions in today’s vehicles — that has affected the auto industry worldwide.