BMW profits soar in 2022 despite supply chain woes
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GERMAN carmaker BMW reported a sharp increase in annual profits for 2022, as higher prices for luxury models helped make up for a drop in deliveries due to lingering supply chain disruptions.
The Munich-based group said it booked a net profit of 18.6 billion euros (S$26.6 billion) last year, a 49 per cent jump on 2021.
Group revenues rose by 28 per cent to 142.6 billion euros, beating analyst expectations.
BMW said the “solid” figures were thanks to “improved pricing” on higher-end vehicles as well as the full consolidation of the Chinese joint venture BBA, which made “a significant contribution”.
The group delivered just under 2.4 million vehicles in 2022, a 4.8 per cent fall on the year before despite “consistently high customer demand”.
But ongoing supply chain woes, a global semiconductor shortage and Covid-related lockdowns in China meant that the group struggled to fulfil all its orders.
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BMW’s fully electric vehicles in particular were in high demand, with sales more than doubling year-on-year to 215,752 units.
“We continue to hold a strong position in the major regions of the world with a strong product line-up, and we will keep on benefiting – in particular this year – from demand for our electrified vehicles and top-end models,” said BMW’s chief financial officer Nicolas Peter.
BMW will unveil its full 2022 results and its outlook for 2023 on Mar 15. AFP
BAYERISCHE MOTOREN WERKE AG
BBA AVIATION
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