The BMW Group revealed on Wednesday that it posted a profit of €2791 million in the first quarter of 2024, representing an 18.4% decrease year-on-year, due to a drop in revenue, despite an increase in vehicle deliveries.
In a statement, the German company reported that revenues fell by 0.6% up to March, to €36,614 million. Meanwhile, earnings before interest and taxes (ebit) dropped by 24.6% to €4054 million, impacted by interest rates and exchange rates, while cost of sales increased by 3.3% to €30,050 million, due to higher manufacturing and Research and Development (R&D) expenses.
In the first quarter, BMW delivered 594,533 vehicles, up 1.1% from the same period last year, of which 82,689 were electric models, up 27.9% from the same period last year.
By brands, BMW delivered 530,933 units (+2.5% from the previous year), while Mini delivered 62,075 vehicles (-9.4%) and Rolls-Royce 1,525 automobiles (-7%).
