BMW profits rise to 18.6 billion thanks to high prices and strong orders – Corriere.it

German automaker BMW reported a net profit of 18.6 billion euros in 2022, up 49% on 2021, despite a 4.8% decline in sales volumes, offset by higher prices. Revenues rose 28% to 142.6 billion euros. The automotive business had an operating margin of 8.6%, the group specified in a note, underlining that it has reached its target for 2022.

Continued strong customer demand is reflected in a solid order book, BMW said, explaining that it was not possible to fully respond to demand due to semiconductor supply difficulties, supply chain disruptions and anti-Covid measures fielded in China.

However, the group managed to compensate for the decline in volumes with an increase in list prices and a customer orientation towards more expensive models with more options. A contribution to the accounts also came from an accounting effect linked to the integration of the Chinese joint venture BMW Brilliance, whose shareholding was increased from 50% to 75%. In 2022 BMW doubled sales of electric cars which accounted for 9% of global deliveries, with the aim of bringing this share to 15% in 2023. All targets for 2023 will be presented next week.