FRANKFURT: German luxury carmaker BMW on Monday posted preliminary pre-tax earnings of €3.76 billion for the first quarter, well ahead of expectations, as the industry recovers from its coronavirus shock.
Analysts surveyed by Bloomberg had expected earnings before tax to come in far lower, at €1.8 billion, while Factset gave an estimate of €2.5 billion. But BMW said last month that a recovery had begun in the second half of 2020 and continued to gain momentum, as countries eased pandemic restrictions and demand rebounded sharply in key market China.
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