BMW cars segment sees earnings boost on higher pricing, EV sales

BMW reported on Thursday an earnings margin of 12.1% in the first quarter of 2023 for its cars segment, up from 8.9% a year earlier.

It confirmed its outlook for 2023 but warned of ongoing high costs and rising competition, particularly in China. The carmaker continues to expect slight growth in Europe, robust sales in the United States, and a stabilizing economy in China.David Paul Morris | Bloomberg | Getty Imagesreported on Thursday an earnings margin of 12.1% in the first quarter of 2023 for its cars segment, up from 8.9% a year earlier, confirming its outlook for 2023 but warning of ongoing high costs and rising competition, particularly in China.

The carmaker attributed a drop in group earnings before tax — to 5.1 billion euros from 12.2 billion last year — to the one-time effects from the full consolidation of its Chinese joint venture, BMW Brilliance Automotive, last year.

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